There's more behind this but no sense in getting into it unless we know the contract can be voided.

Our board of directors is dealing with a founder/CEO who resigned approx. 2 weeks prior to the termination of his contract. He feels he is due a number of things (cash, stock, options) under his contract however it has recently come to light that he had signed two Securities Purchase Agreements with a large pension fund that contained negative covenants preventing him from ever receiving his contract. This fact was not disclosed to the board of directors at the time and a contract was put in place under duress. Is this contract legal? Can it be revoked? What can the company do?

1 answer  |  asked Jul 10, 2002 08:18 AM [EST]  |  applies to California

Answers (1)

Janet M. Koehn
you need a lawyer

no way can such a question be answered in this format. more important, you need an attorney experienced in representing employers retained to handle these kinds of issues, not only with your staff-level employees, but also with your executives.
i do not do such work, but if you are in southern california, i can recommend several very able attorneys who will do a good job for you.
call me if you wish to discuss.
good luck
janet koehn

posted by Janet M. Koehn  |  Jul 10, 2002 08:28 AM [EST]

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