Executives or other employees who are terminated may receive a severance contract offer from their employer. Severance agreement packages may include, monetary payments paid in a lump sum or regular payments over months or years, vacation or sick pay, stock options, health or other insurance coverage, and job-search assistance.
Typically, your employer will ask you to waive any and all claims you have related to your employment or termination and may ask you to refrain from competing with them or soliciting their customers in the future as a part of the agreements.
If you are offered a severance agreement you should seek legal counseling regarding the terms of the proposal to evaluate whether it is fair and whether you have other grounds to sue for an increased severance package.
Siro Smith Dickson, PC is very experienced in advising terminated executives, managers and other employees who are presented with these types of packages.
If you are interested in consultation regarding a proposed severance and release agreement, please call us today or contact our firm for a free consultation.