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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Business Law
Satisfied Customers: 41220
Experience:  Run my own successful business/contract law practice.
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The majority owner of the Company I work has verbally

Customer Question

The majority owner of the Company I work has verbally commited stock ownership in the company for several years and owneship commitment was in writing on a non compete. Have not received the stock do I have a good case?
Submitted: 1 year ago.
Category: Business Law
Expert:  Dimitry K., Esq. replied 1 year ago.

Thank you for your question. Please permit me to assist you with your concerns.

Do you have proof or evidence of this verbal commitment? When were you supposed to receive the stock?

Customer: replied 1 year ago.
I have several employees that are aware of the verbal commitment and i have copy of the nondisclosure that states his stock commitment to me. He was supposed to have transferred stock to me in January and is still putting it off as he gas for several years in row while he continues to take about $400,000 profit each year.He just fired someone he also made a verbal commitiment to so I became more concerned. I manage the business the majority owner is only here part time and there is a minority owner of 20% that we bought the company from and he is not invloved with the business
Customer: replied 1 year ago.
I had an original employment agreement referencing ownership commitment but can not find it. Only have a copy of a non compete that references % of ownership as compensation.
Customer: replied 1 year ago.
My percentage was to be at least 28%
Customer: replied 1 year ago.
The compete was signed around 2006
Expert:  Dimitry K., Esq. replied 1 year ago.

Hi,

Do you have anything in writing referencing this commitment, such as emails, texts, even instant messages, anything that you can point to other than just the non-compete as evidence of this agreement?

Customer: replied 1 year ago.
The non-compete was signed, by him but the only thing I have is the 4 employees that are aware of it. Nothing else in writing.
Customer: replied 1 year ago.
He supposedly has the original agreement from 1999 but I lost my copy. He will not bring his copy in so I only have the non compete in writing.
Expert:  Dimitry K., Esq. replied 1 year ago.

Hi,

That makes it tough to prove that it existed. Yes, you can use the other employees and ask them to be witnesses, testify, or agree to be deposed if the employer fails to pay. But ultimately any compensation must be in writing to prove that the promise was made. Here, since there is nothing in writing, the burden would be on you to prove that the terms existed, and what the terms were specifically. It is not impossible to prove, but it is not easy, so while you can pursue it, I would very strongly urge you to try to get something in writing, some admission from the employer, that this obligation is owed to you.

Sincerely,

Dimitry, Esq.

Customer: replied 1 year ago.
Ok, last question, should i get signed statements from people who are aware of the agreement in case i need to hire a lawyer for this at some future date?
Expert:  Dimitry K., Esq. replied 1 year ago.

Hi,

You may want to get that done as quickly as possible, and just in case it turns to litigation, so that you can find them again. If necessary you can then give this information to your attorney, and the attorney would seek to interview them for your case.

Sincerely,

Dimitry, Esq.

Expert:  Dimitry K., Esq. replied 1 year ago.
Hi,
Please let me know if I can assist you further. Otherwise, if satisfied, kindly do not forget to positively rate. Thank you!
Sincerely,
Dimitry, Esq.

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