IMO one thing I think should be made into law is that if a company grants unvested equity, everything granted will automatically vest when you get laid off.
If you decide to quit before they vest, I understand that those grants should be forfeited. If you get fired for not doing your job, I also get forfeiting them.
But if the company lays you off, that’s on their side, so I think the opposite (automatic vesting) should be guaranteed by law.
I had to verify the current situation in the United States is what you stated because it’s intuitively so wrong. I can’t believe an employer can set terms for compensation and, through no fault of the employee, legally prevent that employee from completing those terms.
Don’t know anything about their case, but an acquaintance of mine works for a company that got bought and their vests just evaporated the moment the company changed hands ¯\_(ツ)_/¯
IMO one thing I think should be made into law is that if a company grants unvested equity, everything granted will automatically vest when you get laid off.
If you decide to quit before they vest, I understand that those grants should be forfeited. If you get fired for not doing your job, I also get forfeiting them.
But if the company lays you off, that’s on their side, so I think the opposite (automatic vesting) should be guaranteed by law.
I had to verify the current situation in the United States is what you stated because it’s intuitively so wrong. I can’t believe an employer can set terms for compensation and, through no fault of the employee, legally prevent that employee from completing those terms.
Land of the free!
Yeah, my company just re-organized their shares and reset my vesting schedule after 5 years. And are trying to get rid of me.
Reset the schedule for shares they already granted you? Or for future grants?
Ones they already granted me
Do you have a signed agreement with them on the original schedule? I don’t think it’s legal for them to unilaterally change that agreement.
Don’t know anything about their case, but an acquaintance of mine works for a company that got bought and their vests just evaporated the moment the company changed hands ¯\_(ツ)_/¯
Ouch
Illegal. Sue them.