Larry Pasini is the founder of Pasini Law LLC. A born and raised New Yorker, Larry grew up in Queens before receiving full scholarships to attend Fordham and St. John’s Law. In this episode of On Tax, he talks to host Len Teti about his experiences at three of the top law firms in New York City, including Cravath, and his decision to start his own law practice in 2017. [view article]
Section 280G of the Internal Revenue Code was enacted by Congress in 1984 to address a perceived concern that executives were being paid lavishly in connection with a change of control of their companies, and that this was inappropriate and should be curbed because shareholders were ultimately bearing the cost of so-called golden parachute payments. [view article]
An executive's severance benefits under his or her employment agreement are subject to Section 409A of the Code if the severance pay is considered "deferred compensation" under Section 409A. As an executive, you don't want your severance pay to be subject to Section 409A if you can avoid it because, among other reasons, it's hard to work with it in a change in control situation. [view article]
Restrictive covenants contained in executive employment agreements, such as noncompetes, non solicitation of customers, non solicitation and no-hire of employees, nondisparagement, nondisclosure of confidential information and noninterference with business relations, are ubiquitous in modern legal executive compensation practice. [view article]