Connecticut Executive Compensation Agreement Attorney
Great executives are usually known for their attention to detail — and that diligence should extend to their own compensation agreements. If you’re a Connecticut executive who has been asked to formalize an employment agreement, it’s critically important that you understand all of the provisions within that document. Perhaps, most importantly, you should understand what is missing.
Failure to take the time to do so may result in more than an inequitable arrangement. Tax laws and regulatory requirements may affect employee compensation agreements, which means executives need to pay close attention to both the terms of their deal and related compliance issues. Other key provisions to focus on are what happens if things don’t work out and you are terminated. This is perhaps one of the most overlooked areas because the focus is on the present and the positive.
In order to make sure that you fully understand your executive employment agreement, it is a good idea to have your agreement reviewed before signing by an experienced executive compensation attorney — one who can help ensure that any proposed agreement is in your best interests, legally, financially and professionally.
Executive Compensation Agreements: The Basics
Executive employment agreements, if properly executed, serve the mutual interests of companies and employees. Such agreements should clearly spell out the terms and conditions of employment, including total compensation, grounds for any termination and a separation package upon any termination, such as severance payments, stock options and continuing insurance coverage.
Executive employment agreements often involve complex issues relating to taxes, regulations, retirement planning etc. As such, it’s vitally important that these terms be vetted by an experienced professional.
Let’s take a closer look at some of the most common issues that arise within executive employment contracts:
- Non-disclosure agreements
- Confidentiality agreements
- Non-compete agreements
- Stock options
- Base pay and incentive structures
- Insurance coverage (medical, dental and life)
- Deferred compensation
- Expense and travel reimbursements
- Relocation benefits
- Severance packages
- Termination for cause language
- Arbitration language
Issues such as these are deeply relevant for executive-level employees and need to be carefully addressed in an executive employment agreement. Additionally, it’s critically important to remain cognizant of how contract elements are affected by all pertinent tax and securities laws. By working with a legal professional, executives can help ensure that the terms they negotiate do not create unnecessary financial or legal burdens.
Executive employment agreements also typically define a specific period during which the contract remains in force (one year, for example). Once the contract expires, it may be automatically renewed (assuming no termination occurred); the employee may continue working without a contract or a new or extended/amended contracted may be negotiated.
Finding the Right Connecticut Executive Compensation Attorney
Employer contracts cover a wide variety of issues and scenarios that directly impact how executives are paid and the conditions under which they work. As such, it’s imperative that executives have a full understanding of the language contained within these agreements. An experienced attorney can help ensure that all contract language is fair to the executive, while identifying areas where executives may benefit from additional negotiation.
At Brickley Law, we have the experience to help executives navigate even the most complex employer agreements. If you’re seeking assistance with an executive compensation agreement, please don’t hesitate to reach out to Brickley Law for a free consultation.
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