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Six days ago, on May 27, 2020, CEOWorld magazine published an article I wrote on “Triggering Executive Severance to Protect Your Interests in Case of COVID-19 or other Changed Circumstances”. The magazine advised me that I can use “Featured in the CEOWORLD magazine” and the CEOWORLD “Logo” on my website.  This was my 28th article published in CEOWORLD. Earlier this year, the editor advised that I can add CEOWORLD magazine in my LinkedIn profile’s “Experience Section” as an “Opinion Columnist.” and authority in the field. See https://ceoworld.biz/author/robert-adelson/ This article, my most recent, published May 27th, is designed for CEOs, C-level and senior executives, especially those who, once on the job, may find that their chances for success become daunting because changed circumstances beyond their control. For many such executives, the severe economic downturn arising in connection with the COVID-19/coronavirus crisis may cause great reductions in expected base, bonus, equity and LTI compensation and reduced duties and responsibilities as well. However, the article is not limited to COVID-19. The article also discusses other circumstances where clients of the author have also experienced such negative effects, as result of dashed expectations, including where the executive accepted his or her job offer for a CEO, C-level or other senior executive position in reliance on any of these company actions:
 The article then concludes with proactive steps the executive can take in your executive employment and job offer negotiations to protect yourself in the event of such changed circumstances in the future. This includes the crafting of severance terms with triggers tailored to your situation in the event of dashed expectations. Thus, the executive would have an executive contract that provides that if circumstances change, such that the job is no longer what you bargained for, you can move on to a new opportunity and still be made whole as you do so. To see my full CEOWorld magazine. article, go to LINK: https://ceoworld.biz/2020/05/27/triggering-executive-severance-to-protect-your-interests-in-case-of-covid-19-or-other-changed-circumstances/ Or on my website at https://www.executiveemploymentattorney.com/triggering-executive-severance-to-protect-your-interests-in-changed-circumstances/ With more than 12.4+ million-page views, CEOWORLD magazine is the world’s leading business magazine written strictly for CEOs, CFOs, CIOs, CSOs, senior management executives, business leaders, and high net worth individuals worldwide. The editor has also advised that I can add CEOWORLD magazine in my LinkedIn profile’s “Experience Section” as an “Opinion Columnist.” and authority in the field. See https://ceoworld.biz/author/robert-adelson/ It is my hope that this article will be helpful to suggest a potential remedy in job offer negotiations to CEOs, COOs, CMOs, other C-Level and senior executives who are considering a new executive position or giving up other opportunities, and, acting in reliance on the promises made by the employer, and seek protection against potential changed circumstances, whether from a pandemic, loss of a key customer, loss of key personnel, a negative regulatory ruling, loss of financing or otherwise, so the executive can if that happens move and be made whole. If you or any colleague of yours has a need in this area, please do reach out to me at rob@attorneyadelson.com.
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Six days ago, on April 28, 2020, CEOWorld magazine published an article I wrote on “Has a New Employer Withdrawn Your Executive Job Offer? How “Promissory Estoppel” can give you a legal remedy”. The magazine advised me that I can use “Featured in the CEOWORLD magazine” and the CEOWORLD “Logo” on my website. This was my 27th article published in CEOWORLD. Earlier this year, the editor advised that I can add CEOWORLD magazine in my LinkedIn profile’s “Experience Section” as an “Opinion Columnist.” and authority in the field. See https://ceoworld.biz/author/robert-adelson/ This article, my most recent, published April 28th , is designed for CEOs, C-level and senior executives, especially those who receive a job offer, then give notice to their current employer and later see the new offer rescinded or withdrawn due to the economic downturn or turmoil arising from the COVID-19 /coronavirus pandemic or other changes at the new employer. With your old job now lost, this article discusses use of the legal doctrine of promissory estoppel as a remedy for the now out-of-work executive. The article also indicates potential use of this promissory estoppel remedy in other cases where an employer does not honor other oral promises to the executive, on which he or she relied, including in these circumstances:
The article concludes on a cautionary note that while some major verdicts and settlements have been obtained by C-level executives using promissory estoppel against employers who failed to honor their promises, the doctrine is not universally upheld in the courts of all states. So, it is best to get your executive contract clear and in writing, but when you have not done that, consult with an experienced executive employment attorney and promissory estoppel may still give you a remedy. To see my full CEOWorld magazine. article, go to LINK: https://ceoworld.biz/2020/04/28/has-a-new-employer-withdrawn-your-executive-job-offer-how-promissory-estoppel-might-give-you-a-legal-remedy/ Or on my website at https://www.executiveemploymentattorney.com/has-a-new-employer-withdrawn-your-executive-job-offer-how-promissory-estoppel-might-give-you-a-legal-remedy/ With more than 12.4+ million-page views, CEOWORLD magazine is the world’s leading business magazine written strictly for CEOs, CFOs, CIOs, senior management executives, business leaders, and high net worth individuals worldwide. https://www.linkedin.com/company/ceomagazine/ The editor has also advised that I can add CEOWORLD magazine in my LinkedIn profile’s “Experience Section” as an “Opinion Columnist.” and authority in the field. See https://ceoworld.biz/author/robert-adelson/ It is my hope that this article will be helpful to suggest a potential remedy to CEOs, COOs, CMOs, other C-Level and senior executives who have been enticed to take a new executive position or to give up other opportunities, and, after acting in reliance on the promises made by the employer, find that the executive