Executive Severance Agreements
If you have any queries regarding an Executive Severance Agreement, then speak to one of our Employment Solicitors today.
Our Services Contact UsIf you have any queries regarding an Executive Severance Agreement, then speak to one of our Employment Solicitors today.
Our Services Contact UsIt is important that businesses handle the termination of a director’s contract appropriately, especially if you need to achieve a swift exit without disrupting the operation of the business and want to avoid any negative publicity in the process.
First of all you will need to decide the reason for the termination of contract, in most cases this will be due to poor performance leading to a loss of confidence in the director or because of a clash of personalities making the relationship un-workable. The position may have become redundant or in some cases the director’s actions have amounted to gross misconduct.
When calculating the amount of compensation due to the exiting director the reason for termination will be relevant along with other considerations such as any potential legal claims they may have, the risk of appearing to reward failing employees balanced with the commercial advantage of reaching an amicable and timely settlement.
To ensure that any agreement you reach is legally binding it is advisable that the parties enter into a ‘settlement agreement’. This will provide that the employer agrees to pay a certain sum in return for the outgoing director’s agreement not to bring any contractual or statutory employment claims against the company. The agreement also allows terms relating to the return of company property or the restating of restrictive covenants to be added.
Please submit your information and a member of the Poole Alcock team will respond to you as soon as possible. If you have a quick question, please feel free to call 0800 389 7093
Poole Alcock LLP is a Limited Liability Partnership and is authorised and regulated by the Solicitors Regulation Authority. Registered in England and Wales at: 2nd Floor, 34-36 High Street, Nantwich, Cheshire, CW5 5AS. Telephone: 01270 625478. LLP registration number 0C310420 Poole Alcock LLP has offices in Alsager (SRA No: 408249), Congleton (SRA No: 408248), Crewe - Nantwich Road (SRA No. 639144.), Nantwich - The Dowery (SRA No: 408250), Nantwich - High Street (SRA No: 408247), Sandbach (SRA No: 408252) and Wilmslow (SRA No: 654460). The firm's VAT number is 278 8524 07. A list of members is available for inspection at any of our offices. We use the word "partner" to refer to a member of the LLP. All solicitors are subject to rules and principles of professional conduct. The SRA Standards and Regulation including our code of conduct can be found at SRA | SRA Standards and Regulations | Solicitors Regulation Authority
Terms & Conditions Privacy Policy Privacy Policy for Employees Cookies Policy Complaints Policy