SALARY INCREMENT AGREEMENT

Full legal name of _______. Registered address of _______.

Full legal name of _______. Residential/Business address of _______.

Description of services to be provided _______.

Service start date _______ and service end date (if applicable) _______.

Total service fee _______. Payment terms (e.g., advance, monthly, upon completion) _______.

Governing law/state _______.

WHEREAS, this Salary Increment Agreement (the "Agreement") is made and entered into as of _______, by and between _______, a corporation organized and existing under the laws of its jurisdiction of incorporation, with its principal place of business at _______ (the "Company"), and _______, an individual residing at _______ (the "Employee"). The Company and the Employee are hereinafter collectively referred to as the "Parties". WHEREAS, the Employee is currently employed by the Company in the position of _______ pursuant to the terms and conditions of an employment agreement, offer letter, or other existing arrangement dated _______ (the "Original Employment Agreement"). WHEREAS, the primary basis for this salary increment is documented as a result of _______, following a review process which concluded on or about _______. The specific justifications are detailed as follows: _______. 1.2 "Effective Date" shall mean _______, the date from which the New Base Salary and any other changes specified herein shall take effect. 1.3 "New Base Salary" shall mean the Employee's new annual base salary of _______ (_______ {currency}), as detailed in Article 2. 1.4 "Original Employment Agreement" shall mean the primary employment contract, offer letter, or governing employment document between the Company and the Employee, dated _______. 1.5 "Governing Law" shall mean the laws of the State of _______, without regard to its conflict of law principles. The Parties hereby agree to amend the compensation terms of the Original Employment Agreement as follows. Effective as of the Effective Date, the Employee's annual base salary shall be increased from its current rate of _______ (_______ {currency}) to the New Base Salary. The Employee's New Base Salary shall be _______ (_______ {currency}) per annum. This New Base Salary shall be payable in installments in accordance with the Company's standard _______ payroll schedule, subject to all applicable withholdings and deductions as required by law (including but not limited to federal, state, and local taxes, and social security contributions). Based on the New Base Salary and the Company's _______ payroll cycle, the Employee's gross pay per period is anticipated to be approximately _______ (_______ {currency}), commencing with the first full pay period following the Effective Date. This Agreement and any disputes arising out of or in connection with it shall be governed by and construed in accordance with the laws of the State of _______. The Parties irrevocably submit to the exclusive jurisdiction of the state and federal courts located within the jurisdiction specified by _______ for the resolution of any disputes. __________________

SIGNATURES

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

OWNER:

Full Legal Name: _______

Registered address of Owner: _______

Signature: ___________________________     Date: ___________________________

 

EMPLOYEE:

Full Legal Name: _______

Residential/Business address of Employee: _______

Signature: ___________________________     Date: ___________________________