Ex-Exxon VP Isn't Owed Stock Bonus, Texas High Court Told

Law360, Houston (November 6, 2013, 8:01 PM EST) -- Exxon Mobil Corp. told the Texas Supreme Court on Wednesday that it should not have to reissue $5 million in stock incentives a former vice president surrendered when he went to work for a competitor, denying that an illegal noncompete agreement had been forced on the executive.

Exxon's attorney Russell S. Post of Beck Redden LLP argued that William Drennen III signed off on restricted stock agreements "every year for five years" which promised a benefit in exchange for his decision to stay with Exxon. Drennen was always free to go to work elsewhere, Post said, subject to his agreement to...

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