Deferred Compensation Plan For Non-employee Directors In California
Category:
State:
Multi-State
Control #:
US-00418BG
Format:
Word;
Rich Text
Instant download
Description
The Deferred Compensation Plan for Non-Employee Directors in California outlines the arrangement between a corporation and its non-employee directors regarding additional compensation after retirement or in the event of death. The agreement includes key features such as monthly payments based on specific conditions, provisions for beneficiaries in the case of the director's death, and stipulated multipliers based on the National Consumer Price Index. It emphasizes the importance of written consent for any employment with competing businesses and restricts encumbrance of payment rights. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in corporate governance and employee benefits, as it provides a structured approach to securing long-term compensation for non-employee directors. Users should complete the form accurately, ensuring all parties' details are correct, and clearly define the terms of the agreement to prevent disputes. Additionally, the form includes clauses for governing law, mandatory arbitration, modification of the agreement, and compliance with laws, making it comprehensive for legal proceedings. Overall, it serves as a crucial tool for ensuring fair compensation practices while outlining the rights and responsibilities of both parties involved.
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