Employment Agreement With Severance Clause In Houston
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FAQ
"An individual is disqualified for unemployment compensation benefits if the director finds that he or she left his or her most recent work voluntarily without good cause or that he or she has been discharged for misconduct connected with his or her most recent work."
The agreement must be backed by consideration. The employer must give something of value to the employee in exchange for the agreement. Employees must have 21 days to consider the severance offer, or 45 days if more than one employee is laid off as part of a group lay off.
Examples of misconduct that could make you ineligible include violation of company policy, violation of law, neglect or mismanagement of your position, or failure to perform your work adequately if you are capable of doing so.
The following is a list of some common reasons for denial: Voluntarily leaving work without good cause. Being discharged for misconduct connected with work. Not being able to work or available for work. Refusing an offer of suitable work. Knowingly making false statements to obtain benefit payments.
First you can simply ask. The offer of severance is not a legal obligation. It is an attempt by the employer to assure that you will never make any claims against it. Some times simply asking for more can trigger a discussion, but do not count on it. Especially in a RIF where many people are involved.
An executive severance package usually consists of a severance of one and a half to two times the executive's salary, plus target bonuses and health benefits for up to two years (“Executive”).
As long as you are not being terminated for Cause (some kind of affirmative or intentional misconduct), you may be able to negotiate a better deal than your employer initially offers.
During negotiations, emphasize your contributions to the company. Highlight your achievements, skills, and the value you brought to your role. Demonstrating your positive impact can strengthen your position and make a case for more favorable severance terms.
