3rd Circuit: Former Executive Has No Right To Unvested Stock Options
Mealey's (July 30, 2015, 11:26 AM EDT) -- PHILADELPHIA — An executive who was promised stock options that would vest on his first three yearly anniversaries but was fired before he was vested had no right to those options and failed to claim breach of contract or retaliation, the Third Circuit U.S. Court of Appeals ruled July 23 (Damian J. Cioni v. Globe Specialty Metals, Inc., et al., No. 14-3404, 3rd Cir.; 2015 U.S. App. LEXIS 12684).
Damian Cioni was recruited to join Globe Specialty Metals Inc. by company Chief Financial Officer Malcolm Appelbaum....