Jump to Section
What is a Salary Deferral Agreement?
A salary deferral agreement is a formal, written contract between an employer and employee that outlines the terms of how much money will be withheld from the employee's paycheck to contribute to a retirement plan. This allows employees to save for their future without having to access their cash flow during their working years.
While this may seem like another financial burden on top of an already hectic schedule, not taking advantage of these opportunities can cost more in the long run. An employee should also consider what happens if they are laid off or fired before they retire. Deferring an employee’s salary with a salary deferral agreement ensures that the employee has some savings set aside no matter what.
Common Sections in Salary Deferral Agreements
Below is a list of common sections included in Salary Deferral Agreements. These sections are linked to the below sample agreement for you to explore.
Salary Deferral Agreement Sample
Exhibit 10.4.2
GEOVAX, INC.
SALARY DEFERRAL AGREEMENT
This Salary Deferral Agreement (the “Agreement”) is entered into as of July 1, 2017 by and between GeoVax, Inc., a Georgia Corporation (the “Company”), and Farshad Guirakhoo (the “Employee”).
Whereas, the Company and Employee recognize that it is in the best interests of the Company, its shareholders, and its collective Employees to conserve the Company’s cash resources; and as part of its cash conservation measures, the Company has asked certain of its employees to accept salary reductions and/or deferrals; and
Whereas, the Company and Employee acknowledge that this Agreement has been entered into for the express purpose of conserving the Company’s cash resources and not for executive compensation tax planning purposes, and
Whereas, Employee currently is currently earning an annualized gross salary of $250,000 (“Base Salary”);
Now, therefore, the parties hereby agree as follows:
1. |
Salary Deferral. |
Effective July 1, 2017, Employee agrees to accept a deferral of 25% of his Base Salary, which amount will be accrued and paid to Employee as described below. |
2. |
Discontinuance of Salary Reduction and/or Deferral |
Employee’s Salary Deferral pursuant to this Agreement shall end upon the occurrence of a significant event (to include financing, corporate partnership, etc., as determined solely by the Company) (the “Discontinuance Date”). |
3. |
Payment of Accumulated Deferred Salary. |
At the Discontinuance Date, the Company in its sole discretion will determine the form of payment to be made to Employee for the accumulated Deferred Salary. Such payment may be made in cash, in the form of Company Stock, or in a combination of cash and stock. |
ACCEPTANCE
Employee |
Date |
|||
Agreed: |
||||
GeoVax, Inc. |
||||
By: |
Reference:
Security Exchange Commission - Edgar Database, EX-10.42 8 ex_107983.htm EXHIBIT 10.4.2, Viewed December 14, 2021, View Source on SEC.
Who Helps With Salary Deferral Agreements?
Lawyers with backgrounds working on salary deferral agreements work with clients to help. Do you need help with a salary deferral agreement?
Post a project in ContractsCounsel's marketplace to get free bids from lawyers to draft, review, or negotiate salary deferral agreements. All lawyers are vetted by our team and peer reviewed by our customers for you to explore before hiring.
Meet some of our Salary Deferral Agreement Lawyers
Chris H.
As an attorney licensed in California and currently practicing in Ohio, my primary focus is on drafting and reviewing prenuptial and postnuptial agreements. I offer help in drafting or navigating these agreements, ensuring they are tailored to each client's unique situation and needs. While my background includes experience in cybersecurity, my current legal services are centered around family law, particularly in the creation and revision of prenuptial and postnuptial agreements. Additionally, I provide services in wills and trusts, along with other legal areas, to offer comprehensive solutions to my clients.
Brian W.
As a licensed AL lawyer with over 7 years of experience in the legal field, I have spent more than 15 years working in the business and finance sector. I am deeply passionate about immigration, contracts, & my expertise spans a wide range of projects. From handling ICOs & IPOs to navigating VCs, SaaS, OnlyFans, Wholesaler & Manufacturing Agreements, Prenups, Movie Finance, M & As, Visas, Green Cards and more. I have a comprehensive understanding of various contractual needs. Whatever your contract requirements may be, feel free to reach out to me—I can craft or work on any contract with precision and expertise.
Ellen B.
Generated 20+ types of legal documents: contractual agreements, settlement agreements, demand letters, court orders, motions, mediation reports, briefs, complaints. Maintained active caseloads of 30+ clients at a time in high conflict, high emotional costs litigation. Prepared for daily client meetings, weekly trials, multiple daily hearings by creating legal documentation, timelines, case notes, conducting research.
Fabian G.
Fabian graduated with honors from the University of Miami School of law, where he served as the articles and comments editor for the law school's Race and Social Justice Law Review. He received the John F. Evans Memorial Scholarship Award for excellence in the university's Litigation Skills Program and the HOPE Pro Bono award for completing more than one hundred (100) pro bono hours. Additionally, he received the CALI Excellence for the future award in Sports Law. He focuses his practice on corporate, real estate and immigration matters. Fabian has experience representing luxury hotel owners and operators in connection with the drafting of hotel management agreements, restaurant license agreements, and complex restaurant leases for domestic and international projects including: Nobu Tulum, Nobu Punta Cana, Nobu Orlando, Nobu Chicago and the Nickelodeon Hotel in Riviera Maya, Mexico, among others. He has represented clients in the commercial real estate industry in connection with the drafting of purchase and sale agreements, promissory notes, and mortgages. Lastly, Fabian routinely counsels corporate clients in connection with the drafting of articles of organization, operating agreements, and other documents related to acquisitions, restructurings and investments.
