I have an employee that has resigned his position after 1 year of employment. I gave him a 5% equity position in the company when he joined. Can I simply rescind those shares outright or do I need a mutual agreement to do so.
Stocks were promised but not formally transferred to the individual. They are still held by me.
1 answer | asked Mar 6, 2017 10:42 AM [EST] | applies to California
Answers (1)
Hello.
If there is evidence of that promise to provide equity, then failure to do so would be breach of contract. You should discuss the agreement, including vesting schedule and other factors with an experienced employment attorney to determine the best course of action.
Thanks,
Arkady Itkin
posted by Arkady Itkin | Mar 6, 2017 10:48 AM [EST]
If there is evidence of that promise to provide equity, then failure to do so would be breach of contract. You should discuss the agreement, including vesting schedule and other factors with an experienced employment attorney to determine the best course of action.
Thanks,
Arkady Itkin
posted by Arkady Itkin | Mar 6, 2017 10:48 AM [EST]
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