What's the deal with our noncompete clauses? Does anyone know the specifics of taking a different job?
If you go with a competing company, Novo must pay you a years salary to NOT take the job. Trust me, I have been there done that, take the job and bank the years salary.
It is obvious you did not read your hire package, yes we are fire at will BUT there is a very solid non-compete.
Just endured this process, Novo paid me my full years salary to stop me from selling Invokanna. Thank you Novo.
Is there seriously a non compete clause? If so, what does it say? What happens if they fire you. Does that make it null and void? Where could I find it at? The policy place?
No, look under bullet #3 - it says the non-compete is enforceable for any reason of termination of employment.
Nobody can enforce a non-compete on a terminated employee. This is generally true, and particularly true if the termination is not due to gross misconduct.
A non-compete is paid out ONLY if you resign and go to a competitor. If you are fired, no non-compete. People please read your paperwork.
Hello all, I know this is a very old thread, but I am hoping that folks who have been through this before could help with some specifics. I am assuming that: A) the salary they pay for the year is the Novo base salary, not the salary of the job you would otherwise be taking, B) that Novo quits covering any kind of medical, etc and that all of that goes back to the "non-employee" to pay via COBRA, and C) that the standard minimum yearly bonuses disappear - base salary only with no adjustments because it is no longer a "job" and the details of the prior contract are void. Are these correct? How did the details work in your particular situations? I am thinking of going this route and just trying to figure out what I could count on. Best regards!
I can't count on that. I've generated three patents and six invention disclosures for them that have resulted in two new potential therapeutic areas. They want my work product, they want my ideas, they just want to treat me like garbage at the same time. It is pretty likely that they'll attempt to enforce the non-compete.
No. The research site for the USA is in Seattle, so WA state. However the non-compete is enforced as NJ law, so the standards would be NJ based.
Thanks for the ego stroke. Does anyone here actually have experience with the non-compete payoff and how it is structured?