job offer is rescinded or withdrawn or the employer in some other way breaks an important promise made to you, on which you relied. If you or any colleague of yours has a need in this area, please do reach out to me at rob@attorneyadelson.com. A week ago, on March 31, 2020, CEOWorld magazine published an article I wrote on “Executive Employment Agreement – An Overview for the Newly-Minted CEO or C-Suite Executive”. The magazine advised me that I can use “Featured in the CEOWOLRD magazine” and the CEOWORLD “Logo” on my website. This was my 26th article published in CEOWORLD. Earlier this year, the editor advised that I can add CEOWORLD magazine in my LinkedIn profile’s “Experience Section” as an “Opinion Columnist.” and authority in the field. The magazine has also created a library of my articles on its website, where you can click on and access any of my more than 20 articles with CEOWORLD, published in recent years beginning in 2016. See https://ceoworld.biz/author/robert-adelson/ This article, my most recent, published March 31st, is designed for CEOs, C-level and senior executives, especially those who receive an executive job offer or employment contract for their first CEO or C-level position. The article provides answers and explanations on these important questions:
The article also includes a brief discussion of key terms to seek in a CEO or C-suite employment agreement including terms on the following:
To see my full CEOWorld magazine. article, go to LINK: https://ceoworld.biz/2020/03/31/executive-employment-agreement-an-overview-for-the-newly-minted-ceo-or-c-suite-executive/ Or on my website at https://www.executiveemploymentattorney.com/executive-employment-agreement/ With more than 12.4+ million-page views, CEOWORLD magazine is the world’s leading business magazine written strictly for CEOs, CFOs, CIOs, senior management executives, business leaders, and high net worth individuals worldwide. https://www.linkedin.com/company/ceomagazine/ The editor has also advised that I can add CEOWORLD magazine in my LinkedIn profile’s “Experience Section” as an “Opinion Columnist.” and authority in the field. See https://ceoworld.biz/author/robert-adelson/ It is my hope that this article will be helpful to newly-minted CEOs, COOs, CMOs, other C-Level and senior executives to understand the importance of their first executive employment agreement and to aid them in the negotiation for appropriate terms commensurate with the position each is offered. If you or any colleague of yours has a need in this area, please do reach out to me at rob@attorneyadelson.com. Author: Robert AdelsonRobert Adelson has been a corporate and tax attorney since 1977. He began as an associate at nationally prominent New York City “mega” law firms, first at the Wall Street firm Dewey Ballantine Bushby Palmer & Wood and later at the Park Avenue firm Weil Gotshal & Manges. In 1985, Adelson returned home, where he has since established himself as a respected Boston business attorney. He has attained partner at several small and midsize Boston law firms, most recently at Lawson & Weitzen LLP and then Zimble Brettler LLP, where he was a partner from 1994 to 2004 before becoming a partner at Engel & Schultz LLP from 2004 to 2019. With the breakup of that firm over semi-retirement of senior partners, Robert Adelson formed the firm Adelson & Associates, LLC, where he is the principal, that commenced operations 1/1/2020.
Restricted stock can be offered in lieu of cash to deliver immediate value with a strike price2/25/2020 Restricted stock can be offered in lieu of cash to deliver immediate value with a strike price much less than current fair market value. For senior recruits, technical or executive, you want to offer more to beat the competition – restricted stock does this. Robert Adelson, an executive compensation attorney, negotiates executive compensation; in one representative case, he worked with executive Steve Miles* to set up a vesting schedule to later grant him compensation in the form of stock.  By using its stock, the company avoided cash cost, and stock offers key advantages that make equity more valuable to employees than cash. Some of these benefits are:
In addition, restricted stockholders usually provide voting rights. As a result of the benefits of restricted stock, the use of this form of employee compensation has become very popular. Since the issue of founders' shares is deductible, the company can save money that would have gone to taxes by using stock for pay. The tax windfall can also be used creatively to enhance efforts to recruit or retain key people. This is done by sharing the company's tax windfall with employees. As an executive employment attorney, Robert Adelson works with C-level executives everyday and sees that when growth is the priority, cash savings are important, and building the team is critical – stock options provide lucrative advantages for both the company and the executive. When working with executive Steve Miles, Robert Adelson negotiated his employment compensation and set up a several year vesting plan with attainable restrictions. This allowed the company to avoid cash cost and gave Mr. Miles compensation to work and look forward to down the road. Attorney Adelson also worked with the Company to grant Mr. Miles voting rights, like any other shareholder would have. A main advantage with restricted stocks is that they differ from other stock options and still retain some value if the price were to go down. Attorney Robert Adelson frequently represents employees and executives negotiating their executive contract terms, stock, options, relocation, non-competes, termination and separation agreements. He also represents startup and smaller companies in software, medical device and other technology-based fields, independent consultants with compensation and stockholder arrangements, incorporation and liability protection, intellectual property protection, and in vendor, client and subcontractor contracting arrangements. Executive Steve Miles was a key employee and through the negotiation of his executive employment agreement; Attorney Adelson was able to grant him a lucrative and flexible form of executive compensation. *All dates, client’s names and companies have been altered to keep confidentiality.  We begin this new year 2020 with a new law firm and a new downtown Boston address, but, at the same time, with full continuity for my growing law practice, which saw its best year in 2019.
