Can an agreement via email be a valid contract?

[lthor2]

What is the name of your state (only U.S. law)? PA

Dear Friends,

I truly hope a lawyer or a professional in the legal field can point me in the right direction.

I work for a company (18 months) that had made promises in writing (Via email) to me to issue stock in the company if I achieved set goals (upto 25% of the remaining stock after the sale of the company). Those goals have been met, and I have drafts of the contract issuing me the stock (up to 7%) from the founder of the company, and another 10% in options (valued at $500,000) that I have 6 years to exercise at the price of $200,000. When the companies lawyers drafted the change in stock ownership exchanging the minority owner to now the majority owner, they left me out.

I confronted the CEO who told me it just wasn't going to happen. And I would not receive the stock or the options. As of today both are valued close to $850,000 and soon to grow based on the new business at Wal-Mart.

The other major issue at hand is that based on the new ownership structure I agreed to take a pay cut down to $100,000 from $120,000 (plus bonus). But now my pay is at $80,000 and I am told that's all they can afford right now. I have this all in writing and the drafts to the contracts.


I just found this out on Thursday, and not sure if I should lawyer up now, or take the blow and be happy I still have a job in these times we are in.

I posted this same issue on the employment board, but noticed that this wasnt as much an employment law issue as much as it is a Contract law issue. Can the emails and agreement via email to move forward accaptance of a contract? The Emails have a Re: "Comp Package" title.

Thank you in advance.
Lance

 

[Some Random Guy]

You are talking about losing $850,000 in compensation, and you don't even want to spend a few hundred dollars to sit down with an experienced local employment lawyer to discuss your case?

 

[lthor2]

I do have an appointment with a lawyer, but this just all happened at the end of the week. Currently the emotional hurt and pain still sits high and reaching out on a message board is a good way for me to hear other thoughts and opinions to help keep me grounded. I am looking forward to hearing other thoughts, and help me in doing my own research so I am not wasting time and money.

If I had 5 out of 5 people tell me on this board I have no chance, I wouldn't pay the $425 for an hour with the lawyer, and I would change my direction and consult with a $125 an hour lawyer.

This message board I hope adds good insight for me in ideas moving forward and opinions.

 

[rhinocl]

It sounds like you may have a valid case. I would try to get some free consultations before spending $425. By the 3rd lawyer you should know if you feel confident with one of them. If not try the one you have to pay the $425 for. Can you get another comparable job?It might be uncomfortable working there while suing. Is the stock really going to be of any value? No sense winning a useless judgment.

 

[lthor2]

Thank you for your reply.
Yes the stock has value. Its is not publicly traded, which is better in this issue as the value of the stock is based on the same valuations we used to sell the company. And it has grown a bit since the transfer of stock. I do have other opportunities, but that would require a transfer, and with 5 kids, that's out of the question. One lawyer I spoke with who reached out to already (Sunday) stated I have a better chance staying there, and if they fire me another cause for a possible wrongful dismissal, and with my employment contract, they would have to pay me to walk.