Executive Employment Contracts
It is not unusual for businesses to enter into executive employment contracts with their executive-level new hires. These types of agreements are very important to both the employer and the new executive because executives are often given large amounts of power and authority as an employee, and the compensation structures for such employees can be quite complex. That said, it is imperative for executive-level employees to negotiate the best deal possible. At Robert A. Klingler Co., L.P.A., our attorneys have the skills and knowledge to help you fully develop and review an employment contract prior to finalizing the agreement.
The Negotiations: Ensure the Key Issues Are Considered
Negotiating contracts of any kind can be a difficult task, even for the most skilled executives. That is why many high-level employees choose to work with well-versed attorneys who can help them ensure that all the issues that are important to them are discussed and included in the contract. One of the most obvious issues to be discussed is pay. Will your base salary increase every year that the contract is in effect? Will you receive a signing bonus, particularly if you are leaving another job to accept the new one and the other job had additional benefits that will be lost? Can your salary ever be reduced? All of those questions may be of great importance to an executive and should be clearly discussed in the agreement.
Another concern of executives and employers is the employee’s scope of employment and terms of termination. The contract should contain information with respect to the employee’s job title and his or her responsibilities. Other considerations might include whether or not the executive can be demoted and can his or her job responsibilities be considerably increased, decreased or changed in any way. If an executive has concerns about travel, he or she might want to ensure that there is a discussion of that in the contract, to include provisions that cover whether or not he or she can be unilaterally relocated elsewhere or does the relocation have to be done with the employee’s consent. An experienced Cincinnati employment lawyer understands the importance of making certain that all important aspects of employment are covered in the contract, and can ensure that there are no mistakes or omissions in the contract that might cause significant problems at a later date.
Protecting Yourself From Legal Liability
In addition to understanding an executive-level employee’s scope of employment, the individual will also want to negotiate specific liability protection that will cover him or her while conducting business services within the scope of employment. For example, an executive will want to pay close attention to the provisions of the contract that discuss indemnification and liability protection for high-level employees. Your attorney will be able to advise you on how you can ensure that you are not going to be held personally liable for issues that have led to business liability.
The lawyers at Robert A. Klingler Co., L.P.A. can provide you with a thorough review of your employment contract. Contact our Cincinnati law firm today for assistance.