How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask barristerinky Your Own Question

barristerinky
barristerinky, Attorney
Category: California Employment Law
Satisfied Customers: 23812
Experience:  Attorney for over 12 years. MBA degree earned as well.
19958803
Type Your California Employment Law Question Here...
barristerinky is online now
A new question is answered every 9 seconds

I signed an employment agreement and an equity agreement, 5

Customer Question

I signed an employment agreement and an equity agreement, 5 one year terms with a clause stating if I terminate the contract I am only entitled to half the $$. At the end of the fifth year after unsuccessfull negotiations for 6 months to purchase the business I was offered a new contract but elected to move on and start my own company. I sent a letter requesting the terms of the equity agreement be enforced and begin payment but the owner refuses to pay? The formula for amount is defined in the agreement along with arbitration as a settlement venue. Loser pays all expenses and the award is in the $400,000. Range what are my options as the company has a new buyer as of last week with a sale to finalize in 30 days
Submitted: 1 year ago.
Category: California Employment Law
Expert:  Fran-mod replied 1 year ago.
Hi, I'm a moderator for this topic. I've been working hard to find a professional to assist you right away, but sometimes finding the right professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you. Thank you!
Customer: replied 1 year ago.

I am ok waiting

Expert:  Joseph replied 1 year ago.
Hello and welcome to JustAnswer.

I'm sorry to hear about your situation and hope I can help.

I would definitely suggest that you contact a local attorney to discuss your case as soon as possible in order to enforce the terms of the agreement through arbitration.

You can find an attorney using one of the sites here:

www.lawyers.com

www.avvo.com

www.martindale.com


This would be the only sure fire way to ensure that the agreement is enforced and that you receive the money to which you're entitled under the terms of the agreement.
Customer: replied 1 year ago.

This answer is obvious, some reference directed towards weather a sale of the company would affect my case and what my timeline is to file this case in the state would have satisfied my concerns at this point in time?

Expert:  barristerinky replied 1 year ago.

Hello,

.

New expert here....

.

If the business owner has refused to pay you the equity payments that you are entitled to, then your recourse would be to file suit against him for breach of contract for the entire amount of the contractual agreement as well as for any attorney fees you may incur in the proceeding.

.

The sale of the business would not affect the underlying contract unless the seller was incorporated and then dissolved their business. But in a case like this, the sooner a suit is filed, the better. If you could get it filed before any actual sale takes place, you could also ask for injunctive action to be issued to prevent a sale until your claims are heard. This can put a lot of pressure on the seller to pay you so that the business can be freed up for a sale. It will also spook the buyer because no one wants to buy a business while it is the subject of a lawsuit.

.

Due to the amount, you would need to contact a civil litigation attorney to represent you and file the lawsuit. If he moved quickly, he could file a bare bones complaint in a day or two just to get things started and make it public knowledge and then come back and amend the complaint to flesh it out. As soon as it is filed, he could then notify the potential buyer that the business was the subject of a breach of contract suit and that would definitely cause the buyer to step back until it was cleared up.

.

.

.

Thanks.

Barrister

.

Please don't forget to rate my service "OK" or higher. It is only then that I receive credit for my work.

.

If you need further help, just reply to me via the “REPLY” or “CONTINUE CONVERSATION” button and I will be happy to continue.

.

I am trying to help you understand and resolve your situation but I don't make the laws, so the outcome may not be what you had hoped for.

.
Please be patient as I am typically working with several customers at any given time.

.

I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

 

barristerinky, Attorney
Satisfied Customers: 23812
Experience: Attorney for over 12 years. MBA degree earned as well.
barristerinky and 3 other California Employment Law Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • LawTalk

    Attorney

    Satisfied Customers:

    933
    I have 30 years of experience in the practice of law, including employment law and discrimination law.
< Last | Next >
  • http://ww2.justanswer.com/uploads/LA/LawTalk/2012-6-6_17379_LawTalk.64x64.JPG LawTalk's Avatar

    LawTalk

    Attorney

    Satisfied Customers:

    933
    I have 30 years of experience in the practice of law, including employment law and discrimination law.
  • http://ww2.justanswer.com/uploads/MU/multistatelaw/2011-11-27_173951_Tinaglamourshotworkglow102011.64x64.jpg Tina's Avatar

    Tina

    Attorney

    Satisfied Customers:

    869
    JD, 16 years experience & recognized by ABA for excellence in employment law.
  • http://ww2.justanswer.com/uploads/PI/PIExpert/2012-7-1_152453_Attorney.64x64.jpg Brandon, Esq.'s Avatar

    Brandon, Esq.

    Lawyer

    Satisfied Customers:

    332
    Has received a certificate of recognition from the California State Senate for his outstanding legal service.
  • http://ww2.justanswer.com/uploads/PH/phoenixrising119/2012-7-26_11214_043.64x64.jpg melissamesq's Avatar

    melissamesq

    Attorney

    Satisfied Customers:

    47
    Represent clients to maximum recovery in employment cases.
  • http://ww2.justanswer.com/uploads/IG/Iggy1001/2013-11-20_23344_JApic.64x64.jpg Joseph's Avatar

    Joseph

    Lawyer

    Satisfied Customers:

    3602
    Extensive experience representing employees and management
  • http://ww2.justanswer.com/uploads/JK/jkiani22/2013-11-18_15348_JacobKiani1copy2.64x64.jpg jkiani22's Avatar

    jkiani22

    Attorney

    Satisfied Customers:

    24
    Attorney
  • /img/opt/shirt.png Legal Counsel's Avatar

    Legal Counsel

    Lawyer

    Satisfied Customers:

    32
    California Licensed Attorney- 29 years- Wages, Hours, Overtime, Discrimination, Wrongful Termination.