Legal Question in Investment Law in Utah
Company equity
In January the company I am working for started substituting half of my salary with equity in the company. I have emails showing this. I asked for signed documentation but they would never provide it.
Today is my last day of work here. Yesterday I asked about the equity I bought in the company and was told I would be provided with the information. Then about 5 hours later I was told that I was not vested in the company long enough to get the equity I purchased with my salary. Also, this was the first time I ever heard of the vesting period. They made it up in the meeting they had yesterday afternoon. I have a few emails that talk about what I did with my salary in exchange for equity but none of them say anything about the vesting time.
Is this legal?
Thank You
1 Answer from Attorneys
Re: Company equity
There definitely should have been a written agreement granting you some type of equity option or appreciation right if they are going to claim that you have forfeited it now. Since you were never provided with an explanation or written document I would go after them. Call me if you need help.
-Paul Jones
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