“I have a contract with my previous company that states when the company sells, someday, I get 5% of the sale price. They are now selling off a piece of the company (not a separate company, just a d.b.a. division) for $100,000. Am I entitled to $5,000 or can they just keep selling off pieces without giving me anything? I would hate for them to “loophole” their way out of paying me.”
Without seeing the actual contract, it is impossible to answer this question. Your best bet is to have a lawyer in your state review the contract; even if you have to pay for the consultation, given the amount you stand to gain (or lose), it’s a wise investment.