New York Executive Severance Lawyers
Providing Legal Counsel to Executives in New York
Executive employees—such as chief executives and other high-level leadership positions—are entitled to substantial compensation and employment benefits that are commensurate with their skill, the scope of their responsibilities, and their work performance. Ultimately, executives are employees like anyone else and, therefore, are also subject to certain terms regarding the termination of their employment.
However, executives have more leverage than average employees when it comes to negotiating and determining the terms of their termination. As a result, it is highly recommended that an executive retain experienced legal counsel to represent them when negotiating the terms of their employment and termination.
At Nisar Law Group, P.C., our skilled executive compensation attorneys in New York have the necessary knowledge and sophisticated awareness of the key legal issues that come into play when negotiating severance pay for executive employees. You can count on our dedicated team of lawyers to guide you through the essential issues so you can understand your legal options and decide on the best course of action for your future.
Forms of Executive Compensation for Severance Purposes
Negotiating severance pay for executives requires familiarity with sophisticated legal and financial matters under New York and federal employment law. In general, employees are not legally entitled to severance pay in certain circumstances. However, the employer and employee are free to enter into an agreement that provides for severance pay under specific conditions.
At Nisar Law Group, P.C., we have experience with the following issues when it comes to executive compensation for severance pay:
- Bonuses: A major incentive for executives involves bonuses for extraordinary work performance. A severance package for executives may include compensation covering earned bonuses or prorated bonuses.
- Equity grants & stock options: A major component of an executive’s compensation involves incentives based on a company’s equity, such as stock options and restricted stock units (RSUs).
- Retirement benefits: Executive compensation may also come in the form of retirement and pension benefits.
Comprehensive Advice on Severance Provisions
In addition to understanding the form of compensation you may be entitled to receive as severance pay, it is important to know the conditions for receiving or forfeiting severance pay. Having an experienced attorney from Nisar Law Group, P.C. to advise you on these issues and advocate for your interests gives you a significant advantage when it comes to establishing the terms of your severance pay as an executive.
We can review and negotiate the following provisions when it comes to executive severance pay:
- At-will termination: Most employment arrangements are “at-will,” meaning that the employer and employee can terminate the employment relationship for any reason, or no reason at all. If the employer terminates the employee for no specific reason, the employee may be entitled to severance pay. If the employee quits for no reason, they usually forego the opportunity to collect severance pay.
- For-cause termination: An employee that is terminated for “cause” forfeits their right to receive severance pay. Typically, “cause” for termination involves unethical, immoral, and illegal conduct. We can review and negotiate the details of “for-cause” termination to make sure your employer does not use such a provision to withhold severance unjustly.
- Termination for “good reason”: This type of termination provision allows an executive to receive severance pay if they voluntarily quit for “good reason.” We can negotiate and review such provisions to establish what constitutes “good reason.”
- Death or disability: A termination clause qualified upon death or disability of the executive governs the employment relationship when the employee dies or becomes physically or mentally disabled.
- Non-compete clauses: An employment contract can restrict an executive’s right to work for a competitor within a particular geographic location and for a specific amount of time. We can advise you as to whether the nature and extent of a non-compete provision is fair and comports with applicable anti-trust laws.
- Waiver of claims: Some severance agreements include a provision that purports to waive the employee’s discrimination and retaliation claims. Generally, such waivers are enforceable, so we can review and negotiate such language to ensure your rights and interests are not threatened.
You Can Benefit from Our Executive Compensation Lawyers in New York
If you are concerned about issues regarding severance pay for executives, it is in your best interest to consult a professional attorney from Nisar Law Group, P.C. Whether you need legal advice as an employer or as a prospective executive employee, you can count on our legal team to deliver comprehensive legal counsel on matters involving executive severance pay under New York and federal law.
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