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What is the name of your state? TX
I left a Fortune 50 firm and a very good paying job to join a start up 3 years ago. Most of my work will allow the organization to make lots of money in the future. As a senior engineer of the firm, I was given a large stock options and annual bonus plan. But due to the slow down in the economy, I have never been paid any bonuses. Last year we were verbally told that every one will take 30% pay cut but as soon as the money is available, we will be paid back.
For last 3 months, we have been working without pay. Hoping that some business will come in soon (we are iin trials with two major customers). However, company has been paying our health insurance. Two weeks ago my boss issued me a letter stating that I am laid off with start date being 3 months ago (5/15). His explanation is that this will allow us to collect unemployment but we will continue to work and be paid back whenever the company has money. Nothing on paper states this.
Now I am not sure how to deal with this situation. If I am really laid off, I should get some vacation and severance pay. My layoff date should be after the notice and vacation time (9/15). This will mean that company will owe another year bonus. Most of my options are also expiered before 3 year (9/15) date. What should be my course of action without straining my relationship with the company? I would like to collect umemplyment but it could eliminate my claim on this year bonus, back pay from pay cut, and probably 6 months of pay. In this whole process, I have never signed any paper. Only emplymenet letter at the start reads all the terms mentioned here. There have been emails from my employer about paycut being effective starting last year. Need advise ASAP.
Thank you in advance.
p.s. forgot to mention one thing. during this process I have also filled for bankcruptcy. So I really need all may back pay and bnous money. And if company is sucessful in the future, I would like to make some money from options.
I left a Fortune 50 firm and a very good paying job to join a start up 3 years ago. Most of my work will allow the organization to make lots of money in the future. As a senior engineer of the firm, I was given a large stock options and annual bonus plan. But due to the slow down in the economy, I have never been paid any bonuses. Last year we were verbally told that every one will take 30% pay cut but as soon as the money is available, we will be paid back.
For last 3 months, we have been working without pay. Hoping that some business will come in soon (we are iin trials with two major customers). However, company has been paying our health insurance. Two weeks ago my boss issued me a letter stating that I am laid off with start date being 3 months ago (5/15). His explanation is that this will allow us to collect unemployment but we will continue to work and be paid back whenever the company has money. Nothing on paper states this.
Now I am not sure how to deal with this situation. If I am really laid off, I should get some vacation and severance pay. My layoff date should be after the notice and vacation time (9/15). This will mean that company will owe another year bonus. Most of my options are also expiered before 3 year (9/15) date. What should be my course of action without straining my relationship with the company? I would like to collect umemplyment but it could eliminate my claim on this year bonus, back pay from pay cut, and probably 6 months of pay. In this whole process, I have never signed any paper. Only emplymenet letter at the start reads all the terms mentioned here. There have been emails from my employer about paycut being effective starting last year. Need advise ASAP.
Thank you in advance.
p.s. forgot to mention one thing. during this process I have also filled for bankcruptcy. So I really need all may back pay and bnous money. And if company is sucessful in the future, I would like to make some money from options.
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