Any ideas? My last day is 7/22 so won't see the severance agreement until then.
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There was no noncompete clause in my severance agreement (April 2022, grade 16)
Usbank is a laughing stock in court. Check them out on violation tracker. Most salaried employees at Usbank don’t meet the federal salary requirements. Usbank owes so many people for years or overtime. I personally got mine, everyone else should do the same. File a complaint with dept of labor if you feel you worked overtime and weren’t paid for it because Usbank made you salary.
You should be able to access it in workday. Did you receive an email?
Are you a relationship manager with a large book of business you can take to another bank? If that is the case maybe don't take the severence. Otherwise you shouldn't have one.
When you see the agreement ask a lawyer to review it. It’s worth the $.
Non-competes are illegal in several states and very difficult to enforce in others.
“We didn’t want you but no one else can have you” is difficult to defend in court.
The severance agreement references any prior non-compete you may have signed and remains in force. You likely signed one if you were given LTI (stock compensation) as part of your agreement to receive equity incentive. If you are unsure, you can request your complete HR file that contains your annual reviews, annual bonus details, promotions, performance or other HR related information and any non-compete you signed. Hope that helps.
Non-compete clauses are not enforceable in certain states - check your state laws on this topic.
There is a difference between firing you vs laying you off. It’s the latter and the employer can include a non compete. Whether they monitor and enforce it is a different story. The employer has to prove harm (I.e. laid off employee signed and received severance but lured away a key client).
Employers are not required to offer a severance package under law. As unfair as it seems, a non-compete may be there. Fired employees may refuse the severance and move on.
"We are firing you, but don't work anywhere else" is the kind of clause a first-year law student can get overturned. Any employer knows this, and none are stupid enough to be made a laughing stock in court.