Executive Retention Agreement Ohio

Working with a Columbus attorney for your executive retention agreement can help ensure that you and your position are protected in a number of different scenarios – from company acquisition to serving as a general reward of recognition for your work.

The Friedmann Firm understands how critical an executive retention agreement in Ohio can be. Our attorneys can assist you whether you wish to propose an agreement yourself, or whether the company offers you a contract as drafted by its own attorneys. In either scenario, it will be necessary for you to have your own attorney review the terms, rather than rely upon the advice of corporate counsel.

We specialize in employment law, including negotiating executive retention agreements in Ohio. Executive employment agreements involve a range of details that typically include provisions specifying salary, equity, bonus compensation, fringe benefits, and severance pay at the time of separation. Our Columbus executive employment attorneys have significant experience ensuring that your rights and benefits are protected. The contract will be the key focus in the event of an employment dispute, so it is necessary to negotiate all desired terms within the agreement. We are wholly dedicated to ensuring that you understand all of the terms presented in your agreement and that the agreement is legally sound and suitable to your interests.

What is an Executive Retention Agreement?

An executive retention agreement is a legal contract between an employee and an employer for the main purpose of convincing the employee to remain with the company. Either the employer or employee can propose a retention agreement.

Oftentimes, the employer will propose an executive retention agreement in Ohio to ensure that a top-performing employee remains with the company – especially when a merger or acquisition is approaching.

An executive retention agreement will provide the employee with certain incentives like financial bonuses or equity in the company. The agreement will usually require the employee to remain with the company for a certain amount of time to help facilitate a clean transition.

Both employees and employers can benefit from a carefully planned employee retention agreement.

When You Should Request a Retention Agreement

There are a number of different situations where you may want to request an executive retention agreement in Ohio. Two of the most common scenarios you may want to consider in an agreement will be when you suspect or know that your employment security may be in jeopardy for any reason outside of your control or if you believe that your employer may be acquired.

Either of the above situations is a key time to request an executive retention agreement in Ohio. You would want to negotiate the agreement either prior to, or simultaneous to, any acquisition or merger.

Other times to request a retention agreement include:

  • During a merger or acquisition
  • Near critical business milestones
  • If you have close relationships with key accounts, customers, or clients that are important
  • If you have played a key role in the development of products or services created for your employer (i.e., you were an innovative, inventor, or other highly involved parties)
  • If your employer is about to start seeking new funding
  • If you have close relationships with other key decision-makers at the company
  • If you have a level of notoriety that would cause your employer a loss of goodwill with their customer base or overall industry, should you leave

If any of the above factors apply to you, consider reaching out to one of our Columbus attorneys for executive retention. We can evaluate your situation and advise on how to proceed with securing particular compensation and benefits with your employer.

Are There Any Specific Conditions I Should Seek in an Employee Retention Bonus?

There are a variety of different conditions to consider as you get started negotiating an executive retention agreement in Ohio. Oftentimes, a good starting point is to revisit some of the conditions and details of your initial executive employment contract.

This is a good starting point because you may have not had an employee retention agreement lawyer on hand previously or you may have lacked bargaining power. You may be able to revisit your initial asks in your agreement while also adding additional elements.

Some other key conditions that you can consider in your executive retention bonus agreement in Ohio include:

  • A retention signing bonus and salary increase
  • Revisions to any severance agreements or non-competes
  • A promotion – prompting a change in title
  • Business-related allowances such as car, phone, home office equipment, memberships, etc.
  • Revisions to specific severance terms
  • Stock options
  • Additional benefits

This isn’t a fully exhaustive list of conditions, especially because each situation is unique.

A Columbus attorney for executive retention agreements from the Friedmann Firm can further explain what kind of conditions and features you may want to include in your agreement.

Consult with an Employee Retention Agreement Lawyer in Ohio

An executive retention bonus agreement in Ohio is a legal document that deserves careful consideration and negotiation before it is signed. The Friedmann Firm team can review your agreement, advise you about all the conditions, and even negotiate better terms.

You can schedule a free and confidential consultation online today at 614-610-3755 or by contacting us online.