Executive and Severance Agreements

Oakland Severance Agreement Lawyers

Review Your CA Employee Compensation Agreement with an Attorney

A severance agreement (sometimes known as a separation agreement or termination agreement) refers to a contract between an employer and an employee detailing the compensation package an employee would receive in exchange for their termination or resignation. There are likely a group of benefits such as health insurance, RSU, retirement plans, etc. included within that agreement.

It is important to review a California severance agreement with a qualified Oakland employment lawyer to ensure that your rights are protected. Call (510) 650-0250 to speak with our employment law firm today.

Do You Have a Right to a Severance Package if You Are Terminated?

Most employees do not have a legal right to receive a severance package when their employment is terminated. Companies often offer severance packages regardless of whether they are required to do so because severance agreements can help reduce an employer’s legal liability. It is usually given in exchange for a written promise from the employee that they will not file a lawsuit against the employer.

Since you may be giving up valuable rights by signing an executive or severance agreement, asking a severance agreement lawyer in Oakland to review the proposed agreement, and perhaps to negotiate changes, is always wise.

What Is Included in an Executive Employment Agreement?

In a California severance agreement, the terms executive compensation or executive employment agreement refer to the financial payments and non-financial benefits provided to the upper-level management within a business or organization, including:

  • presidents or vice-presidents;
  • chief executives;
  • financial executives;
  • operating executives;
  • legal executives;
  • and other C-Suite executives.

California severance agreements at the very least include the following:

  • COBRA (Consolidated Omnibus Budget Reconciliation Act) information
  • Confidentiality Agreement
  • Release of claims and covenant not to sue
  • Terms of severance pay
  • Terms of vacation pay
  • Unemployment information
  • If applicable, information regarding returning company property

What Is an Executive Compensation Package?

An executive compensation package is a group of benefits that may include health insurance, stock awards (often called Restricted Stock Unit "RSU"), severance protection, deferred compensation, and retirement plans. Executive agreements may also set out the obligations and expectations of the company and the individual in a way to minimize future disputes.

How Are California Severance Packages for Executives Paid?

The amount paid through a California severance package for executives is typically based on how long the executive was with the company. The longer the term of service, the larger the amount paid. California severance agreements typically use a formula of one week's pay per each year of service. Other agreements may even be for a month's pay per each year, or may even be comprised of lump-sum payments.

Executive agreements are complicated. If you want to truly understand the full extent of your package and maximize your effectiveness in negotiation, consult with an attorney at Benton Employment Law.

Proven Employment Legal Counsel in Oakland, CA

Having worked with top-level executives at some of the largest companies in California and the world, Benton Employment Law has a proven ability to appreciate the value of your job and to advocate for the executive or severance agreement you deserve.

Call our Oakland severance agreement attorneys at (510) 650-0250 or contact us online to schedule your free consultation.

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