sevarance and golden parachute for executive/officer

Can I get some help on Executive Officer Severance/compensation agreement and Golden Parachute/Exit Strategy agreement?
Situation. My company is 5 years old.
I own 50% of it with with partner.
He is ex banker. We are negotiating to sell our company to a new bank that will be heavily capitalized and I am not worried at all about bank default or failure in the next 5 - 10 years.
They are buying my company for $1.5 million of which $500k is debt payoff and $1.0 mil is stock in new bank with me being 12% bank owner/officer.
What I want is an agreement that says that I receive 3- 4 years of compensation if they let me go without cause and I want fair market value of stock paid also if that happens or at least retain rights to stock. Same or better agreement for merger or acquisition of another buyer if we sell out in future.

1 answer  |  asked Jul 14, 2001 12:41 PM [EST]  |  applies to Texas

Answers (1)

Margaret A. Harris
Golden Parachute Agreement

Our firm can assist you with this, although we are in Houston. The three lawyers from Dallas who are signed up on this website are all good and could also help you draw up the agreement you want. There are several non-monetary matters that you also need in an agreement of this nature, so -- if you go to another lawyer, please make sure to select one with experience in employment law who has experience in the field of executive buy-outs.

Margie Harris
Butler & Harris
Houston, Texas

posted by Margaret A. Harris  |  Jul 15, 2001 4:13 PM [EST]

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