Texas Justices To Hear Exxon Bid To Cut Ex-VP's Stock

Law360, Houston (August 23, 2013, 5:41 PM EDT) -- Texas’ highest court said Friday it will hear Exxon Mobil Corp.’s argument that compensation agreements a former vice president signed justified the energy giant’s decision to strip him of $5 million in stock incentives after he went to work for a competitor. 

The Texas Supreme Court set oral arguments for Nov. 6 to consider Exxon’s plea to overturn a lower appeals court’s ruling that restricted stock agreements allowing Exxon to nix William Drennen III’s right to shares in the company after he took a job with...
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