![]() ![]() A source familiar with the situation says that many former eBay employees who remained with Skype have options that more resemble typical Silicon Valley (i.e., vested=yours). It also was not something that applied to stock grants for all Skype employees. If, in connection with the termination of a Participant’s Employment, the Ordinary Shares issued to such Participant pursuant to the exercise of the Option or issuable to such Participant pursuant to any portion of the Option that is then vested are to be repurchased, the Participant shall be required to exercise his or her vested Option and any Ordinary Shares issued in connection with such exercise shall be subject to the repurchase and other provisions in the Management Partnership agreement.ĭon’t bother reading it again for clarity. On the third of eleven pages is the following passage: Skype tacitly acknowledged that some of Lee’s shares had already vested, but said that such vesting was irrelevant.įor evidence, Skype directed Lee back to his original stock option grant agreement. In a letter, the company argued that his vested shares were effectively worthless, because he had voluntarily resigned before the five years were up (or, in this particular case, before Microsoft had completed its acquisition). ![]() When Lee voluntarily resigned on year later to join a startup called Katango, he assumed that he was entitled to the 20% of shares that had already vested. His compensation included options for 750 ordinary shares, which would vest after five years. ![]() His job was to help make the Skype app more “web-oriented,” and also to help shorten product development life-cycles (the latter of which has been cited by Skype investors as a key achievement during their tenure). Lee says that he joined Skype in March 2010, shortly after the company was carved out of eBay (EBAY) by Silver Lake Partners, Andreessen Horowitz and the Canada Pension Plan Investment Board. Yee Lee, a former Skype employee, charged the company and its private equity investors with effectively cheating him out of vested options. ![]()
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