Employment Agreement

[nicksc2009]

What is the name of your state (only U.S. law)? NJ

I have an 5 year employment agreement as part of my purchase agreement when I sold my company.

The company is instituting furlough's...Do I have to take part in furlough's if I have a employment agreement?

[cbg]

Does the agreement specifically state that you cannot be furloughed?

[nicksc2009]

no ..But is states the 5 year salary as guranteed. I also have overrides as well but the are basing the furlough's on my salary.

The purchase agreement also states the emplyment agreement as part of the sale. I sold my company based on the fact that they assume my assets and debt. The employment agreement is my compensation for selling my company.

Going through a divorce and my wifes lawyers are saying that I should not be on furlough...Blood suckers !

I want to be a team player in tough times but the law is the law...I think???

[cbg]

I see no reason why you should be exempt from something everyone else has to participate in unless the agreement specifically exempts you, but only an attorney in your state who has read the agreement in full can say for certain.

[nicksc2009]

Thanks ! I want to be a part of this as it is the right thing to do...She just does not awknowledge that we are in a depression...Thanks again

[Stevef]

Originally Posted by cbg

I see no reason why you should be exempt from something everyone else has to participate in unless the agreement specifically exempts you, but only an attorney in your state who has read the agreement in full can say for certain.

This should go without saying, but don't take the word of your wife's attorney (who is in your state and likely has read the agreement)