EXECUTIVE CONTRACTS: SEVERANCE UPON EXPIRATION
Executives who are offered contracts with a specific term should ask that any severance payment also apply upon the expiration of the contract term in addition to any termination by the employer prior to the end of the term. The rationale for this request is that it very difficult, even unlikely, for an executive, particularly […]
EXECUTIVE CONTRACT: SEVERANCE
Companies are often reluctant to grant an executive severance upon the expiration of the executive’s contract term. When negotiating an executive employment agreement under these circumstances, the fall back position is to eliminate the term completely and become an “At Will” employee. It may seem counterintuitive, but most contracts for a term provide the company […]
HAVE AN ATTORNEY REVIEW YOUR EMPLOYMENT AGREEMENT
There is an old saying that a lawyer who represents himself has a fool for a client. This maxim also holds true for an executive or manager who does not have a lawyer review their employment contract or offer letter, and negotiates the language and terms themselves. When reading your contract or offer letter, keep […]