(Sample) Agreement for Recovering the Cost for Specialized Training

(Sample) Agreement For Recovering the Cost For Specialized Training I, ______, understand and agree that in consideration of my employment by XYZ, Inc. (XYZ) and the specialized training that I will receive in the XYZ Specialized Training Program in the area of ______that I will reimburse XYZ for all reasonable costs and expenses relating to my training in the XYZ Specialized Training Program and such costs will be treated as a loan to become a(n) _(job title/level___)_, subject to the following terms and conditions:

Value Reimbursement/ Resignation

In the event that I voluntarily resign from XYZ during the one (1) year period after my completion of the Specialized Training Program required to become a _(job title/level___)_, I agree to repay all of the costs and expenses incurred by XYZ on a pro-rated basis as follows:

For each month I am employed after completion of the Specialized Training Program, the amount owed to XYZ will be reduced by 1/12 of the training and travel costs that I have received in the XYZ Specialized Training Program.

I understand and agree that the costs and expenses incurred by XYZ for my specialized training in its Specialized Training Program is $______and that I will repay this amount pursuant to the terms and conditions set out above, and in the attached “Itemized Cost of Training”. The “Itemized Cost of Training” is attached to this Memorandum of Agreement and marked Exhibit “A” and is incorporated in this Memorandum of Agreement as if fully set out herein.

1 | P a g e (Sample) Agreement For Recovering the Cost For Specialized Training This cost of training will not include any approved educational courses or training not given by XYZ, but taken pursuant to the company’s Educational Assistance Program set out in the Employee’s Policy Manual.

The cost of travel will not include any approved ordinary and customary mileage /travel reimbursement that is approved and provided for and taken pursuant to XYZ’s Mileage/ Travel Reimbursement Policies set out in the Employee’s Policy Manual.

Employment At-Will

This employment shall be on an at-will basis, and not for any definite employment term., i.e. either XYZ or I may terminate this employment relationship at any time, for any reason, with or without notice.

I understand and agree that this Memorandum of Agreement does not constitute a contract of employment and I understand that this Memorandum of Agreement does not grant me any rights, privileges or benefits from XYZ, nor does it require XYZ to offer me a regular position as a __(job title/ level_),or change my at-will status of employment.

I understand that if I successfully complete the XYZ’s Specialized Training Program required to be a __(job title/ level_), that this agreement does not alter any other terms or conditions of my employment with XYZ as set forth in its Employee’s Policy Manual.

Trade Secrets and Non-Compete

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In the course of my employment with XYZ, I understand that I am likely to become familiar with secret or confidential information of XYZ and the financial, credit, and marketing needs of XYZ’s customers that use XYZ services, including but not limited to (here insert the general type of confidential information, trade secrets that are being protected) confidential information of XYZ’s financial condition, pricing, and marketing information, financial credit and pricing information of XYZ’s customers, XYZ’s trade secrets and other information of a confidential nature that is required to be maintained for XYZ’s continued success of its business.

I agree that for the term of my employment and for a period of one(1) year, after termination of my employment for any reason, with or without cause, I will not directly or indirectly compete by engaging in any business work for any competitor of XYZ, Inc. in the sales territory I have serviced and within a 50- mile radius of an office/plant of XYZ, and Employee agrees not to contact any then current client/ customer of XYZ for the purpose of selling or servicing (insert company product or service). I agree not to contact such client/ customers individually or give out confidential information of such customer/ client needs on behalf of any other person, firm, company or corporation.

Non-Solicitation of Employees

Further, I agree that I will not during the term of my employment and for a term of one (1) year after termination of my employment, either solely or jointly with others, solicit, contact or entice any of XYZ’s current employees with the

3 | P a g e (Sample) Agreement For Recovering the Cost For Specialized Training purpose of persuading such employees to terminate their employment with XYZ to work for another Employer with a similar business interest.

Use of Trade Secret/ Proprietary Information

I shall not divulge to any person or competitor of XYZ any secret or proprietary information of XYZ, including any of the above-listed confidential, secret proprietary information during the term of my employment with XYZ and for a term of one (1) year thereafter, unless XYZ gives its consent in writing in each instance or unless I am compelled to disclose this information by a governmental, administrative, or court process.

I understand that if it becomes necessary for XYZ to enforce this Memorandum of Agreement and a decision is entered against me, I will pay all costs and expenses incurred by XYZ including reasonable attorney’s fees.

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