Exxon Can't Nix Ex-VP's $5M In Stock, Texas Justices Told

Law360, Houston (May 20, 2013, 7:29 PM EDT) -- A former Exxon Mobil Corp. vice president on Friday told Texas’ highest court that compensation agreements he inked with the oil and gas giant allowing it to cancel $5 million in stock incentives he held after he went to work for a rival are unenforceable.

In a brief filed with the Texas Supreme Court, William Drennen III urged the court to uphold a lower appeals court’s ruling that restricted stock agreements allowing Exxon to nix his right to shares in the company after he took a...
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