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Employment of Chief Executive Officer of Bank with Detailed Severance...

Miami-Dade Florida Employment of Chief Executive Officer of Bank with Detailed Severance Benefits if Executive Terminated

Category:

Employment - Agreements - Banking

State:

Multi-State

County:

Miami-Dade

Control #:

US-01821BG

Format:

Instant download

Description

This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

You can always try to negotiate more severance. Employers rarely withdraw an offer just because an employee asks for more. A reasonable severance package should meet your needs while you look for comparable employment.

How to negotiate your severance package Understand the components of a severance package.Wait before signing paperwork.Read everything carefully.Get an expert opinion.Understand your priorities.Negotiate for more than money.Decide on a reasonable request.Leverage your success.

Typical severance packages offer one to two weeks of paid salary per year worked. Continuation of insurance benefits, assistance finding another job, and other perks can be negotiated.

A good rule of thumb is to request 4 weeks of severance pay for each year worked. However, other benefits, like continued health insurance, may be more important to you. So, keep in mind that severance payments are not the only component of a severance package you can negotiate.

Use the following steps to negotiate your executive severance package: Assess your company's severance offer.Do your research.Know what you want to negotiate.Speak with your prospective employer.Use your leverage.Get a second opinion.Be mindful of your behavior.Get your severance package in writing.

A severance agreement protects executives employed on an at-will or other basis in the event of termination without good cause. A Board of Directors can fire an executive employed at-will at any time and for any reason that is not forbidden by law.

An employee may not receive a total of more than 52 weeks of severance pay during his or her lifetime.

Executive Severance Packages If not a lump-sum payment, the agreement may pay an executive's salary for anywhere from a couple of months to a year or more. However, the executive severance agreement does not have to be limited to be six months or one year's base salary.

The general practice is to try to get four weeks of severance pay for each year worked. Middle managers and executives usually receive a higher amount. Some executives, for example, may receive pay for more than a year.

Miami-Dade Florida Employment of Chief Executive Officer of Bank with Detailed Severance Benefits if Executive Terminated

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