18-400D 18-400D . . . Share Appreciation Rights Plan under which stock option committee determines to whom units are awarded, number of units to be awarded and terms of such units. On grant date, committee assigns each unit a base value which cannot be less than market value of share of common stock on that date. Each award becomes exercisable with respect to 25% of units awarded on each of first four anniversaries of grant date, provided grantee has been continually employed full-time by corporation or subsidiary. Units may be exercised, to extent vested, at any time until five years after grant date. Upon exercise of vested units, grantee is entitled to receive net appreciation of such units in cash or in shares of common stock, as determined by committee
District of Columbia Share Appreciation Rights Plan with amendment
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US-CC-18-400D
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Enforceability. Covenants not to compete are disfavored in Maryland and are strictly construed against the employer. For a non-compete agreement to be enforceable, it must be necessary to protect the employer's legitimate business interests and cannot impose undue hardship on the employee.
To be enforceable, a restrictive covenant must be reasonably limited in duration. In some cases, a three year limitation might be acceptable, while, in other cases, one year would be too long. The restriction must also be sufficiently limited in a geographic scope.
In certain circumstances, it is possible to find non-compete contract loopholes that may void the contract. For example, if you can prove that you never signed the contract, or if you can prove the contract is against the public interest, you may be able to void the agreement.
As of October 1, 2022, a new District law makes it illegal for employers to impose noncompete clauses and policies (noncompetes) on many District employees.
Effective October 1, 2023, Maryland has raised the salary threshold on its non-compete ban to 150% of the state's minimum wage, meaning $19.88 or less per hour (the current minimum wage of $13.25 * 150%), or $41,350 annually.
The D.C. Non-Compete Clarification Amendment Act of 2022 amends the Ban on Non-Compete Agreements Amendment Act of 2020 "to clarify which provisions in workplace policies or employment agreements will not violate the law's restrictions on the use of non-compete provisions and agreements."
The Act is not retroactive. Employers do not need to amend any current non-compete agreements with covered employees. However, employers should consult with legal counsel before amending an existing agreement with a non-compete, to evaluate whether the amendment could subject the agreement to the Act.
Four states?California, Minnesota, North Dakota and Oklahoma?have banned noncompete agreements entirely, and many other states have enacted restrictions, such as setting a compensation threshold or requiring advance notice.