May 22, 2023
Erik W.
Erik J. Washington completed his undergraduate studies at Florida A&M University, where he earned his Bachelor of Science degree in Business Administration with a concentration in Finance. Mr. Washington went on to earn his Juris Doctor from Florida A&M University College of Law. Upon receiving his J.D., Mr. Washington was admitted to The Florida Bar and the United States District Court, Middle District of Florida. Mr. Washington started his legal career by working with a boutique Orlando law firm where his practice concentrated on family law, bankruptcy, helping clients with estate planning and probate matters, and advising homeowner’s association boards on proper administration. After that experience Mr. Washington later joined another mid-size Orlando law firm where he would eventually become the Managing Consumer Bankruptcy Attorney where he oversaw the filing and administration of hundreds of chapter 7 and chapter 13 cases. Prior to starting the Washington Law Firm, Mr. Washington was an associate at a Central Florida Bankruptcy law firm working under the tutu ledge of a highly respected bankruptcy attorney with over 20 years of bankruptcy experience. Mr. Washington has learned that bankruptcy is a tool designed that not only benefits a person in debt but is also good for the economy as a whole. It is because this new beginning and fresh start that it becomes a means of not only helping a person in debt, but it gives that person once in debt the chance to reestablish good credit and yet again borrow money to spend. Mr. Washington focuses on consumer bankruptcy, real estate, probate, and auto accidents.
May 22, 2023
Christopher M.
Skilled and experienced business attorney with vast experience in a wide array of commercial contracts. Strong emphasis on the lodging and hospitality practice field, including real estate acquisition and disposition, management agreements, franchise agreements, design & construction contracting and finance.
May 19, 2023
Holly H.
I have been licensed for 23 years in Texas and federal courts. I am available to work as registered In House Counsel in other states. For the past 14 years I have practiced Corporate Law, Oil and Gas, Agricultural Law, Commercial Real Estate (transactional), HR Law, and Environmental and Land Use. Prior to that, I practiced Criminal Law for both the prosecution and defense for ten years.
Find the best lawyer for your project
Browse Lawyers NowHow It Works
Employment lawyers by top cities
- Austin Employment Lawyers
- Boston Employment Lawyers
- Chicago Employment Lawyers
- Dallas Employment Lawyers
- Denver Employment Lawyers
- Houston Employment Lawyers
- Los Angeles Employment Lawyers
- New York Employment Lawyers
- Phoenix Employment Lawyers
- San Diego Employment Lawyers
- Tampa Employment Lawyers
Salary Deferral Agreement lawyers by city
- Austin Salary Deferral Agreement Lawyers
- Boston Salary Deferral Agreement Lawyers
- Chicago Salary Deferral Agreement Lawyers
- Dallas Salary Deferral Agreement Lawyers
- Denver Salary Deferral Agreement Lawyers
- Houston Salary Deferral Agreement Lawyers
- Los Angeles Salary Deferral Agreement Lawyers
- New York Salary Deferral Agreement Lawyers
- Phoenix Salary Deferral Agreement Lawyers
- San Diego Salary Deferral Agreement Lawyers
- Tampa Salary Deferral Agreement Lawyers
related contracts
- Bereavement Policy
- BYOD Policy
- Code of Conduct
- Code of Ethics
- Collective Bargaining Agreement
- Compensation Agreement
- Conflict of Interest Policy
- Consulting Agreement
- Contract for Employment
- Contract Services Agreement
other helpful articles
- How much does it cost to draft a contract?
- Do Contract Lawyers Use Templates?
- How do Contract Lawyers charge?
- Business Contract Lawyers: How Can They Help?
- What to look for when hiring a lawyer
Quick, user friendly and one of the better ways I've come across to get ahold of lawyers willing to take new clients.
View Trustpilot ReviewContracts Counsel was incredibly helpful and easy to use. I submitted a project for a lawyer's help within a day I had received over 6 proposals from qualified lawyers. I submitted a bid that works best for my business and we went forward with the project.
View Trustpilot ReviewI never knew how difficult it was to obtain representation or a lawyer, and ContractsCounsel was EXACTLY the type of service I was hoping for when I was in a pinch. Working with their service was efficient, effective and made me feel in control. Thank you so much and should I ever need attorney services down the road, I'll certainly be a repeat customer.
View Trustpilot ReviewI got 5 bids within 24h of posting my project. I choose the person who provided the most detailed and relevant intro letter, highlighting their experience relevant to my project. I am very satisfied with the outcome and quality of the two agreements that were produced, they actually far exceed my expectations.
View Trustpilot Review