Employee Retention Bonus Agreement Template for South Africa

1. Performance Criteria: Additional performance requirements that must be met during the retention period, used when the bonus is partially performance-based

2. Clawback Provisions: Terms for recovering paid bonuses under specific circumstances, used when the company wants additional security

3. Non-Competition: Restrictions on working for competitors during and after the retention period, used for senior employees or those with access to sensitive information

4. Pro-rata Provisions: Terms for partial bonus payment if certain conditions are met, used when the company wants to allow for partial payments in specific circumstances

5. Dispute Resolution: Specific procedures for handling disputes, used when standard court proceedings are not preferred

6. Group Company Provisions: Additional terms relating to group companies or subsidiaries, used when the employee works across multiple entities

1. Schedule 1: Bonus Calculation: Detailed formula or methodology for calculating the retention bonus, including any variable components

2. Schedule 2: Payment Schedule: Breakdown of payment dates and amounts if the bonus is to be paid in installments

3. Schedule 3: Performance Metrics: Specific performance indicators or targets if the bonus is linked to performance

4. Appendix A: Current Employment Terms: Summary of relevant current employment terms that continue to apply

5. Appendix B: Confidential Information: Detailed list of what constitutes confidential information under the agreement