Sold to another company

[topaz29]

I'm in NJ, long time management employee at a large corporation. My business unit is being sold to another company. Does my current employer have any obligation to me regarding severance, existing stock options, etc.. Is being 'sold' considered being 'fired'? I cancot look inside the rest of the company for another position, I'm frozen.

Thanks

 

[buddy2bear]

"Long time management employee" -- says it all. Unless you have an employment agreement, which includes a successorship clause, buy-out, etc., you are out of luck. Without an employment contract, management has no protection at all, except just maybe the Age Discrimination in Employment Act. Perhaps they will offer you severance in exchange for a release. On the other hand, a lot of smart companies keep the old management, at least for a short while, until they are up and running in the business. This could be the time to strike a deal (in writing) depending on how "valuable" you are, particularly if you think that down the road you will be without a job anyway because, basically, you have nothing to lose.