Career dilemma - put up with 9 months of torture for $3 million?

[Anonymous]

Just draw upon your inner George Costanza

[Anonymous]

I would stick it out. Things can happen over that time. You’ll be kicking yourself if boss gets fired or has to take leave or even (sadly) dies. Statistical Probability is above zero for them leaving.

[Anonymous]

I am sure you’ve talked to an executive oriented employment lawyer. They make stuff like this happen literally everyday.

[Anonymous]

The fact that you posted here tells me you should take severance and run, but cautionary tale, have it be lump sum payment. Know your worth. Toxic work not worth any price if have luxury to make that statement and sounds like you do.

[Anonymous]

I think the economics at stake here are worth a $1k consult with an experienced employment attorney. You could create a record that makes it hard for them to can you at 8 months given the vesting. I would think there’s something in employment law or legal precedent protects you from that. Unless you are in some terrible state like Louisiana or Alabama.

[Anonymous]

Anonymous wrote:I think the economics at stake here are worth a $1k consult with an experienced employment attorney. You could create a record that makes it hard for them to can you at 8 months given the vesting. I would think there’s something in employment law or legal precedent protects you from that. Unless you are in some terrible state like Louisiana or Alabama.

If you are C-level without an employment agreement that already covers for this, don’t waste time on above. You will lose any case, time and $. You would burn bridges. You will waste energy. Move on. Move on now and completely. You are not saying your choice is $0 v millions. You are talking million $ severance. At that amount you are talking, walk away now- most don’t make that in a lifetime. If need/want more $, go get another job now when no one will question you when you say don’t call my current boss for a reference.

[Anonymous]

If it's a choice between $1.2 million NOW and leave immediately or $3M if you leave in 9 months, that's 1.8M/90 = $20,000 per day. I would totally suck it up for 9 months for that amount of money.

[Anonymous]

Anonymous wrote:In a C-suite role at a public company. Have fallen out of favor of the CEO due to an unfortunate set of consequences, and he had "the talk" with me where it was obvious he was encouraging me to resign. but in the course of the conversation, he gave me an out and said it did not need to be right away and we can talk about timing, he mentioned up to 6 months. I have a major stock vesting coming up in 9 months and I broached if I could stay until then. This is substantial, the $3 million vesting after tax will put me at almost my goal retirement net worth. the second option would be to ask him for a severance package which would be around $1.2 milion. he ended the meeting telling me to think about it, initially I thought i just stay for 9 months, work hard and do my best to be a good employee. the money is more than worth it. but now the past couple of days have been torture, the thought of being looked at as someone not wanted and valued, and just here for the money is driving me crazy. I know he is saying OK but he is not going to make it easy for me being in this job and it is not going to be fun. Should I waste 9 months of my life in this scenario or just cut my losses and leave now?

Suck it up for 9 more months and get the money. How? Get a really absorbing hobby like an intense book series that engages you. Work out. Every day, write yourself a personal note or email encouraging yourself to just get through the next week. After each month, do a silly small celebration with your spouse (like a date night or an ice cream cake) and count down every month (“only six months to go!”). I know it’s not easy, but you’ve come a long way to get where you are and stay rational and focus on the money and not the emotions.

Good luck!

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think the economics at stake here are worth a $1k consult with an experienced employment attorney. You could create a record that makes it hard for them to can you at 8 months given the vesting. I would think there’s something in employment law or legal precedent protects you from that. Unless you are in some terrible state like Louisiana or Alabama.

If you are C-level without an employment agreement that already covers for this, don’t waste time on above. You will lose any case, time and $. You would burn bridges. You will waste energy. Move on. Move on now and completely. You are not saying your choice is $0 v millions. You are talking million $ severance. At that amount you are talking, walk away now- most don’t make that in a lifetime. If need/want more $, go get another job now when no one will question you when you say don’t call my current boss for a reference.

In this market? Not a chance. I’d do want I need to secure that $3M bag.

[Anonymous]

If without an employment agreement that gives him immediate vesting rights if terminate for no cause and if in at will state, company not required to keep him on for 9 months. Take $ now. Get other job.

