management-employee agreement

[rhh]

What is the name of your state? ca

i'm feeling kind of stupid.............

here is the deal......

nine years ago i signed a management - employee agreement which contained a no comepete for two years at the end of my employment. other topics within the agreement, but the no compete is the point of discussion.

recently i was terminated and was asked to sign a seperation agreement which would give me a severance and allow for continued vesting in stock options per the m/e agreement. i elected NOT to execute the agreement. consequently, i have lost the stock option vesting. company canceled.

i was thinking the incentive to the no compete was the risk of losing the stock options.......

so, to seek employment....i even asked my prior employer to waive the no compete..they said no.

question? why should i be concerned about the m/e agreement and the no compete? what am i getting.........

their canceling of the options...does that void my agreement?

am i missing something.......

 

[BelizeBreeze]

Are you missing something? Well yes, I'd say you're missing the vestment in the options and the severence payment wouldn't you?

Although two years is a bit long, without reading the ENTIRE contract there's no way a valid legal opinion can be given on the internet. So, your first step is to show the contract to an attorney.

And NEVER, EVERY take money off the table. Accepting the options and severence (unless there's part of the story you're not telling us) in no way affects the m/e agreement or it's validity.

 

[rhh]

the missing info.....by signing the seperation agreement i would have agreed not to take any legal action against the company, terms etc. would be confidential. fyi, which i plan to do...

so, the question is......by canceling the options....didn't they void the contact?

there is nothing of value to me.....is there still a legal agreement?

thanks in advance...

 

[BelizeBreeze]

the missing info.....by signing the seperation agreement i would have agreed not to take any legal action against the company, terms etc. would be confidential. fyi, which i plan to do...

so, the question is......by canceling the options....didn't they void the contact?

there is nothing of value to me.....is there still a legal agreement?

thanks in advance...

Again, that depends ENTIRELY on the exact langauge of the separation agreement or the employment contract. NOT your synopsis.

 

[rhh]

ok..let me try asking another way...

fyi...the seperation agreement was never signed...so, it has no bearing on anything......

so, i am terminated..their decision, why would i care about the no compete componenet of the management - employment agreement?.......all along i thought the leverage was the stock options, but they took that away from me.

so, is there any resone for me to honor the agreement? don't i have to receive something?

thanks in advance.....

 

[boonehead]

The way your agreement was written is all that matters, if it said you cannot quit and leave and take another position within 2 years.Or if you get fired they don't care what you do from that day on.That is why the way it is worded makes all the difference, not whether you signed a seperation agreement or took stock options

 

[rhh]

ok...let's forget the seperation agreement.

simply put.. becuase i was terminated by my employer, am i still bound to to the management/employee agreement? i was thinking so..........only to protect my stock options. because the company has canceled the options, why would i care about the no compete contained within the agreement? their leverage was the stock options. is there still a valid ageement?

hope that spells things out a little more clearly?