Texas Federal Savings & Loan Ass'n v. Sealock

WHITHAM, Justice.

The appellee-employee, Glenn D. Sealock, and the appellant-employer, Texas Federal Savings & Loan Association, had a written employment agreement. The agreement contained a “golden parachute” provision. The term “golden parachute” refers generally to agreements between a corporation and its top officers which guarantee those officers continued employment, payment of a lump sum, or other benefits in the event of a change of corporate ownership. Schreiber v. Burlington Northern, Inc., 472 U.S. 1, 105 S.Ct. 2458, 2460 n. 2, 86 L.Ed.2d 1 (1985). A corporate reorganization…