non-compete

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  #1  
Old 08-13-08, 02:26 PM
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non-compete

I have a non-compete clause in my contract but my employer has said that she will not restrict my mobility. I am a bit concerned when it states in my contract "In the event that the employee violates the restrictive covenant set forth above, the employee shall immediately and irrevocably forfeit any further deferred compensation payable under this agreement..." Does this mean I will lose any or all of my 401K plan in which I contributed and it was matched?

Thanks,
 
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  #2  
Old 08-13-08, 09:17 PM
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Maybe, but probably not.

It is extremely unlikely that you would lose any contributions that you made to the plan. You may lose a portion, or even all of the employer contributions but even that may not be true. What you WILL lose is any stock options that you may have accrued but not been actually awarded.

You really need an attorney who specializes in employment law to look over your contract and advise you.
 
  #3  
Old 08-14-08, 06:10 PM
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Keep in mind that you wouldn't lose anything if your employer is telling you the truth and will not enforce the clause.
 
  #4  
Old 08-14-08, 06:45 PM
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Have your employer draw up a new contract, one without the non compete clause. Make sure the current date is on it, so that this contract supersedes the old one. Get a copy for yourself.

If it ain't in writing, it didn't happen.
It may not be up to the person you are talking to on whether the clause is enforced or not.

Deferred compensation to me means things like commission holdbacks. The money in your 401k is your money, not your employers, and once vested, their contribution is also yours.
 
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