How can businesses protect themselves from poor executive performance?
Minneapolis labor and employment law attorney, Dan Kelly, discusses how companies can guard against executives that do not perform to expectations.
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I think it’s critical in executive agreement that there is a good definition of what constitutes cause to terminate an executive and not have to pay that executive severance. You hear often times in the news that an executive has done something drastic or dramatically bad and yet they are going to end up with a golden parachute or with some type of severance. That’s really important for the companies counsel, the corporate counsel to draft that executive agreement in a way that if the executive doesn’t perform well or does something injurious to the company that the executive doesn’t profit as a result.