Share Options - Redundancy - Good Leaver vs Bad Leaver

[nocarrotspls]

I've recently been made redundant after 5+ years service and after being furloughed since April.

During my employment I was given an annual bonus that was either paid, or given in the way of share options.

On leaving the company, to retain these options you have to be classified as a "Good Leaver" and there is a definition in the contract that reads:

<quote>

"Good Leaver" means an Optionholder who ceases to be an Eligible Employee by reason of:

a. death;

b. ill-health, injury, disability; or

c. Retirement

or who ceases to be an Eligible Employee and who is determined to be a Good Leaver by shareholders holding a majority of the voting shares in the Company for the time being, at their absolute discretion.

</quote>

The company have decided that all people who are being made redundant will *not* be classified as a Good Leaver, even though in my case I have an impeccable employment record and the reason for redundancy was purely down to changes in their business model requiring cuts to my dept. This lumps us into the 'bad leaver' group which are people who have resigned or have been fired etc.

Does anyone have any advice on whether I should challenge this?

Thanks for any help.

[ULA]

I would argue that redundancy is "good"* since this is an involuntary event that brings an end to your contract of employment. If you look at a lot of examples of "good leaver" it will include redundancy as being in that category.