The bill establishes two new parts within Chapter 542 of the Florida Statutes: The Florida Antitrust Act of 1980 and The Florida Trade Secret Protection Act. It introduces provisions regarding covered garden leave agreements and covered noncompete agreements, clarifying that these agreements are not considered restraints of trade or attempts to monopolize trade or commerce. The bill outlines specific notice requirements for both types of agreements, allowing covered employers to waive certain notice periods under specified conditions. It mandates that courts issue preliminary injunctions to prevent breaches of these agreements and provides mechanisms for modifying such injunctions based on evidence presented. Additionally, a prevailing covered employer is entitled to recover monetary damages and reasonable attorney fees in cases of breach, and employers can reduce a covered employee's salary or benefits in instances of gross misconduct without constituting a breach of the agreement.

Furthermore, the bill specifies that a covered noncompete agreement is valid if it involves a covered employee working primarily in the state or if the employee has a significant connection to a covered employer in the state. It clarifies that such agreements do not violate public policy as restraints of trade, provided that proper notice is given to the employee before the agreement is executed, and that the noncompete period is adjusted based on any nonworking days during the notice period. Employees must also acknowledge in writing their right to seek legal counsel before signing the agreement. The bill outlines the procedures for enforcing these agreements, including conditions for court-issued injunctions against covered employees or businesses seeking to employ them during the noncompete period. The act is set to take effect on July 1, 2025.