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Is he correct that even though my buy out was 2010 I am not entitled to my distribution from 2009? Once my stock was sold even though it was after 2009 year?
Is he correct that even though my buy out was 2010 I am not entitled to my distribution from 2009?
I couldn't say for sure without actually reviewing the compensation agreement and when it said that profit calculations became final for the year. But presumably if the buyout was in 2010, any distribution for 2009 would have already vested and you would be entitled to payment.
This is yet another point you could press if you sued... You could look at how past distributions were paid out and when they were paid. Assuming that nothing had changed with your Bylaws, the timing and procedure for payment should continue on as an established protocol.
So if you went back and looked at the past 10 years or so and showed how the profit distribution was paid out in the subsequent year, I think you would have hard proof that this was still the case and that the other owner is still liable to pay you your 09 share of the profits.
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