A key executive retention bonus agreement is a kind of an agreement which is formed between a company and its employee so as to lay down the terms under which the employee shall get a bonus if he/she retains himself in the company beyond a predefined number of years. Any such agreement is drafted by the company to define all those conditions under which the employee shall be eligible to receive a retention bonus.
A key executive retention bonus agreement is a formal document which must be framed in a formal manner. These agreements hold legal important and the terms and conditions given in them must be followed by both the employee and the company so as to avoid any kind of legal action or implication. Only certain key executives or important employees are given the chance to earn the retention bonus and hence the agreement is called ‘key executive’ retention bonus agreement.
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