Tuition Assistance For Employees Of A Small Family Owned Business

Tuition Assistance Contract for Employees of a Small Family Owned Business Student’s Name Course University Tutor Date TUITION ASSISTANCE AGREEMENT This is a Tuition Assistance Agreement herein referred to as the Agreement that was made on …………………………………… , between Kinca Concrete Ltd herein referred to as Employer and Mr./Mrs./Miss ………………………………………herein referred to as Employee. BACKGROUND: An employee who is currently under the employment of Employer has voluntarily applied for further studies and appealed for tuition assistance, which Employer has consented to, within the conditions laid down in this Agreement. Employee will receive the said financial assistance for tuition on condition that Employee agrees to remain in the employment of Employer for a specific period of time as laid down in this Agreement, to payback Employer through work or refund Employer should Employee quit employment voluntarily, or should his employment be terminated by employer “for cause” before elapsing of the agreed upon period of service. IN CONSIDERATION of the mutual promises made to each other, both parties agree as follows: Tuition Assistance 1. Tuition assistance will be paid directly to Employee in two installments of $875 per academic year. The payments will be timed to align with the beginning of the semesters. The employee will be expected to provide the Employer with proof of payment such as institutional receipts and academic transcripts at the end of the year. Academic Performance Obligation 2. The employee will be expected to maintain high performance throughout the studies. Funding for the first semester will be granted without conditions or proof of academic performance, but for subsequent semesters, Employee shall be expected to attain an overall aggregate grade of B and above to qualify for 100% tuition assistance for the subsequent semester. For Grade C or lower, as long as it is higher than the pass mark Employee will receive 50% tuition assistance in a subsequent semester. Failing or discontinuation results in automatic termination of the Tuition Assistance Agreement, in which case the Employee shall reimburse Employer per the terms set in this agreement. Areas of study/ specialization 3. The employee shall take studies or specialization in concrete technology-related fields to benefit the Employer instead of tuition support. Period of obligation to Employer 4. Employees’ obligation to refund Employer contribution to tuition assistance shall cease three years from the date he was paid the first installment of tuition assistance if Employee has not left employment or not been dismissed from employment “for cause” by Employer. 5. If Employee leaves employment or gets dismissed from employment “for cause” before three years elapse from the date was paid the first tuition assistance installment, Employee shall refund Employer all the funds received for tuition support up to that point in time, with accrued interest at the rate of 15% per year. Set-off Against Final Paycheck 5. The employer at the time of termination of employment ...