Great employees are valuable. If you want to encourage an employee to stay at your company, you can use an Employee Retention Agreement. It outlines the agreement between the employee and the company that the employee will remain at the company for a set period of time and be provided a guaranteed retention bonus (even if the company may be facing a buyout or change in management, or ownership, which could ultimately result in the employee's loss of a job).
An Employee Retention Agreement is designed to help retain valuable employees during periods of uncertainty and transition. If your company is facing a buyout, merger, or other management changes, you can use an Employee Retention Agreement to entice valuable employees to remain at the company, so that you can keep running your business without interruption.
Copyright Rocket Lawyer Incorporated.
Rocket Lawyer is an online legal technology company that makes the law simpler and more affordable for businesses, families and individuals. Rocket Lawyer has helped over 20 million businesses, families and individuals make legal documents, get attorney advice, and confidently protect their futures.
Legal information and other services are delivered by or through Rocket Lawyer via RocketLawyer.com. Please note that Rocket Lawyer is not a "lawyer referral service," "accountant referral service," accounting firm, or law firm, does not provide legal or tax advice or representation (except in certain jurisdictions), and is not intended as a substitute for an attorney, accountant, accounting firm, or law firm.
The Utah Supreme Court has authorized Rocket Lawyer to provide legal services, including the practice of law, as a nonlawyer-owned company; further information regarding this authorization can be found in our Terms of Service.
Use of Rocket Lawyer is subject to our Terms of Service and Privacy Policy.
