An officer retention and incentive award program agreement is an agreement which is formed in the case when a company or organization signs a pact with an officer working for the organization to provide him with an incentive with the aim of retaining him in the organization. These agreements also state the fact that the officer shall be eligible to get incentive awards under the program if he/she works for the organization for a prediscussed period of time.
An officer retention and incentive award program agreement consists of the details of the officer, the company, the details of the incentive award scheme, the conditions under which the officer shall be eligible for the award and the conditions under which the officer shall lose the eligibility. The terms and conditions of such agreements are enforceable by law which means that the parties cannot violate these terms under any given circumstances.
[Also Read: Retention Agreement]
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