This compensation agreement template has 2 pages and is a MS Word file type listed under our human resources documents.
Sample of our compensation agreement template:
COMPENSATION AGREEMENT This Compensation Agreement (the "Agreement") is effective [DATE], BETWEEN: [EMPLOYER NAME], (the "Employer") a Company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE] with its head office located at: [YOUR COMPLETE ADDRESS] AND: [EMPLOYEE NAME], (the "Employee"), an individual with their main address located at: [COMPLETE ADDRESS] Collectively, the Employer and Employee shall be referred to as the "Parties." WHEREAS, the Employer has offered employment to the Employee in the capacity of [CAPACITY OF EMPLOYEE] in the Company for Compensation, as mentioned in this Agreement; WHEREAS, the Employee is desirous of and is willing to be employed by the Employer in such capacity; NOW, THEREFORE, the Parties agree as follows: DEFINITIONS "Agreement" and "this Agreement" shall mean this Agreement and all attached annexures and instruments supplemental to or amending, modifying or confirming this Agreement in accordance with the provisions of this Agreement. "Employer" shall have the meaning given to such expression in paragraph 1 of the introduction of the Parties. "Employee" means a person wholly or principally employed in, or in connection with the Company, which shall include independent contractors. "Confidential Information" includes any trade/business secret, technical knowledge or know-how, financial information, plans, customer lists, pricing policies and procedures, marketing data, research and development data, product data, any formula pattern or compilation of information used in the business of the Employer or any clients thereof or their affairs. "Intellectual Property" means all intellectual and industrial property and all rights therein including, without limiting the generality of the foregoing, all inventions (whether patentable or not, and whether or not patent protection has been applied for or granted), improvements, developments, discoveries, proprietary information, trademarks, trade mark applications, trade names, websites, Internet domain names, logos, slogans, know-how, trade secrets, processes, designs (whether or not registerable and whether or not design rights subsist in them), works in which copyright may subsist (including computer software and preparatory and design materials therefor). "Month" means a calendar month. "Working Day" means any day excluding Saturdays, Sundays and statutory holidays. "Customer(s)" / "Clients" shall mean any individual, corporation, partnership, business or other entity, whether for-profit or not-for-profit, whose existence and business is known to the Employee as a result of the Employee's access during its employment to the Employer's business information, Confidential Information, customer lists, customer account information or any other source of information. APPOINTMENT The Employer hereby offers employment to the Employee to serve the Employer in the capacity of [CAPACITY OF EMPLOYEE] with effect from [INSERT DATE] (the "Effective Date"). The Employer may conduct a background and a medical check on the Employee, who hereby agrees and assents to the aforesaid offer being made subject to the satisfactory completion of the same. The Employee shall perform their duties at [INSERT ADDRESS]. The Employee warrants that, by entering into this Agreement and performing obligations hereunder, the Employee will not be in breach of any terms or obligations under any subsisting agreement, written or oral, with any third party. Notice Period. The Employee will be required to give [NUMBER OF MONTHS] months' notice or salary thereof in case the Employee decides to leave the Employer's services. In the event of the Employee having any incomplete assignment, the Employer will have the discretion to relieve the Employee only at the end of the [NUMBER OF MONTHS] months' notice period. Similarly, the Employer can terminate the Employee's services by giving the Employee [NUMBER OF MONTHS] months' notice or salary thereof. The Employer may terminate the Employee's services immediately on disciplinary grounds. Standard Office Hours. The Employer's core hours of operation are from [OFFICE HOURS]. DUTIES AND ROLES The Employee's job description and general responsibilities shall be as set forth in "Annexure A" and shall also include such further duties and responsibilities as the Employer may delegate from time to time. The roles and duties of the Employee are not limited to the ones listed in Annexure A and the same can be modified or altered as per the decision of the Employer. The Employee shall perform all such duties as may be delegated by the Employer and comply with all such directions as the officers of the Employer and/or his/her nominated deputies may from time to time assign or give to the Employee. The Employee shall, during the term of this Agreement (unless prevented by ill health or accident or as otherwise agreed by the Employer in writing), devote the entire time and attention and abilities to the employment with the Employer and shall use best endeavours to promote and protect the Employer's general interests and the welfare of the Employer. The Parties shall fulfill all their obligations by being compliant with the applicable laws. COMPENSATION The Employee shall be paid [SPECIFY SALARY] on a monthly basis. The said salary shall be paid on [DAY] day of each month to the Employee by the Employer. The Employee's salary shall be paid through [MODE OF TRANSFER]. The Employee's salary and other benefits shall be subject to compulsory statutory and other deductions including tax and other contributions that are to be held by the Employee in STATE/PROVINCE]. Bonus. The Employer may, but shall not be required to pay the Employee an annual performance bonus. The amount of any annual performance bonus to be paid to the Employee shall be determined at the absolute discretion of the Employer. If the Employee becomes disabled during the term of the Agreement, all Compensation due him as provided for in this paragraph of this Agreement shall continue under the same terms and at the same rates as existed on the date of such disability. If such disability continues for a period of [NUMBER OF MONTHS] consecutive months, the Employer, at its option, may thereafter, upon thirty (30) days' written notice to the Employee, terminate this Agreement. In the event of termination because of disability, the Employee shall be entitled to an amount equal to [NUMBER OF MONTHS] months of his then current annual salary. NON-DISCLOSURE, NON-SOLICITATION AND CONFIDENTIALITY As Confidential Information will from time to time become known to the Employee, the Employer considers and the Employee agrees that the restraints set forth in this Agreement (on which the Employee has had the opportunity to take independent legal advice) are necessary for the reasonable protection by the Employer of its business or the business of the Company, the clients thereof or their respective affairs. The Employee shall not at any time, either during the continuance of or after the termination of employment with the Employer, use, disclose or communicate to any person whatsoever any Confidential Information which the Employee has or of which he may have become possessed during the Employee's employment with the Employer, nor shall supply the names or addresses of any clients, customers, vendors or agents of the Employer to any person except as authorised by the Employer or as ordered by a court of competent jurisdiction. The Employee consents to the Employer holding and processing, both electronically and manually, the data it collects in the course of his employment, for the purpose of the Employer's administration and management of its employees and its business, and to comply with applicable procedures, laws and regulations.
