Certain employees are so integral to a company’s ongoing success that they warrant a special type of employment agreement that offers added protections and benefits, while also protecting the company in the event the employee decides to resign or is incapacitated and unable to fulfill his duties. These “key employee” employment agreements generally include such additional provisions from standard employment agreements as “for cause” termination provisions, profit sharing provisions, and built in severance terms and benefits. While the terms and conditions of these special employment agreements may be very flexible, they will generally include some of the following:
Conditions of Employment – Salary – Expenses – Vacation – Additional Benefits, possibly including stock options – Non-competition clauses – Termination conditions such as at-will, for cause and severance or no-severance plans.
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