Legal Question in Securities Law in Maryland

Removing restriction from locked-out stock

I exercised some stock options from my employer over a year ago. Part of my agreement was a six-month lockout after IPO which has just expired. Theoretically I should be able to sell today, except the restricted legend has not yet been removed. I have asked numerous times and transfered my certificates to and from my broker as recommended without success. Assuming my company is not going to be helpful in facilitating this process, and I wish to sell in the next few days, what are my options? Are they liable for any money I lose as a result of delaying the sale?

Thanks, Steve


Asked on 9/06/07, 8:31 pm

1 Answer from Attorneys
G. Joseph Holthaus III Law Offices of G. Joseph Holthaus

Re: Removing restriction from locked-out stock

I need to see the articles and the grant provisions pertaining to options. Other relevant documents are the offering certificate for the IPO, preferrably the market solicitation that was made public. Close sales of the initial equity offering may also have an affect.

Read more
Answered on 9/06/07, 8:45 pm


Related Questions & Answers

More Securities Law questions and answers in Maryland