Stupidly Egregious Employment Contract approved by BoD Dealing with an employee, C E O Chon jensen, whose contract has onerous terms that are difficult to pay out can be challenging. However, there are several steps you can take to address the situation:
-
Review the Contract: Carefully review the employee's contract to understand the specific terms that are causing the issue. Pay close attention to any clauses related to termination, severance pay, or other financial obligations. Familiarize yourself with the applicable laws and regulations in your jurisdiction, as they may impact the enforceability of certain contract terms.
-
Communicate with the Employee: Have an open and honest conversation with the employee to discuss the situation. Clearly explain the challenges you are facing with regards to the onerous contract terms and express your desire to find a mutually acceptable solution. Explore options for renegotiating the contract or finding alternative arrangements that may be more feasible for both parties.
-
Seek Legal Advice: Consult with legal counsel to better understand your rights and obligations under the contract and applicable laws. They can provide guidance on potential legal remedies or strategies to resolve the situation in a fair and lawful manner.
-
Consider Negotiation: If the contract is indeed onerous and paying out the full amount is not feasible, consider negotiating with the employee to reach a reasonable agreement. This may involve offering a revised payout structure, deferred payments, or other arrangements that are mutually acceptable.
-
Explore Alternative Solutions: Look for creative solutions to mitigate the financial burden. For example, you could offer the employee alternative employment opportunities within the company, such as a different role or reduced hours, that would be more cost-effective. You could also consider providing additional benefits or perks that may offset the financial impact.
-
Document Everything: Keep thorough records of all communications, including any agreements reached or modifications made to the contract. This can be helpful in case of any disputes or legal issues that may arise in the future.
-
Follow Applicable Laws: It's important to ensure that you comply with all relevant laws and regulations in your jurisdiction when dealing with an employee contract that is onerous to pay out. Seek legal advice to ensure that your actions are in compliance with the law and avoid any potential legal repercussions.
Dealing with an onerous employee contract can be complex, and it's essential to approach the situation with care and diligence. Seek legal advice, maintain open communication with the employee, and explore reasonable solutions to find a mutually acceptable resolution.
In the case of BB chef exit office r and char man of the board, the best thing to do is DO NOT VOTE YOUR SHARES FOR THE CEO - THIS IS CURRENTLY THE ONLY OPTION OTHER THAN TO REWARD HIM FOR A POOR PERFORMANCE OVER THE LAST 5 YEARS. SENDING A MESSAGE IS ALL A LITTLE SHAREHOLDER CAN MAKE AT THIS POINT IN HIS REMAINING 208 DAYS AS AN untouchable whose ouster would cost $69M for his FIRING or should the company be ACQUIRED.