The Retention Bonus And Severance Agreement is primarily used in situations where companies need to ensure the continued service of key employees during critical periods such as mergers, acquisitions, restructuring, or other significant organizational changes. This document, governed by Malaysian law, combines two crucial elements: an incentive for employees to remain with the company for a specified period and defined severance terms if employment ends under certain conditions. It is particularly relevant in the Malaysian business context where companies must navigate specific employment law requirements while implementing retention strategies. The agreement typically includes detailed provisions for bonus calculations, payment schedules, performance requirements, and severance terms, all structured to comply with Malaysian employment legislation, including the Employment Act 1955 and relevant tax regulations.
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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 agreement, including the employee's current position and reason for retention incentive
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 retention bonus
5. Retention Bonus: Details the amount, calculation method, and payment terms of the retention bonus
6. Conditions for Bonus Payment: Outlines the conditions that must be met to receive the retention bonus
7. Severance Terms: Specifies the conditions under which severance will be paid and the calculation method
8. Confidentiality: Requires both parties to maintain confidentiality about the terms of the agreement
9. Continuing Obligations: Outlines the employee's ongoing duties during the retention period
10. Tax Treatment: Addresses the tax implications of both the retention bonus and severance payment
11. Governing Law: Specifies that Malaysian law governs the agreement
12. Entire Agreement: Confirms that this document represents the complete agreement between parties
1. Non-Competition: Includes restrictions on working for competitors, used when the employee has access to sensitive information
2. Non-Solicitation: Prevents the employee from soliciting other employees or customers, included for senior positions
3. Intellectual Property: Addresses ownership of IP created during the retention period, needed for technical or creative roles
4. Change of Control: Specifies what happens if the company undergoes a merger or acquisition during the retention period
5. Performance Criteria: Additional performance requirements for bonus eligibility, used when retention alone is not sufficient
6. Clawback Provisions: Allows recovery of paid bonuses under specific circumstances, used for senior executives or high-value payments
7. Alternative Dispute Resolution: Specifies mediation or arbitration procedures, useful for high-value agreements
1. Schedule 1 - Bonus Calculation: Detailed formula and examples for calculating the retention bonus
2. Schedule 2 - Severance Calculation: Detailed formula and examples for calculating severance payment
3. Schedule 3 - Payment Timeline: Specific dates or milestones for bonus and severance payments
4. Schedule 4 - Performance Metrics: Detailed performance criteria if applicable to bonus eligibility
5. Appendix A - Employee's Current Benefits: List of current benefits and how they interact with the agreement
6. Appendix B - Confidential Information: Detailed description of what constitutes confidential information
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