Legal Question in Business Law in Florida

Shareholders Agreement

I have a shareholders agreement executed that states if any employee terminates, that the shares will be tendered for sale. Key words: if any employee. At the time of execution of the agreement there was not any compensation, we did start to compensate ourselfs 6 months later. All work and expertise was contributed for the stock.

What defines employee? Compensation or are there other components, there was no employment agreement. Everything was a risk the enterprise would work.

The majority partner has canceled my stock because he now doesn't want a partner and we have successfully built the project.

Recognizing that there are substanial compononents to shareholders agreements, but in this description were would the term employee fall pre or post compensation?

Other thoughts?

Thanks,


Asked on 7/03/02, 5:26 pm

2 Answers from Attorneys
Alexander M. Rosenfeld Rosenfeld & Stein, P.A.

Re: Shareholders Agreement

Without actually reading the s/a, I am not inclined to comment about it. I urge you to retain counsel so that your rights can be protected.

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Answered on 7/03/02, 5:42 pm
Peter Gonzalez Sanchez-Medina, Gonzalez, Quesada, Lage, Crespo, Gomez & MachadoLLP

Re: Shareholders Agreement

Without reviewing the shareholders agreement, it would be silly for me to speculate regarding what rights you may or may not have in light of the circumstances in which you find yourself. Retain an attorney to protect your rights and to carefully evaluate your legal options. Good luck.

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Answered on 7/03/02, 7:03 pm


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