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I'm trying to work out how to reach an agreement for a 1.2…

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Hi. I'm trying to...

Hi. I'm trying to work out how to reach an agreement for a 1.2 million payout for a former director, if we renew our business license for another 5 years could we pay him in smaller amounts over those next 5 yes instead of the 1.2 mill straight up.

Lawyer's Assistant: Was this discussed with a manager or HR? Or with a lawyer?

With an accountant.

Lawyer's Assistant: Is the workplace "at will" or union? Is the job hourly or salaried?

At will and salaried

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No thank you

Submitted: 2 months ago.Category: Legal
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Answered in 46 minutes by:
5/2/2018
Lawyer: Lori, Attorney replied 2 months ago
Lori
Lori, Attorney
Category: Legal
Satisfied Customers: 2,081
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Lawyer: Lori, Attorney replied 2 months ago

S​orry, the site was locked up so I could not finish my reply. If you do not have a written obligation to pay it all out at once, the better practice is to pay it out over time. Most businesses that buyout an officer/director do it over time so as to not affect cashflow and cause a financial hardship.

I recommend a written agreement for the payout to the former director. He can still resign now so that he is not active in the business.

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