I am an ex employee of a successful, privately held start up company that has grown profitable. I am vested with a block of ISO stock options. I bought and paid for my stock options within the required 30 days of my departure date. The company was funded with a combination of four different VC groups in the first (5) years. The company is now 10 years old and as far as I know the original funding groups are still in their investment
As far as I know nothing has changed in the planned exit strategy of selling the company to an interested acquiring company. Since leaving the company several years ago, and having been verbally promised we stockholders would be getting, at least, an annual written update that would be sent to the group, I have yet to get any formal updates on the status of the company.
I have been patient, but am now growing very concerned about the outcome. As the expiration of the ISO plan is coming up in a year, I have been recently sending email written requests for that formal update to the CEO and CFO. Short of starting to call them directly on the telephone, I have yet to get any response.
My primary and secondary questions are: What legal obligations does the CFO/CEO have to me (all of us ISO stockholders) for communicating company status and future plans? If they have no legal responsibilities to communicate their plans to me/us, what potential problems could I generate for myself by formally making my requests directly the board of directors
of this company - of which the CEO is the Chairman of Board of Directors? Secondly, as the ISO plan expires in a year, what should I expect for the company to modify, or renew the plan to maintain continuity?
I want answers and believe I am entitled to get some from them. I am trying to assess the risk of my rattling the doors at the BOD level and what they could mean for my downside.