On Petition for Review from the Court of Appeals for the Fifth District of Texas
The Texas Supreme Court denied the respondent’s motion for rehearing and withdrew the opinion filed on June 24, 2011. The respondent had been employed by the petitioner company since 1983 and rose to become a managing director. Later, the petitioner parent company granted the respondent the option to purchase 500 shares of the petitioner parent company common stock pursuant to its 1992 incentive and stock award plan (plan). To exercise a stock option under the plan’s terms, the employees must provide the petitioner parent company with a notice of exercise of option letter, a signed non-solicitation agreement (agreement), and payment for the stock at the discounted strike price. Less than three years after signing the agreement and exercising the stock options, the respondent resigned from the first petitioner company and immediately began employment with a direct competitor of the petitioner parent company.