Illinois Approval of extension of management services agreement
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How to fill out Approval Of Extension Of Management Services Agreement?
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FAQ
In Illinois, a non-compete agreement can be enforced only if it meets certain criteria and the employee earns more than $75,000 annually. Additionally, a covenant not to solicit must be linked to an employee earning over $45,000 per year.
compete agreement entered into on or after January 1, 2022, is void unless: The employee receives adequate consideration. The agreement is ancillary to a valid employment relationship. The agreement is no greater than is required for the protection of a legitimate business interest of the employer.
"Adequate consideration" means (1) the employee worked for the employer for at least 2 years after the employee signed an agreement containing a covenant not to compete or a covenant not to solicit or (2) the employer otherwise provided consideration adequate to support an agreement to not compete or to not solicit, ...
V. Mudron, 887 N.E.2d 437, 441 (3d Dist. 2008), it is well settled in Illinois that continued employment is adequate consideration to support a restrictive covenant agreement (i.e., an agreement containing post-termination restrictions on an employee's ability to compete and/or to solicit customers and employees).
Under the new law in 2022, employers may not enter into a covenant not to compete with any employee who earns (or is expected to earn) $75,000 or less per year, and may not enter into a non-solicitation agreement with an employee who earns (or is expected to earn) $45,000 or less per year.
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