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Anonymous CFO

CFO Severance Agreement must haves

Asked on Oct. 15, 2015

My CEO and I have "mutually agreed" to part ways with a small severance package and typical terms, drawn up by our HR. Is there any language as a CFO that I should be on the watch for or more importantly language that I should focus on getting added? For instance, I'm wondering about year end audit which will take place after I leave. I don't have any reason to worry but what can I do to protect myself? Any suggestions or advice would be appreciated. And of course, I'll get a lawyer, too.

Answers

Wayne Spivak's headshot
Wayne Spivak President & CFO • October 14, 2015

Make sure you are covered for all actions under your D&O policy as well as maybe getting a general release.

I would get a mutual non-disparagement clause and put in exact language to be used for reference purposes.

EMERSON GALFO's headshot
EMERSON GALFO CFO • October 14, 2015

Just a comment and not exactly an answer to your question....

Severance packages and provisions are best agreed upon on the date of hire. If you wait till you terminate the relationship, you no longer have leverage and the provisions will more often be indicative of the status of the relationship at the end.

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