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Past dozen years I have been contracted to manage this

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For the past dozen years...
For the past dozen years I have been contracted to manage this companies US interest. Typically we create a new agreement every 5 years. In 2013 we agreed to a 3 year term with a 2 year option as I am nearing retirement and they desired to find a successor.
They are now telling me, now that they have identified my replacement, that they want me to take a pay cut so they can afford to hirer younger and more people to support their US objectives.
They have threatened me with if I do not agree that they will simply terminate me. I have been told I have a strong 3 year contract that they must fulfill. But I may need to defend myself in Canada.
Do you have a recommendation or some thoughts on who I could communicate with and who may best guide me to insure my interest are taken care of.
Please advise as soon as possible.
Thank you
Keith A Brauss
Submitted: 3 years ago.Category: Canada Law
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Answered in 2 hours by:
6/17/2015
Lawyer: Debra, Lawyer replied 3 years ago
Debra
Debra, Lawyer
Category: Canada Law
Satisfied Customers: 106,037
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Customer reply replied 3 years ago
No, given my contract, is it your opinion that I have a solid 3 year contract with the company or do they have the option to terminate me without cause and not pay me for the full 3 years? And if so, what should I expect?
Lawyer: Debra, Lawyer replied 3 years ago
It appears they have the option to terminate the contract without cause so long as they provide 5 months notice.
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Customer reply replied 3 years ago
That is the obvious response. The real question is what must they provide me and when? It was a three year contract, do they not have to provide the balance of monthly retainer through January of 2017? What about Incentive/bonus, should they cancel me in the middle of year, will I not qualify for the bonus as well?
Keith
Lawyer: Debra, Lawyer replied 3 years ago
They must provide you with 5 month's notice and can do so at any time. They can end the contract early so long as the 5 month's notice is provided. If you already earned the bonus they have to pay it to you.
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