Lately, I’ve swapped my tennis racquet for golf clubs (turns out hamstrings aren’t forever). Between hitting the fairway and the occasional blog post (like this one — or these shameless plugs: my transactional attorney utility belt article click here and my “Ted Lasso” article click here), I find that golf has become more than just a hobby — it’s also a surprisingly effective lens through which to think about executive compensation negotiations.
After wrapping up a streak of comp package and severance negotiations, I hit the course to unwind. One rainy day, while cleaning my clubs and attending to my wedge grooves, it struck me: each club in the bag mirrors a critical component of an executive compensation deal.
If you have made it this far, you’re likely a golfer, a C-suite exec, or both. If not — are you not entertained?
Let’s break down the key elements of a compensation negotiation, club by club:
Your driver sets the tone for the round — just like base salary kicks off the negotiation. Does the salary escalate year over year? Is there a no-cut clause (i.e., the salary can’t be reduced)? If the deal can’t get off the tee, there is no round to be played.
You crushed your drive; now it’s time to move the ball farther down the fairway. Bonuses come next — guaranteed or discretionary? How many years is the guaranteed (or minimum) bonus in place? Are performance metrics clear or fuzzy? Non-discretionary bonus terms should be as objective as possible — vagueness here is a sand trap.
Arguably the most important club — and the most sensitive. Using the putter requires touch, precision, and literally a feel for the landscape. Equity awards require finesse. Vesting schedules, acceleration on exit, cashless exercises, 83(b) elections — these are the subtleties that can make or break your score. If you set up properly and stroke well, you may find yourself draining a 40-foot birdie putt.
Close to the green but stuck in the rough? This is where your wedges come into play. Think health insurance, PTO, travel/lodging policy, car allowance — all the nice-to-haves. For senior executives, I often negotiate a clause ensuring benefits are “no less favorable” than those offered to other top execs.
These clubs help you out of tricky lies or advance the round with a little forgiveness — just like contractual protections do. Think severance if you are terminated without “cause,” and the right to resign for “good reason” (like a salary cut, relocation, or demotion). Also: look out for equity exercise windows post-termination — they’re often too short and too often overlooked.
A well-structured agreement can protect against pop-up storms like restrictive covenants or non-competes. These vary wildly by state, so make sure you’re covered.
The workhorses of your bag. Your title, scope of responsibilities, and who you report to — these fundamentals can shape your bonus achievement and job satisfaction. Don’t gloss over them. Losing direct reporting lines or having duties reassigned may give rise to a “good reason” resignation right — but only if you’ve negotiated for that right and defined it properly.
You may rarely use it, but when you need it, the chipper can save your hole. One often-overlooked ask is the request for reimbursement for out of pocket legal fees incurred during the negotiation. Your counsel will review and help negotiate your employment agreement and equity award while simultaneously reviewing the equity plan, restrictive covenants, and ancillary agreements — it’s reasonable to ask the employer to chip in.
Scorecard Summary
| Deal Point | Golf Club |
|---|---|
| Base Salary | DRIVER |
| Bonus | THREE WOOD |
| Equity | PUTTER |
| Benefits/Perks | WEDGES |
| Title/Duties/Reporting | IRONS |
| Legal Protections | HYBRIDS/RESCUES |
| Legal Fee Reimbursement | CHIPPER |
FORE!
Negotiate a great round by staying in bounds, striking your deal points cleanly, and retaining experienced counsel to caddie you. Feel free to reach out if you want to talk shop — on the course or in the boardroom.
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