Legal Question in Business Law in California
Lifetime Retirement Contracts
Is there any way to get out of an ''irrevocable'' lifetime retirement contract for a former employee? Prior to retiring, a former president of our California non-profit corporation had his board sign an ''irrevocable'' lifetime retirement contract guaranteeing 10% of the corporation's annual income be paid to him annually. (None of those board members are part of our organization today). We are funded completely by donation, but this contract says we must pay his retirement based on 10% of our annual income regardless of the purposes of the donations. We have been paying him since 1994. Is there anything we can do?
1 Answer from Attorneys
Re: Lifetime Retirement Contracts
There is no way to provide the answers you're looking for in this forum and without reviewing the document you're referencing. You should have an attorney evaluate the agreement to determine if there are any options.
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