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1. Parties: Identifies the employer and employee entering into the agreement
2. Background: Sets out the context and purpose of the retention bonus agreement
3. Definitions: Defines key terms used throughout the agreement
4. Retention Period: Specifies the duration during which the employee must remain employed to receive the bonus
5. Bonus Amount and Payment Terms: Details the total bonus amount, payment structure (lump sum or installments), and payment timing
6. Conditions for Payment: Outlines the requirements the employee must meet to receive the bonus
7. Performance Requirements: Specifies any performance standards that must be maintained during the retention period
8. Termination Provisions: Addresses what happens to the bonus in case of voluntary resignation, dismissal, or other employment termination scenarios
9. Tax Treatment: Explains the tax implications and treatment of the bonus payment
10. Confidentiality: Requires the employee to keep the terms of the agreement confidential
11. Governing Law: Specifies that South African law governs the agreement
12. Entire Agreement: Confirms that this document represents the complete agreement between parties
13. Signatures: Space for parties to execute the agreement
1. Clawback Provisions: Used when the employer wants the right to recoup bonus payments if certain adverse events occur
2. Non-Competition Clause: Include when the employer wants to restrict the employee's ability to work for competitors after receiving the bonus
3. Death and Disability: Include when specific provisions for bonus payment in case of death or disability are needed
4. Currency and Exchange Rate: Include for international employees or when payment may be made in foreign currency
5. Dispute Resolution: Include when specific dispute resolution procedures beyond standard legal processes are desired
6. Additional Benefits: Include when the retention package includes other benefits beyond the monetary bonus
1. Schedule A - Bonus Calculation: Details the formula or method for calculating the bonus amount
2. Schedule B - Payment Schedule: If paid in installments, provides the detailed payment timeline and amounts
3. Schedule C - Performance Metrics: Details specific performance targets or KPIs if bonus is partially performance-based
4. Appendix 1 - Confidential Information: Defines what constitutes confidential information under the agreement
5. Appendix 2 - Company Policies: References relevant company policies that affect the retention bonus arrangement
Bonus
Business Day
Cause
Commencement Date
Company
Confidential Information
Effective Date
Employee
Employment Agreement
Good Standing
Group
Holding Company
Incapacity
Notice Period
Party/Parties
Payment Date
Performance Requirements
Retention Bonus
Retention Period
Subsidiary
Termination Date
Termination for Cause
Working Hours
Duration
Bonus Amount
Payment Terms
Retention Requirements
Performance Conditions
Service Requirements
Tax Obligations
Termination
Repayment Obligations
Confidentiality
Non-Competition
Non-Solicitation
Death and Disability
Force Majeure
Amendment
Assignment
Severability
Notices
Governing Law
Dispute Resolution
Entire Agreement
Breach
Good Faith
Costs
Waiver
Financial Services
Technology
Manufacturing
Mining
Professional Services
Healthcare
Retail
Telecommunications
Energy
Construction
Education
Insurance
Banking
Consulting
Human Resources
Legal
Finance
Executive Leadership
Management
Operations
Information Technology
Research and Development
Sales
Engineering
Product Development
Chief Executive Officer
Chief Financial Officer
Chief Technology Officer
Senior Manager
Department Head
Technical Specialist
Project Manager
Key Account Manager
Senior Engineer
Research Director
Principal Scientist
Lead Developer
Financial Controller
Operations Manager
Sales Director
Product Manager
Legal Counsel
Human Resources Director
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