Hi, from LK in Denver, CO.
Not sure if this is the right folder for this question but here it goes...
My husband was hired in Nov 2003 and was given $4500 (for moving expenses, etc) and signed a contract stating that if he left the company before November 2005 he would have to pay back that money plus 6% interest. The contract was written with my husband to be in a 2 year 'training' program, working a few months at different departments within the company and after Nov 2005, would then be assigned a department to take over.
Well, in Jan 2004 (2 months later) he was appointed to Manager of one department, and this Feb 2005, was made Head of Operations.
My question is, if he leaves this company before Nov 2005, does he still owe this money? Esp. since the contract was written with my husband being a 'trainee' for 2 years and that's no longer his job? I feel that the contract was made null and void as soon as they changed his job responsibilities from Trainee to Manager.
Also, the company (a small family owned operation) gave a cash check - ie didn't notify the IRS and basically took the $4500 as a tax deduction. So would they come after us for that money, and if they did, do we have any recourse?
Thank you,
LK
Not sure if this is the right folder for this question but here it goes...
My husband was hired in Nov 2003 and was given $4500 (for moving expenses, etc) and signed a contract stating that if he left the company before November 2005 he would have to pay back that money plus 6% interest. The contract was written with my husband to be in a 2 year 'training' program, working a few months at different departments within the company and after Nov 2005, would then be assigned a department to take over.
Well, in Jan 2004 (2 months later) he was appointed to Manager of one department, and this Feb 2005, was made Head of Operations.
My question is, if he leaves this company before Nov 2005, does he still owe this money? Esp. since the contract was written with my husband being a 'trainee' for 2 years and that's no longer his job? I feel that the contract was made null and void as soon as they changed his job responsibilities from Trainee to Manager.
Also, the company (a small family owned operation) gave a cash check - ie didn't notify the IRS and basically took the $4500 as a tax deduction. So would they come after us for that money, and if they did, do we have any recourse?
Thank you,
LK