Legal Question in Employment Law in New Jersey
Hi I have an gotten an "Employee Retention Agreement" from my current employer. Currently there is a high possibility of a merger /aqusition. This news have made many of the employee to look for another opportunity.
In the "Rentention" agreement, There is a primary rentention of 6 months and secondary rentention of 3 months after primary is compelete.
My concern is about the change of control cause - It states as follows
"In the event of change of control before payment of the initial retention incentive or subsequent retention incentive is due, and a successor-in-interest offers employment to employee that includes a new retention incentive of greater or equivalent value,Company shall pay to employee at the time of change of control , a pro-rata share of the initial and subsequent incentives equal to the per-diem amount of then -unpaid retention incentives times the number of days from effective date of the agreement until change of control. Upon payment of such pro-rata portion of the retention incentives, Company's obligation to pay any remaining portion of the incentives shall terminate"
Please clarify this more in simple terms.
1 Answer from Attorneys
I would like to sit down with you and look over this whole agreement. this sounds like a tricky situation, and you ought to know what is going on. Give me a call, make an appointment to come see me, and I will go over this with you, and give you some advice.
Robert Davies, Esq. 201-820-3460
My contact information can be obtained from the links below, just click on the Attorney Profile link. Let my secretary know you found me through LawGuru.
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