Dealing with executive compensation issues takes special skill and experience. What we typically call "executive compensation" is actually a group of intersecting compensation and job security issues that are mostly unique to executives and other highly compensated advisors. Whether you are being recruited and currently negotiating a compensation package, leaving a company after a change-in-control or otherwise trying to sort out a separation from your employers, it pays to have an attorney who knows the issues working in your corner.
Oftentimes, executive compensation plans, whether negotiated upfront or as part of a severance, are about much more than the salary. Often, they involve complicated formulas for vesting stock options or other restricted stock grants, supplemental retirement benefits, performance-related incentive plans, non-compete and non-solicitation agreements that protect the company and sometimes "change-in-control" terms or "just cause" employment guarantees that provide a level of security for the executive. Every possible package comes along with its own tax implications as well. Because we are not tax advisors and we do not provide tax advice, we often recommend working with your CPA or tax advisor on the negotiation or renegotiation of these plans.
If you are considering an executive recruitment opportunity, you should contact a lawyer to review or negotiate the terms before you sign on to anything. You may not know what you are giving up. Likewise, if you are leaving a position, on whatever terms, you should have an attorney who will look out for your best interest and make sure that you leave on terms that are the best for your family, your career and your future.
For more information or to schedule an appointment, please contact us. The attorneys of NachtLaw serve communities throughout the states of Michigan and Ohio.