Stock Options and Severance Pay
I am in CA
I was laid-off due to budgetary reasons on 03/03/2006. My stock options (private co not IPO yet) do not begin to vest (25%) till 04/04/2006. I was put on what they call "salary continuance" because my contract entitles me to 45 days notice or 45 days severance payment. They gave me a single check payment in lieu of 45 days notice. They were supposed to pay me in 2 payments on 03/31/2006 and 05/19/2006 yet they gave me a 1 single payment check and called it "salary continuance"? They claim I am not an employee anymore and therefore I am not on the payroll and therefore I am not entitled to vest in my options on 04/04/2006. They blocked my unemployment insurance benefits till 04/19/2006, by telling the CA EDD that I have been paid severance till 04/19/2006 !!!. Do I have a legal claim to my options?
What is the name of your state?What is the name of your state?
I am in CA
I was laid-off due to budgetary reasons on 03/03/2006. My stock options (private co not IPO yet) do not begin to vest (25%) till 04/04/2006. I was put on what they call "salary continuance" because my contract entitles me to 45 days notice or 45 days severance payment. They gave me a single check payment in lieu of 45 days notice. They were supposed to pay me in 2 payments on 03/31/2006 and 05/19/2006 yet they gave me a 1 single payment check and called it "salary continuance"? They claim I am not an employee anymore and therefore I am not on the payroll and therefore I am not entitled to vest in my options on 04/04/2006. They blocked my unemployment insurance benefits till 04/19/2006, by telling the CA EDD that I have been paid severance till 04/19/2006 !!!. Do I have a legal claim to my options?
What is the name of your state?What is the name of your state?
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