My last company seems to be stonewalling me on how I can exercise my vested shares. After I put in my two weeks I was told by the CFO that since we were not using Carta that it was a manual process and he'd get back to me on how to exercise my shares. That was well over a month ago, and after a few follow up emails I've gotten no response. Is there anything I can do?
Ask HN: My last company is stonewalling on how to exercise shares
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Re: Ask HN: My last company is stonewalling on how to exercise shares
#2Maybe give it some more time…? If they still refuse to help you I would get in touch with a lawyer.
Re: Ask HN: My last company is stonewalling on how to exercise shares
#3If you've got shares, you can either hold them or find a private buyer. Often a private company will have first-right-of-refusal but would have to match a private buyer's price.
Since you're using the words exercise and vested, maybe you have vested options in which case the policy (by law depending on jurisdiction) should tell you how long you have to buy your shares, how the price is determined and when the company has to respond with the strike price. IANAL but giving you 90 days to exercise your options and waiting 91 days to tell you how seems illegal in several ways.
Re: Ask HN: My last company is stonewalling on how to exercise shares
#4Try calling them on the phone.
Re: Ask HN: My last company is stonewalling on how to exercise shares
#5Is it not your own responsibility to retain professional assistance to manage any transactions you may wish to perform?
Re: Ask HN: My last company is stonewalling on how to exercise shares
#6Maybe give it some more time…? If they still refuse to help you I would get in touch with a lawyer.
why wait?
Re: Ask HN: My last company is stonewalling on how to exercise shares
#7I'd definitely hang on to those, as they will massively increase in value if the restrooms run out of toilet paper.
Re: Ask HN: My last company is stonewalling on how to exercise shares
#8The answer to the question 'Is there anything I can do?' in our society is almost always 'You can get a specialized lawyer'
Sometimes just writing an email that is obviously written by/with legal counsel speeds things up immensely, in my experience.
I'm not qualified to give legal advice, but my life advice is: get legal advice if you can afford it.
Re: Ask HN: My last company is stonewalling on how to exercise shares
#9I'm having similar experience at current company. In my case I'm still an employee and haven't said anything about leaving. Gone back and forth between 'red flag' and 'normal startup disfunction'.