Can anyone explain the non compete clause we supposedly signed when we accepted stock incentive award?
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Not enforceable in many right-to-work states. A prior employer is prohibited with interfering with new employment. Prior employer can only validate your time of employment. Since all of SME's are pretty much vulnerable to departure, Fiserv is going down for the count. I can hear the ringside bell now.
If you received the stock, be sure you read the agreement in detail. Especially the definitions section...it spells out somewhat awkwardly the definition of "competitor" or "client". For many roles, it won't apply--but if you have a sales or product role, you could see some pushback if also in a senior role. No company has the inclination to enforce 100% esp one bleeding resources or actively pushing people out the door. The fact that this is part of the "bonus" agreement and knowing not many really read the details is a little shifty IMHO. But it would be legally binding in many states...if pursued. Just be smart about it.
I'm not sure how they would know where you go.
Also as part of it, their is language to the effect that you won't poach clients or try to recruit Fiserv associates to your new company... ironic since FB had to pay a big fine to JPMC for convincing people to come to First Data.
In California non competes are illegal and unenforceable.
Can’t work for a competitor for 2 years or you forfeit the unvested and potentially all or some of what you already cashed. They don’t define competitor. With that said, I’ve never heard of them going after anyone. Many people go to work for a client to avoid the competitor clause. Others work as a contractor. Two years goes fast.