Greetings all,

  I am new to the business and am now licensed.  I hired within this firm as an intern and signed a contract that I never realized what the impact would be if I would ever leave the firm.  I have been with the firm for about a year and I continue to be their work horse where they pay me next to none and they plan to give all of their clients to his son when he enters the business which will be about 4 years from now.  They plan on keeping me as the work horse where I "support" them and I have no time to build my own book of business.  Anyways,  I was so pumped to get the job that I really never looked into the wording of the contract and now that I want to leave to be a junior partner at another firm that wants me (which will be a big raise and more potential), I look at the contract saying that I cannot do securities business for 1 year after I leave here.    First off, I am an idiot for not looking at the contract more deeply before I signed it.  I just assumed it said that I cannot take their clients if I were to leave them.  Heck, I am only 24 years old.   Here is what the contract states and any help would be appreciated.        

NON-SOLICITATION/NON-COMPETITION<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />

 

The hiring or continued employment of Employee, Employee covenants,

understand and agrees as follows:

 

1. Except as necessary for the performance of Employee's duties and

responsibilities for Employer, Employee will not directly or indirectly

(nor instruct, request or encourage any other person or entity to

directly or indirectly) use any trade secret or confidential or

proprietary information (including, but not limited to agent lists, client

lists, contract terms, business plan costs, pricing and or financial

information) belonging to Employer.

 

2. During Employee's employment with Employer, and for one year

following the last day of the month of cessation of the employment

relationship between Employee and Employer, Employee will not

directly or indirectly solicit: (i) insurance products or securities sold

or placed by Employee within the twelve months preceding the

cessation of Employee's employment with Employer; and/or (ii) any

agents or clients with whom or on behalf of whom, Employer has sold

or placed business within the twelve months preceding the cessation

of Employee's employment with Employer.

 

3. During Employee's employment with Employer, and for one year

Following the last day of the month of cessation of employment

relationship between Employee and Employer, Employee will not

directly or indirectly compete with Employer.

 

4. During Employee's employment with Employer, and for one year

following the last day of the month of cessation of the employment

relationship between Employee and Employer, Employee will not

directly or indirectly sell or renew any insurance policy or product

placed, sold or renewed by Employer with a particular insured or

agent within one year preceding the cessation of Employee's

employment with Employer.

 

5. Employee shall not take any action (nor shall Employee instruct,

request, or encourage any other person or entity to take any action)

that will cause the termination of the business relationship between

Employer and any insurer, agent, insured, client or supplier to

Employer. Employee also shall not solicit for employment any person

employed by the Company for one year following the last day of the

month of cessation of the employment relationship between Employee

& Employer.

 

6. Employee acknowledges that if Employee violates this agreement,

Employee will cause severe and irreparable injury to (firm name) its business and good will, an injury that is not adequately

compensable by money damages. Accordingly, in the event of a

breach (or threatened or attempted breach) of this agreement, (firm name) shall, in addition to any other rights and remedies, be

entitled to immediate appropriate injunctive relief, or a decree of

specific performance of this agreement, without the necessity of

showing any irreparable injury or special damages.

 

7. If the entirety or any portion of this agreement shall be held by a court

to be invalid or unenforceable because it is too broad in any respect,

the agreement shall be narrowed/reformed by the court to the extent

required to be enforceable.

 

8. This agreement shall survive the termination of any relationship

between Employee and Employer

 

9. If employee violates any of the provisions of this Agreement, the

period set forth for non-solicitation/non-competition shall be

increased the equivalent length of time that Employee is not in

compliance with the provisions of this Agreement.

 

10.Any action for injunctive or other relief under this agreement shall be

venued in the Federal Court for <?: prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Michigan or in the County for the state of Michigan.

 

A. It is also agreed that as used in this Agreement reference to

"insurance products or securities sold or placed" shall refer to those

insurance products, securities sold or placed, with the Employer at

any time during the twelve month period, prior to Employee's

termination.

 

B. It is acknowledged, agreed and understood that, as used in section 2

and 3 of this Agreement, the term "agents" shall not refer to retail

agents with which Employee's new employer has an ongoing and

significant business relationship at the time Employee commenced

employment with the new employer.

 

 

 

CONTRACT # 2

 

EMPLOYMENT-AT- WILL

 

I understand that no employee or representative of the Company, other than

(partner’s names), has authority to enter into any agreement for employment for any specified period of time. I further understand that any agreement regarding employment for any specified period of time must be in writing and signed by myself as well as (partners names) in order to be binding.

 

I agree to conform to the rules and regulations of the Company and 1

understand that this is an "At Will" employer/employee relationship and that

I have the right to terminate my employment at any time, with or without

cause, and the Company has the same right. I further understand that no one

except (partners names) has the authority to enter into any agreement contrary to the previous statement and that any such agreement

must be in writing and signed by me and (partners names) in order to be binding.