A Compensation Agreement is a legal document that guarantees that an individual will receive compensation for certain actions. It can include compensation for an individual getting paid as an employee, a commission that a worker is entitled to receive, compensation for a Non-Compete Agreement, etc.
The purpose of the agreement is to put into writing all of the details about the compensation payment and any changes to it and to secure the position of the employee and the company. Thus, when an employee's payday comes there won't be any questions or confusion about the amount of money an employee is supposed to receive.
A contract closely related to this one is called a "Deferred Compensation Agreement." It is a legal contract upon which the parties come to an arrangement that a portion of an employee's payment will be transferred later than the day it was earned.
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