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Please Help...

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  • Please Help...

    I was dismissed within the first 12 months of my contract during which time I was given equity in the company I worked at, along with signed share certificate, shareholders agreement etc. No reason was given for my dismissal aside from the fact that six people in the office "didn't like" me, although this had never been raised previously and no reports had been made against me as far as I am aware. No explanation was given when I asked and existing employees were told I had left because it was "best for the company".

    I was subsequently told that, as I was fired, I would no longer be eligible to equity, which was worth somewhere in the region of £250,000 - a figure which would have been life-changing for me an my family. I was told this was because I hadn't been at the company for two years.

    The reason for not being able to hold onto my equity was given under a specific section in the company's Articles of Association, which states:

    "Upon a Relevant Worker becoming a Leaver, all of the applicable Leaver Shares which are held by that or any other person, and which are Unrealised Growth Shares, shall automatically convert (without resolution of the Company of the Board or any other authority than as contained in these Articles) into an equal number of Deferred Shares with effect from that person's Leaving Date."

    The shares I was given were C class.

    Another person who worked at the same company as me, who had also been awarded equity some time before was, left shortly prior to me being fired. She didn't work her notice and just didn't turn up one day, despite being contracted to. Despite this, she was able to sell her shares back to the company for a hefty sum.

    Further more, my CEO, who I worked alongside, wrote me an email on the day I was fired over the phone, telling me he thought I would go on to "do great things" and literally thanking me for everything I had brought to the company. The CEO also told me to "feel free" to pass on his name as a referee for future employment. I have since tried to reach out to him for a reference and have been ignored on numerous occasions. This is out of character for someone I have messages on my phone from telling me I was "part of the circle" and was "set to make lots of money" with.

    I have since heard from people connected to the company, that a number of investors were annoyed at the way equity was being distributed without their approval.

    I'd really appreciate any advice on where I stand with the above issues. I am now on Job Seeker's Allowance, struggling to pay my bills and am unable to afford legal advice. I am at a really low ebb.

    Any help or informal advice would really be appreciated.

    Many thanks,

    Robert.
    Tags: None

  • #2
    Re: Please Help...

    Originally posted by RWilson View Post

    I was subsequently told that, as I was fired, I would no longer be eligible to equity, which was worth somewhere in the region of £250,000 - a figure which would have been life-changing for me an my family. I was told this was because I hadn't been at the company for two years.


    I'd really appreciate any advice on where I stand with the above issues.
    Hi,

    This is a really sad account: I do sympathise.

    You took a job and doubtless tried to fit in, attracted by a package that, frankly, I too would leave a good job for...

    But they "took agin ya" and had the option in the contract to do just exactly what they did. All worked out. Sitting there like a loaded gun in the desk of a pal you're "splitting a bottle with". The craic is fine, the pal praises your taste in music, you laugh loads: a great night.

    So what?

    The other colleague who walked, did they have POWER in some way you don't realise? The power to go to an ET (due to 2 years service)? Knows where the bodies are buried? Intimate with someone? (Yes, it happens, with Boys and With Girls... In all combinations).

    I can't say I would spot it BUT an employer that has "loaded gun" clause like the ones you describe... Offering such riches... Knowing that in YOUR family circumstances the shares would be "life changing"... With the option of you going, no cost, no pain...

    I would ask ask for the contract to be varied pre employment. They would say no. I would regret not sharing jokes and booze with my pal as I regretfully walked away from the gun my friend has in his desk drawer.

    Absolutely no bloody use to you OP: sorry.

    Viking
    Last edited by Viking1985; 18th October 2017, 20:02:PM. Reason: Tidy up spelling.

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