[Anonymous]

Anonymous wrote:In a C-suite role at a public company. Have fallen out of favor of the CEO due to an unfortunate set of consequences, and he had "the talk" with me where it was obvious he was encouraging me to resign. but in the course of the conversation, he gave me an out and said it did not need to be right away and we can talk about timing, he mentioned up to 6 months. I have a major stock vesting coming up in 9 months and I broached if I could stay until then. This is substantial, the $3 million vesting after tax will put me at almost my goal retirement net worth. the second option would be to ask him for a severance package which would be around $1.2 milion. he ended the meeting telling me to think about it, initially I thought i just stay for 9 months, work hard and do my best to be a good employee. the money is more than worth it. but now the past couple of days have been torture, the thought of being looked at as someone not wanted and valued, and just here for the money is driving me crazy. I know he is saying OK but he is not going to make it easy for me being in this job and it is not going to be fun. Should I waste 9 months of my life in this scenario or just cut my losses and leave now?

Are you kidding? I would kiss my bosses’ a$$ for 9 months to walk away with 3M.

[Anonymous]

Haven't read the whole thread so apologies if this has already been addressed. Here is my advice based on my experience writing and administering executive compensation plans: First, you need to read all of the documents related to your compensation and see what happens in the event of your severance. For example, if you are an executive and you have options/restricted stock/RSUs/etc. there is sometimes a clause that will vest that compensation if you are terminated without cause, and then cause is defined relatively narrowly (so poor performance isn't cause). You need to see what your award agreement says and also what the underlying plan document says. HR should have the documents but, if you don't want to ask them, if it is a public company the plan document will be filed with the SEC (look in the appendix to the 10-K for an index to where to find the plan document). Then you'll know exactly what happens if you are terminated before 9 months and you can plan accordingly. Second, if the CEO is pushing for you to leave at 6 months, another option would be for you to enter into a separation agreement to remain employed for 9 months and then go on a paid leave of absence for the last 3 months. That way you hit the vesting date but you aren't in the office/your successor can take over your job responsibilities. Third, you should be aware that the rules under Section 409A can make it very difficult to substitute executive compensation or pay it early, but most plans have provisions that would let the company vest you early and pay you at the same time as everyone else. Again, you need to look at the plan documents to see what is permitted and also who gets to make the decision - this is going to be a lot easier if the decisions re. plan administration are delegated to the SVP of HR than if it is going to take a Board resolution. Finally, from personal experience do not rely on what the HR department says your benefits are - I would recommend that you at least read the documents yourself or even better hire a lawyer to represent you. These documents are technical, and complex situations with executives are usually a one-off so often the person in HR who is dealing with the messy executive termination situation has not considered your unique set of circumstances before and may make the wrong assumption or interpretation of the plan documents. And, obviously, stay for 9 months to make $3M - even if you don't need it, you can donate it to a cause you care about. Good luck!

[Anonymous]

I’d eat a poop sandwich for $3M. 9 mo is nothing.

[Anonymous]

For someone about to making 1.2, should be nothing too.

[Anonymous]

Anonymous wrote:Haven't read the whole thread so apologies if this has already been addressed. Here is my advice based on my experience writing and administering executive compensation plans: First, you need to read all of the documents related to your compensation and see what happens in the event of your severance. For example, if you are an executive and you have options/restricted stock/RSUs/etc. there is sometimes a clause that will vest that compensation if you are terminated without cause, and then cause is defined relatively narrowly (so poor performance isn't cause). You need to see what your award agreement says and also what the underlying plan document says. HR should have the documents but, if you don't want to ask them, if it is a public company the plan document will be filed with the SEC (look in the appendix to the 10-K for an index to where to find the plan document). Then you'll know exactly what happens if you are terminated before 9 months and you can plan accordingly. Second, if the CEO is pushing for you to leave at 6 months, another option would be for you to enter into a separation agreement to remain employed for 9 months and then go on a paid leave of absence for the last 3 months. That way you hit the vesting date but you aren't in the office/your successor can take over your job responsibilities. Third, you should be aware that the rules under Section 409A can make it very difficult to substitute executive compensation or pay it early, but most plans have provisions that would let the company vest you early and pay you at the same time as everyone else. Again, you need to look at the plan documents to see what is permitted and also who gets to make the decision - this is going to be a lot easier if the decisions re. plan administration are delegated to the SVP of HR than if it is going to take a Board resolution. Finally, from personal experience do not rely on what the HR department says your benefits are - I would recommend that you at least read the documents yourself or even better hire a lawyer to represent you. These documents are technical, and complex situations with executives are usually a one-off so often the person in HR who is dealing with the messy executive termination situation has not considered your unique set of circumstances before and may make the wrong assumption or interpretation of the plan documents. And, obviously, stay for 9 months to make $3M - even if you don't need it, you can donate it to a cause you care about. Good luck!

Not OP, but very helpful and informative. Thank you.