Employment Contract Severance Agreements

News & Analysis as of

Corporate Divorce: Treat Your Employment Contract Like a Prenup

Once again I observe that while I am not a divorce lawyer, the analogies of divorce law to my employment practice are startling. Two parties meet (the interview), they realize how many things they have in common (the job...more

Australian Employment Contracts And What Terms Will Now Be Implied After Barker

The long awaited High Court of Australia decision in Commonwealth of Australia v Barker held that a duty of mutual trust and confidence is not implied into Australian contracts of employment... Many commentators...more

SEC Blows the Whistle on Confidentiality Agreements

Thanks to a recent enforcement action brought by the U.S. Securities and Exchange Commission (SEC), it may be time to review and revise the confidentiality provisions in employment agreements, severance agreements, employee...more

China: End of Cheap Labor Should Not Come As a Surprise

If you are an avid shopper, you may have noticed in the past holiday season that fewer and fewer items on the shelf had the familiar “Made in China” label. In 2013, the International Monetary Fund (IMF) forecast that the era...more

[Event] What Employers Need to Know about Attracting, Managing and Separating from Their Employees - April 30, Houston, TX

The Greater Houston Partnership will hold a continuing education series "What Employers Need to Know about Attracting, Managing and Separating from Their Employees: Current Legal Compliance and Talent Management Issues."...more

Companies Should Monitor Deferred Compensation Arrangements For Section 409A Compliance Purposes

Given the complexity of the rules under Section 409A of the Internal Revenue Code, which govern the timing and taxation of payments made under non-qualified deferred compensation arrangements (NDCAs), companies are encouraged...more

Employee Who Was Sued By Former Employer Collects $271,000 From Employer

PCGH sued its former employee, Thomas Keck, to collect on an unpaid promissory note. Keck defended against the action by claiming that any money he owed PCGH was offset by monies PCGH owed him for unpaid bonus and severance...more

SEC’s 2014 Report on Dodd-Frank Whistleblowing Program: Key Takeaways and Trends Companies Should Expect for 2015

On November 17, the U.S. Securities and Exchange Commission issued its 2014 Annual Report to Congress on the Dodd-Frank Whistleblower Program and it is clear that the program is going strong. Following are six key takeaways...more

Watchdogs Petition SEC to Strengthen Prohibitions Against Impeding Complaints to SEC

On July 18, 2014, a coalition of plaintiff-side lawyers and government watchdog groups proposed ways to strengthen the SEC whistleblower program in two petitions filed with the SEC. The groups urged the SEC to update Rule...more

A Lovely Review of Employment Contract Principles

In Lovely v. Prestige Travel Ltd., 2013 ABQB 467, the Alberta Court of Queen’s Bench ordered an employer to pay an executive level employee one year’s base salary, after it terminated his employment one year into a two-year,...more

"The Landscape of CEO Succession Issues"

A board’s decision as to whether, when and how to terminate the employment of a CEO and hire a successor is among the most critical decisions facing the board of any company — large or small, public or private, established or...more

International Dismissal Toolkit: Individual Employment Terminations and Reductions-in-Force Outside the United States

Firing an employee in the United States can be a challenge. Group firings—reductions in-force — can be an even bigger challenge. And from the point of view of a multinational headquartered in the United States, overseas...more

409A Update: Employment Agreements Requiring Executed Releases May Need to Be Amended by December 31

It is standard practice that employment agreements condition payment of severance benefits or other separation compensation on the employee executing a general release of claims against the employer. However, unless...more

Employment Contracts and Severance Agreements Should be Reviewed and May Need to be Amended by December 31 to Comply with Section...

Severance agreements and employment contracts with release of claims provisions may violate 409A of the Internal Revenue Code. Bad release provisions may be fixed, penalty-free, before December 31, 2012. Most severance...more

Relief for Correcting Certain Internal Revenue Code Section 409A Failures Expires This Year

The Treasury Department and the IRS have provided favorable transition relief for correcting arrangements that impermissibly condition the payment of nonqualified deferred compensation on a service provider's completion of...more

Section 409A Transition Relief Deadline Quickly Approaching

As the end of the year approaches, important transition relief from penalties and excise taxes imposed by Section 409A of the Internal Revenue Code (the Code) is about to expire. If an employer has an employment agreement or...more

Year-end Deadline for Correcting Section 409A Deferred Compensation Arrangements Conditioned on Employee Release or Covenant

By December 31, 2012, all deferred compensation arrangements in which payment is contingent on employee action, such as execution of a release of claims, must either include payment-timing restrictions that comport to IRS...more

McAfee & Taft EmployerLINC Employee Benefits Law Alert: Year-end IRS deadline looms for correcting release language in 409A...

Employers with employment agreements, severance policies, and other non-qualified deferred compensation agreements that contain language conditioning any payment on employee action, such as the execution of a release of...more

409A Transition Relief Ends December 31 for Certain Severance and Other Employment Agreements

Employment, change in control, and severance agreements, as well as severance and deferred compensation plans, often condition payment upon the execution of a release or a noncompete or other employment-related condition. Any...more

Employers with Insured Health Plans Must Take Care in Providing Healthcare Subsidies to Departing Executives

Many executives have employment agreements that provide for specified payments in the event of termination. In instances where employees do not have employment agreements, employers often seek to provide terminating...more

Section 409A Document Correction Relief: Take the Final Bite of the Apple before December 31st

Background - Section 409A of the Internal Revenue Code (Section 409A) regulates the payment of non-qualified deferred compensation. If a plan or agreement is not otherwise exempt from Section 409A and does not comply with its...more

Time is Running Out! December 31 Deadline Nears for Documentary Correction of Payments Contingent on the Execution of a Release...

Severance and other deferred compensation payments that are contingent on the execution of a release can in some circumstances result in a violation of Section 409A of the Internal Revenue Code. Section 409A governs the...more

December 31, 2012 Deadline to Correct Certain Section 409A Payment Timing Errors

December 31, 2012, is the deadline for correcting certain errors in the written provisions of nonqualified deferred compensation arrangements that provide payments that are contingent on the recipient’s execution of a release...more

Dec. 31 Deadline for Severance Pay Provisions in Employment Agreements to Comply With Section 409A

Many employment agreements, especially those for high-level executives, provide severance pay upon a change in control or a termination without cause, but only if the employee signs a release of claims. The IRS has noted that...more

Executive Compensation Alert: Relief Period for Section 409A Release Timing Errors Expires on December 31, 2012 Action Needed

Non-qualified deferred compensation arrangements that are not exempt from Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), should be reviewed to ensure compliance with Section 409A’s rules governing...more

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