Legal Question in Employment Law in Texas
Non-Compete in Texas
May 1, 2006 my father sold his business (oilfield industry) to a corporation in which he had to sign a 3yr non-compete agreement. The agreement claimed that each year on the anniversary date of the sale, he would receive $100,000 for three years totalling $300,000. The entire sale of the business was $1,800,000. They paid $1,000,000 up front, $500,000 is being paid quarterly w/interest, and then other $300,000 is in the non-compete. He remained employed with the company until Feb. 22, 2008. They told him that his services were no longer needed. This means he still has 14 months on the non-compete. The only type of work he has done is oilfield related work. As of March 1, 2008 the company he sold to has sold out to another larger company. The non compete states that he can't work for anyone within a 250 mile radius of any of the company's locations. They have locations all over Texas and some in a few other states as well. Would it be possible for him to ''get out'' of his non-compete agreement? Can you please advise on this situation? Thank you in advance!!!!
2 Answers from Attorneys
Re: Non-Compete in Texas
Your father should review the specific terms of the non-compete agreement as there are numerous possibilities to get out of a non-compete agreement. The non-compete agreement was more than likely drafted by an attorney and thus will probably not be easy to read clearly. If my law firm can assist your father with this legal matter or any other legal issue, please contact my legal assistant Jennifer ([email protected]) to arrange an initial consultation.
Re: Non-Compete in Texas
If your father has no lawyer, we would be happy to look at it but for a dealof that size, he must have had a lawyer and would be prudent to discuss his options with that lawyer.
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