Legal Question in Civil Litigation in California
Employment and Stock
Less than 50 days ago the new owner of my company verbally stated to the entire company that 1. He would invest in the company and not have any reduction in force. He initated a reduction in force - me being included this past Monday. 2. He stated that in the same February meeting that all employees would be given company stock. The stock would be granted with no vesting time. There was no mention of the amount of stock I would be given in my termination paperwork. Were his verbal statements legallyl binding?
2 Answers from Attorneys
Re: Employment and Stock
Not really, what did you give in return? Without bargained for exchange there cannot be a contract. Did he state when he would give stock?
Re: Employment and Stock
No, because there was no consideration for the promises. The only exception would be promissory estoppel, meaning that you took some action or forwent something you had a right to do, in reasonable reliance on the promise, and there was a resulting monetary loss.
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