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How does a management contract work when the small company I work for is bought?

I know all the details are dependent on the contract, but how would a typical management contract work in this example, where the small company I work for gets bought? The president of my company would want to make sure that I am well taken care of, so he would make some clause about my position... that my salary gets increased by x% for at least one year, then after that the new owner can make a decision to keep me on or let me go. Is that how it typically works?

Asked By: pshhh - 1/18/2010
Best Answer - Chosen by Asker
Unfortunately no. Merit increases are almost NEVER in writing for any employment contract. For executive for specialized positions it is usually worded as "Annual bonus up to x%", which leaves the door open to zero for any reason. Unfortunately, unless the president of your company will remain employed by the new... More
Answered By: LA Boston Gal - 1/18/2010
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