"No Compete Agreement" - Am I being unreasonable?

[Warik]

I've already made my decision, and nothing will change it, but I'm curious what others think.

I've been working at this company for 6 years. I was the first employee they hired. It was a small mom & pop that thanks to me grew to 30+ employees. Poor financial planning by the owners has put us into real bad shape and half the staff quit and/or were laid off. Three of them have opened up their own small business in competition with us.

Today the owner comes and hands everyone No Compete Agreements and says we must all sign them. Basically says that I can't work in the same field for 2 years... even if they terminate me. I don't plan on working in the same field anyway, but I also don't plan on being strongarmed into giving up my rights.

I said no.

I suspect tomorrow I'll get the ultimatum. I'm indispensible, whether he realizes it or not.

What's your play? Am I being an unreasonable ass, or is he being ridiculous considering that he's on the brink of losing all of his employees and going out of business?