Educational Leave Agreement and Promissory Note

This Educational Leave Agreement and Promissory Note (“Agreement”) is made this day of , by and between (“Department”) of Virginia Commonwealth University (“the University”) and (“Employee”). In consideration of the following covenants, the parties hereby agree as follows:

1.The Department grants Employee an educational leave of absence from his/her employment with the University for the following dates and purposes:

2.As long as Employee remains in the status of approved educational leave, the Department agrees to pay him/her as follows:

$ , payable semi-monthly and subject to authorized deductions and payroll taxes. This amount will be adjusted, if necessary, to the amount actually paid to Employee (e.g., if the leave ends earlier than expected). The following fringe benefits will continue in full while on educational leave: health and life insurance, retirement, and disability. Leave accruals are discontinued during the educational leave period and leave balances are held until Employee’s return to work, subject to regular University leave policies and procedures.

  1. In consideration of this stipend, paid by the Department as a grant of educational leave with salary, Employee agrees that, immediately following termination or expiration of the educational leave, he/she will serve a period of employment equal to twice the period of leave. This period of employment shall be known as the “service payback requirement.”
  1. If Employee fails to complete the service payback requirement, he/she agrees to reimburse the Department for the salary amount paid to him/her for the period of educational leave. Employee's reimbursement obligation shall arise immediately upon termination of employment and shall include interest at 4.5%, compounded annually. If applicable, Employee’s reimbursement obligation shall be prorated on the basis of the number of months worked subsequent to the end of educational leave. This Agreement shall serve as a promissory note evidencing the reimbursement obligation, payable upon demand to the University, in the event Employee terminates his/her employment, or his/her employment is terminated, prior to the expiration of the service payback requirement. If it becomes necessary to pursue collection efforts to recover the amount due the University, Employee agrees to be responsible for all court costs of collection, including reasonable attorney’s fees. Any action related to this Agreement shall be brought in the Circuit Court in and for the City of Richmond, Virginia, John Marshall Courts Building, unless waived by the University.
  1. Employee shall notify VCU Human Resources if employment with the University is terminated prior to the completion of the service payback requirement.
  1. Employee acknowledges that he/she has carefully read and fully understands the terms of this Agreement, and he/she agrees to be bound by said terms, including those establishing this Agreement as a promissory note. Employee further agrees that the terms of this Agreement shall be binding on his/her agents, personal representatives, heirs and assigns.

Signed: Date:

(Employee)

Signed: Date:

(Department Head or Dean)

Signed: Date:

(Vice President)

Copy to: Employee, Department Head or Dean, and Human Resources

VCU Human ResourcesRevised May 2017