Here is more information on the new firm: Robert A. Adelson is now the Principal of Adelson & Associates, LLC. For fifteen (15) years, from October 2004 through December 2019, Robert Adelson practiced law as a partner of Engel & Schultz, LLP, and at the same time referred legal work to his associates, that is to trusted and experienced colleagues of Mr. Adelson’s including several of his former law partners. However, in December 2019, the lead partners of the Engel & Schultz LLP law firm announced they would go into semi-retirement, go their separate ways, and the office lease would expire in January 2020. In response, Robert Adelson formed Adelson & Associates, LLC in December 2019 and commenced the new law firm’s operations on January 1, 2020, with the new law firm, Adelson & Associates, LLC, from that date and going forward, taking over all current Robert Adelson clients and matters, as well as all referral of legal work to associates of Robert Adelson. Commencing tomorrow, 1/15/2020, the address for the new law firm Adelson & Associates, LLC will be 101 Federal Street, Suite 1900, Boston, MA 02110 (another premier Class A office building across the street from our prior building, One Federal Street, with our new offices, this time, on the 19th floor rather than the 21st floor). The office phone number (617-951-9980 ext 205) and fax number (617-951-0048) are, for the present, those of Engel & Schultz LLP. However, by the end of January 2020, it is expected the new office phone and fax for Adelson & Associates, LLC will be in place. If any question arises in this period, when trying to reach Robert Adelson by phone, please use the direct Mobile phone number which remains unchanged and will continue in full use now and going forward (617-875-8665). The email for Robert Adelson ( radelson@engelschultz.com ) is, for the present, his Engel & Schultz LLP email. The new domain for Adelson & Associates, LLC has been established, and Robert Adelson’s new email is rob@attorneyadelson.com. However, the seamless migration of radelson@engelshultz.com to rob@attorneyadelson.com has not yet been completed. By the end of January 2020, it is expected that the email migration will be completed. So, until you are advised that the email migration has been completed or you begin to receive email from the new email address, please continue to use radelson@engelshultz.com for all email communications to Robert Adelson. Our website remains essentially unchanged, with the same internet address – www.executiveemploymentattorney.com. In marketing, our new shingle and brand will give greater emphasis to my website and marketing emphasis: “Adelson & Associates, LLC – Executive Employment Attorney.” The webpage, established for me at CEOWorld magazine, too will remain largely unchanged. The web address remains –http://ceoworld.biz/author/robert-adelson/ . At that address, you will have a link to over twenty-five (25) articles Robert Adelson has written over the last few years and published in CEOWorld magazine. These are articles on executive job offers, restricted stock and stock options, RSUs, executive bonus structures, change of control, executive retention agreements, wrongful termination and constructive termination and many other subjects of interest to CEOs, CFOs, CSOs, CTOs, COOs, VPs and other senior executives in industries ranging from financial institutions, retailers and manufacturers to software, medical devices and biotechnology companies. From his contributions, Robert Adelson has been recognized by the magazine as an opinion columnist and authority in this field for the CEOWORLD Magazine. At the same time, Robert Adelson continues to represent a number of small companies, company founders, entrepreneurs and independent consultants. That will not change. Robert Adelson will continue those representations and accept new clients in those areas who seek me out. However, the Adelson & Associates, LLC marketing emphasis and the majority of its law practice growth is expected to occur in the representation of CEOs, C-level and senior executive in executive employment, executive equity compensation, retention and separation situations. It has been our pleasure to serve you over the past 15 years under the firm name Engel & Schultz LLP, and we very much look forward to continuing to serve you under our new shingle, Adelson & Associates, LLC. If you have a question or comment on my new law firm, please don’t hesitate to call or email Robert Adelson. Also, if business or pleasure finds you in the Post Office Square area of Boston’s downtown Financial District, and you would like to check out our new offices, please give a call or shoot us an email, and, as Ernie Boch Jr would say, “Come on down!” Best regards, Rob Adelson ROBERT A. ADELSON, ESQ. Adelson & Associates, LLC / Executive Employment Attorney 101 Federal Street, 19th Floor Boston, MA 02110 Office: (617) 951-9980 EXT. 205 Mobile : (617) 875-8665 FAX: (617) 951-0048 E-mail: radelson@engelschultz.com Blog: https://robadelson.wordpress.com/ Twitter: @AttorneyAdelson Webpage : www.executiveemploymentattorney.com LinkedIn: https://www.linkedin.com/in/robert-adelson-b8a1557/ |
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