03/23/2014 // Dallas, Texas, United States // Attorney Keith Clouse // Keith Clouse // (press release)
Retention bonuses are occasionally given to key employees to entice these employees to stay with a company through a difficult time, such as a merger, an acquisition, or a restructuring. To make staying with the company more appealing, the company pays the employee a bonus amount over and above the employee’s salary and contractual bonus payments. The bonus is usually a one-time payment and may be contingent on the employee staying through a particular date.
Keith Clouse, a Dallas employment lawyer who advises executives on employment matters, believes that an executive who has been offered a retention bonus must evaluate the situation carefully. He must consider his future plans as well as the parties’ existing rights and obligations. For example, some executives have “golden parachute” or “change in control” clauses in their employment agreements. An executive who has such a clause in his employment agreement may be entitled to substantial benefits if the clause is triggered. An employment law attorney can help an executive examine all the relevant documents and evaluate the available options.
To discuss executive compensation with an employment lawyer, contact an employment lawyer in your area. This article is presented by the employment law attorneys at Clouse Dunn LLP. For inquiries, send an email to [email protected] or call (214) 239-2705.
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