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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Business Law
Satisfied Customers: 1611
Experience:  Run my own successful business/contract law practice.
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I am an ex employee of a successful, privately held start up

Customer Question

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 positions.

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.
Submitted: 5 years ago.
Category: Business Law
Expert:  Fran-mod replied 5 years ago.

My name is Francine, and I’m a Moderator for JustAnswer.

I'm sorry you haven't received an answer yet.

The response rate on JustAnswer is usually over 95%, but delays can result depending on the number of Experts online, the question volume, and the difficulty level of the question.

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Customer: replied 5 years ago.

I posted a question(s) and received a response immediately, however, his first reponse made it clear he did not carefully read what I wrote. I asked for a clarification on that point, he responded and acknowleged the public/private difference - his mistake.

Next, I delved into the second point more precisely, he responded again.

With that, I wanted to get more consensus, so that is why I posted the same question a second time - thus your reponse to me. I hope this explains my question more accurately.

Now, with that said, my wife was the person who referred me here in the first place. We were discussing this topic last night and discovered that the expert that responded to me was the same expert who interacted with her and she was very pleased with his responses, overall.

Now, as I am still learning your system, I am going to accept his answers, but ask the same question again to try and get other opinions as I am not entirely sure this expert undstands the explicit nature of my question.

Expert:  Fran-mod replied 5 years ago.

Thanks for your information. I see you have relisted your question and it's been answered. I'm just going to close this one as a duplicate. No need to reply as all that will do is reopen it.

Regards, XXXXX XXXXX a good weekend,

Moderator, JustAnswer

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