H
holz
Guest
I AM WITH A LARGE BROKERAGE FIRM(IN OREGON) and before I go into production, they want me to sign a waiver saying that I will repay training costs if I quit or am terminated for cause withing 2 years of my date of hire. I have heard that contracts like this usually don't hold up if they are challenged. Given the volatility of this industry, I really don't want to sign 2 years of my life to a company if I don't have to. Any thoughts?:confused
AGREEMENT IN FULL
In consideration of Merrill Lynch, Pierce, Fenner & Smith Inc. (a) hiring and employing me as a trainee for a sales position, (b) paying me a salary and providing other employment related benefits during the training period, (c) paying the cost of my training and providing facilities and other benefits to be received by me while participating in training, (d) training and supervising me as a member of the training program and (e) for other good and valuable consideration, the adequacy, sufficiency and receipt of which is hereby the acknowledged, and intending to be legally bound, I hereby agree that:
1. In the event that I participate in a Merrill Lynch Training Program and thereafter resign, provoke the termination of my employment, or am terminated for cause, within two full years from the date I am assigned a Merrill Lynch production number ("Production Date"), I agree to pay Merrill Lynch liquidated damages in the amount of Thirty Eight Thousand Dollars ($38,000). This amount is to be reduced by Nineteen Thousand Dollars ($19,000) on the first anniversary of the Production Date )one year later) and will further be reduced by $19,000 on the second anniversary of the Production Date (two years later). There will be no pro rata reduction for a "partial" year of employment.
I understand that I will have no obligation to Repay Cost of Training if I remain in the employ of Merrill Lynch for two full years after I receive a Merrill Lynch production number.
AGREEMENT IN FULL
In consideration of Merrill Lynch, Pierce, Fenner & Smith Inc. (a) hiring and employing me as a trainee for a sales position, (b) paying me a salary and providing other employment related benefits during the training period, (c) paying the cost of my training and providing facilities and other benefits to be received by me while participating in training, (d) training and supervising me as a member of the training program and (e) for other good and valuable consideration, the adequacy, sufficiency and receipt of which is hereby the acknowledged, and intending to be legally bound, I hereby agree that:
1. In the event that I participate in a Merrill Lynch Training Program and thereafter resign, provoke the termination of my employment, or am terminated for cause, within two full years from the date I am assigned a Merrill Lynch production number ("Production Date"), I agree to pay Merrill Lynch liquidated damages in the amount of Thirty Eight Thousand Dollars ($38,000). This amount is to be reduced by Nineteen Thousand Dollars ($19,000) on the first anniversary of the Production Date )one year later) and will further be reduced by $19,000 on the second anniversary of the Production Date (two years later). There will be no pro rata reduction for a "partial" year of employment.
I understand that I will have no obligation to Repay Cost of Training if I remain in the employ of Merrill Lynch for two full years after I receive a Merrill Lynch production number.
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