Executive level employees should seek the advice of an employment lawyer before signing a new employment contract. The payment / vesting of equity and pension plan accrual are often limited by termination clauses contained in an employment contract upon an employee’s termination. These termination clauses could cost you significantly if your income is heavily weighted to incentive compensation. Accordingly, do not sign an employment contract if you are an executive before consulting a specialized employment lawyer.
Furthermore, an employment lawyer will be able to advise executive employees on issues pertaining to the vesting of different equity plans, pension and benefits, generally.
In addition, an employment lawyer can advise on the payment of executive income generally, including tax and regulatory concerns.
As well, an employment lawyer will be able to advise on bargaining for a favourable severance clause. Many executives successfully negotiate a 2 year notice period in case of termination or change of control, acquisition, etc.
Moreover, an employment lawyer can advise on restrictive covenants contained in your employment offer and what they mean if you want to pursue work during or after the proposed employment relationship.
Finally, an employment lawyer can advise executives on insurance issues, including director insurance, life insurance and short term and long term disability insurance.
Dutton Employment Law is an executive compensation law firm.
If you have been an offered an executive level position, contact a Toronto executive compensation lawyer today. A lawyer could save you upward of hundreds of thousands of dollars in case of termination.