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UKSolicitorJA
UKSolicitorJA, Solicitor
Category: UK Employment Law
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Experience:  solicitor
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Hi, I am a freelance corporate treasurer and been asked to

Resolved Question:

Hi, I am a freelance corporate treasurer and been asked to included a succession bonus in my new contract. This is the first I have come across this, can you please advise on what should be included in the contract.
Submitted: 4 years ago.
Category: UK Employment Law
Expert:  UKSolicitorJA replied 4 years ago.
Hello,

There is no standard wording around this, it all depends on what you and the other party want to be included in the contract.

As an example:

The Company and the Trustee hereby agree that so long as the Trustee remains employed by/contracted with the Company as of [date], the Trustee shall be entitled to receive a lump-sum bonus payment in the amount of[ ], less applicable taxes (the "Succession Bonus").

Other terms can be included as part of the Succession Bonus criteria.

Hope this helps-please leave feedback
Customer: replied 4 years ago.
Thanks for getting back to me. What other terms are normally included?

What happens if that the company gives me notice before that date, is there wording to protect the succession clause.
Expert:  UKSolicitorJA replied 4 years ago.
Other terms could be that you are to remain contracted/employed until say your retirement date.

You could state that you will be entitlted to the bonus if your contract/employment is terminated for any reason.

Hope this helps-please leave feedback
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