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Employee Retention Bonus Agreement

Employee Retention Bonus Agreement Template for New Zealand

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Key Requirements PROMPT example:

Employee Retention Bonus Agreement

"I need an Employee Retention Bonus Agreement for our senior software developers, offering a 25% bonus of their base salary to be paid in two installments during 2025, with a clawback provision if they leave before completing 18 months of service."

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Document background
The Employee Retention Bonus Agreement is designed for use in situations where companies seek to retain key employees during critical periods such as mergers, acquisitions, major projects, or competitive market conditions. This document, governed by New Zealand law, provides a structured framework for offering financial incentives to valuable employees in exchange for their continued service over a specified period. It includes essential details about bonus amounts, payment schedules, performance requirements, and conditions for maintaining eligibility. The agreement ensures compliance with New Zealand employment legislation while protecting both employer and employee interests through clear terms and conditions. It is particularly useful during organizational transitions, high-growth periods, or when protecting against competitive recruitment in tight labor markets.
Suggested Sections

1. Parties: Identifies the employer and employee, including their legal names and addresses

2. Background: Explains the context and purpose of the retention bonus agreement

3. Definitions: Defines key terms used throughout the agreement

4. Retention Bonus Amount: Specifies the total amount of the retention bonus and any applicable conditions

5. Payment Terms: Details the timing, method, and conditions of bonus payment(s)

6. Service Period: Defines the required period of continued employment to earn the bonus

7. Performance Requirements: Outlines any performance standards or objectives that must be met

8. Tax Treatment: Addresses the tax implications and treatment of the bonus payment

9. Termination Provisions: Specifies what happens to the bonus if employment ends before the service period

10. Confidentiality: Requires the employee to keep the terms of the bonus agreement confidential

11. Governing Law: Confirms that New Zealand law governs the agreement

12. Execution: Signature blocks and execution requirements

Optional Sections

1. Clawback Provisions: Include when the employer wants the right to recover the bonus under specific circumstances

2. Multiple Payment Installments: Used when the bonus will be paid in multiple installments rather than a single payment

3. Non-Competition Clause: Include when the bonus is tied to post-employment competitive restrictions

4. Dispute Resolution: Add detailed dispute resolution procedures for high-value agreements

5. Integration with Other Benefits: Include when the bonus affects other benefits or compensation components

6. Change in Control: Add when company ownership changes might affect the bonus agreement

7. Force Majeure: Include for protection against unforeseen circumstances affecting bonus conditions

Suggested Schedules

1. Schedule 1 - Bonus Calculation: Details the formula or methodology for calculating the bonus amount

2. Schedule 2 - Payment Schedule: Timeline of payment dates and amounts if paid in installments

3. Schedule 3 - Performance Metrics: Specific KPIs or performance targets if bonus is performance-linked

4. Appendix A - Acknowledgment Form: Employee acknowledgment of bonus terms and conditions

5. Appendix B - Tax Declaration: Required tax forms and declarations for bonus payment

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Technology

Financial Services

Professional Services

Manufacturing

Healthcare

Retail

Construction

Mining

Energy

Telecommunications

Education

Transportation

Hospitality

Real Estate

Media and Entertainment

Relevant Teams

Human Resources

Legal

Finance

Executive Leadership

Operations

Information Technology

Research and Development

Sales

Marketing

Product Development

Customer Service

Engineering

Administration

Project Management Office

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Chief Technology Officer

Senior Manager

Project Manager

Technical Lead

Senior Developer

Key Account Manager

Senior Engineer

Department Head

Research Director

Principal Scientist

Sales Director

Operations Manager

Senior Consultant

Product Manager

Human Resources Director

Legal Counsel

Finance Manager

Regional Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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