I just noticed that all of my restricted stock, which was due to be fully vested in September and November has suddenly been cancelled. I can only hope they are re-issuing the RS according to pro-rated description in my separation letter. Anyone else see this?
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Exactly what they did to me years ago in a different company right before the selloff to a bigger company. Vesting never occurred.
Checked with my lawyer - unfortunately they can cancel anytime and no recourse.
My lawyer also said it smells like they had no intention to follow through on the RSUs as they knew about the layoffs well in advance and used the RSUs as a cheap (read zero cost) way to retain employees until the eLeadOne acquisition. Sneaky!
sorry but it's "restricted" which means you have to be employed to get it. Its a "hook" to keep you from leaving...if you're still around on the anniversary date to get it.
Same thing happened to me when CDK laid me off. Restricted Stock disappeared. Had to call HR after my departure to find out what happened to my stock. Was not notified this would happen upon exit.
This happened to me with a previous employer. Unfortunately No since you were not vested you get nothing. They do not prorate either you are vested or you get nothing.