A Senior Employment Contract is more complex than a regular Employment contract. This is because a senior employee is more likely to be exposed to confidential information and to have more responsibility. This Contract includes extra clauses which help to protect these interests. This includes clauses on:
A garden leave clause allows the employer to require the employee to stay at home during their notice period. This can help protect the employer's business by keeping the senior employee out of the office. The purpose is to limit their contact with other employees and access to confidential information and, therefore, to prevent them from using this access when working for another employer or setting up a competing business. For more information, read Gardening leave.
Payment in lieu of notice (PILON)
A PILON is a payment made by an employer instead of having the employee work out their notice period. Employment ends immediately and the payment compensates the employee for what they would have earned during the notice period. A PILON can only be made if an employee’s contract allows this or if the employee agrees in advance. For more information, read Payments in lieu of notice.
These are contract clauses prohibiting employees from doing specific things after their employment ends. Such clauses may require, for example, that they do not join a competitor business (ie a non-compete clause), poach other employees, or solicit customers. For more information, read Post-employment restrictions, Non-solicitation and restrictive covenants and Non-compete clauses.
This is a benefit in the form of a stock option given by a company to an employee to let the employee buy shares in the company at a discount or at a stated fixed price. For more information, read Employee share schemes.
Other employee benefits
These could include benefits such as bonuses, reimbursement for expenses without advance permission (you can specify the maximum amount in this Contract), or life and health insurance.