This is an article of mine published March 27, 2013 on my website at https://www.executiveemploymentattorney.com/articles-section/executive-severance-package/ along with other articles of mine at https://www.executiveemploymentattorney.com/articles-section/
The article indicates how a severance agreement protects executives employed on an at-will or other basis in the event of termination without good cause, and that it is wise to provide for severance terms in an employment agreement or offer sheet at the outset of employment. However, a severance agreement can be made at any time throughout the employment of the executive.
The article further indicates how severance agreements address continuation of salary and also address other issues that might be very important to the executive including
- Continuation of health and other key benefits,
- Payment of bonus, or prorated bonus
- Vesting and other rights in stock, options or phantom stock of the company
- Protections for the executive’s reputation
Finally, the article also address items the employer may seek including non-competes, releases and waivers and negotiation strategies for executives on such items.
- Are you are an employee or executive reviewing a job offer or employment agreement with or without severance terms and need advice on terms or its enforceability?
- Have you been terminated or face termination and have similar concerns?
- Have you received a severance agreement and need advice on its terms or what to seek in negotiations?
In any of those cases, if you have questions or need assistance, please email me at firstname.lastname@example.org or call 617-875-8665.
About Executive Employment Attorney Robert Adelson, Esq.
Robert A. Adelson, Esq. has been a corporate, tax and employment attorney since 1977. He graduated Northwestern Law School in Chicago, Law Review, and holds an LL.M. degree in Taxation from NYU. He began as an associate at nationally prominent New York City mega law firms, Dewey Ballantine and Weil Gotshal & Manges. For over 20 years, Adelson has been a partner in small and medium sized Boston law firms, representing CEOs and senior executives on employment, executive compensation, equity and separation matters.