Have a Golden Parachute or Contract Dispute?Let Our San Diego Employment Lawyers Represent You
A golden parachute is a contractual arrangement between a corporation and a corporate executive providing the executive benefits upon termination. Such benefits may include:
- Severance pay
- Cash bonuses
- Stock options and insurance premiums.
Golden parachutes may be entered into with any employee, but are more commonly arrangements with corporate executives. Such arrangements sometimes require a change in company ownership or other similar condition in order for the agreement to be effective. The purpose of such arrangements is to maintain competitiveness, keep valuable employees through corporate mergers or transitions, and eliminate incentives for executives to structure unfavorable corporate deals.
Denial of Benefits of a Golden Parachute or Severance Agreement
Unfortunately, disputes sometimes arise as a result of a golden parachute agreement. There may be an ambiguity in the contract or one party may not fully uphold its end of the bargain, such as when a corporation fails to pay the benefits promised. If you have been denied benefits that were promised under a golden parachute agreement, you can take action against your former employer. Executives and other employees may sue for a breach of contract and obtain damages equal to the amount of compensation wrongly denied, as well as interest and, in some cases, attorney’s fees.
Providing Assistance to Corporations and Executives Disputing the Terms of a Golden Parachute or Severance Agreement
If you are concerned about the terms of your agreement or you feel as if one party has breached the employment contract or severance agreement, the attorneys at Pope, Berger & Williams, LLP are available to assist you. We represent both employers and employees, including corporate executives, in a wide range of matters, to ensure that employment laws and contracts are complied with and to resolve any conflicts that may arise. For assistance with your employment issues, contact a San Diego employment attorney at Pope, Berger & Williams, LLP, today. |
