The Retention Bonus And Severance Agreement is commonly used in Singapore when organizations need to retain critical employees during periods of transition, such as mergers, acquisitions, or restructuring. This document, governed by Singapore employment law, serves dual purposes: incentivizing key personnel to remain with the organization through a specified period while providing clarity on separation terms. It includes specific performance metrics, payment schedules, and conditions for both the retention bonus and severance package, ensuring compliance with local regulations including the Employment Act and CPF requirements.
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1. Parties: Identification of employer and employee with full legal names and addresses
2. Background: Context of the agreement, including employment status and reason for retention bonus
3. Definitions: Key terms used throughout the agreement including 'Retention Period', 'Retention Bonus', 'Severance Payment'
4. Retention Bonus Terms: Amount, payment schedule, and conditions for receiving the bonus
5. Severance Terms: Calculation method, payment terms, and conditions for severance
6. Conditions and Requirements: Performance metrics and obligations for bonus qualification
7. Termination Provisions: Circumstances affecting bonus and severance payments
8. Tax Treatment: Provisions regarding tax implications and CPF contributions
9. Governing Law: Specification of Singapore law as governing law and jurisdiction
1. Non-Compete Provisions: Restrictions on future employment, typically used for senior employees or those with access to sensitive information
2. Intellectual Property Rights: Ownership of work created during employment, relevant for technical or creative roles
3. Confidentiality Obligations: Protection of company information, used when employee has access to sensitive information
4. Return of Company Property: Provisions regarding the return of company assets and materials
5. Dispute Resolution: Specific procedures for resolving disputes, including mediation or arbitration provisions
1. Schedule A - Bonus Calculation: Detailed formula and examples for bonus calculation
2. Schedule B - Performance Metrics: Specific KPIs or targets for bonus qualification
3. Schedule C - Severance Calculation: Detailed formula for severance payment
4. Appendix 1 - Release of Claims: Standard form for release of claims against employer
5. Appendix 2 - Confidential Information: List of specific confidential information and trade secrets to be protected
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