Overtime Compensation Agreement
This Overtime Compensation Agreement ("Agreement") is entered into on [Month Day, Year], ("Effective Date"), between [Your Company Name], a [State of Incorporation] corporation with its principal place of business located at [Your Company Address] ("Company"), and [Employee Name], an employee of the Company, residing at [Employee Address] ("Employee"). Collectively referred to as the "Parties."
I. BACKGROUND
A. Employment Status: Employee is currently employed by the Company in the position of Senior Accountant.
B. Overtime Work: The Employee may be required to work overtime hours as necessary to meet the Company's business needs and operational requirements.
C. Compensation: In accordance with federal and state labor laws and regulations, Employees shall be entitled to overtime compensation for hours worked in excess of the standard workweek.
II. AGREEMENT
A. Overtime Compensation
Rate: The Employee shall be compensated for overtime hours at a rate of one and one-half (1.5) times the regular hourly rate of pay for each hour worked beyond forty (40) hours in a standard workweek.
Calculation: Overtime compensation shall be calculated based on the Employee's regular hourly rate as of the Effective Date of this Agreement.
Pay Period: Overtime compensation shall be paid to the Employee on the regular payday following the pay period in which the overtime hours were worked.
B. Recordkeeping
Timekeeping: Employee agrees to accurately record all hours worked, including overtime hours, in accordance with Company policies and procedures.
Approval: Overtime hours must be approved in advance by the Employee's immediate supervisor or manager, unless otherwise required by law.
C. Compliance with Laws
Fair Labor Standards Act (FLSA): This Agreement shall be in compliance with all applicable federal and state labor laws, including but not limited to the Fair Labor Standards Act (FLSA).
State Laws: In addition to federal law, the Employee shall be entitled to any overtime compensation required by applicable state laws and regulations.
D. Termination
In the event that Employee's employment with the Company is terminated, all accrued and unpaid overtime compensation shall be included in the final paycheck in accordance with state and federal law.
E. Entire Agreement
This Agreement supersedes all prior agreements, whether written or oral, relating to the subject matter hereof, and constitutes the entire agreement between the Parties.
F. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the state of [State of Incorporation].
H. Signatures
IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date.
EMPLOYEE:
[Signature]
[Employee Name]
Employee
Date: [MM/DD/YYYY]
COMPANY:
[Signature]
[Authorized Representative Name]
[Role/Position], [Your Company Name]
Date: [MM/DD/YYYY]
HR Templates @ Template.net
