Legal Question in Business Law in Virginia

Stock Option/Unregistered Stock

I worked for a start-up but public company from March 2001 thru February 22, 2003. I received minimal salary and finally settled for: 200,000 restricted, unregistered shares and 141,225 unrestricted shares. All shares were taken in lieu of cash. I have not received the unrestricted shares. So my questions are 1) what can I do to force that to happen and 2)what can I do to get the firm to convert the restricted shares to unrestricted. The firm talks about some form of letter I have to write after one or two years of ownership. I signed the Stock Purchase Agreement (subject to the Securities ACT of 1933) for the unrestricted shares on March 21, 2002.


Asked on 4/16/03, 6:18 pm

1 Answer from Attorneys
Paul B. Ward Law Offices of Paul B. Ward

Re: Stock Option/Unregistered Stock

There's a bit more to know before I can opine on your shares: what had to happen for you to get the unregistered stock, what does the stock restriction agreement say, etc. Selling unregistered stock is not a piece of cake.

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Answered on 4/17/03, 4:01 pm


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