With news of Morgan Stanley’s plans to make significant cuts in its debt and currencies ranks across all offices (Wall Street Journal, December 1, 2015, page C1), the importance of having your “employment disaster recovery bag” at the ready is highlighted. Included in that “bag” should be your offer letter; any confidentiality, non-solicit, non-compete, work for hire and/or garden leave agreement; employee handbook; and any document or plan relating to your equity, deferred compensation, bonus, pension, or any other aspect of your employment.… Read More
The next critical step to take in the negotiation of an employment package is:
- The Termination Scenarios. Defining the circumstances under which the employment relationship can be terminated is essential. Considerable attention should be paid to the definitions of “cause” and “good reason.” Not focusing on the details of the definitions can have costly ramifications. Employers seek a broad definition of “cause” to afford greater latitude in terminating an executive and avoiding an obligation to pay severance.
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