Whenever the employer and a vital employee of an organization enter into a contract, an official document is drafted which is known as a retention agreement. The main purpose of drafting the agreement is in order to retain the employee. The agreement also provides a structure for bonus of the employee. It may also include points like severance pay, benefits given to the employee and acceleration of stock options.
The other vital information required to be mentioned in the agreement are as follows:
- The circumstances under which the agreement can be terminated before the termination date.
- It is necessary for both the employee and the company to acknowledge that the employment of the employee at will.
- The provision included by the employee that may terminate his employment within one year of change of control.
- The employment of the employee needs to be defined under an applicable law.
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