Counsel
Ask an expert!
Legal, accounting and compliance advice from qualified professionals.
Has your company already been incorporated? If yes, were the names of the first directors mentioned in the Article of Association (AOA) or was a method for appointing someone as a Director put down? If the AOA is silent on this issue, a Director of the company has to be appointed by the shareholders.
You need to discuss this issue with the CEO...
Wazzeer Professional Network
ProfessionalHello, I am actually working on a product for a startup that decides the future of the company. We are three man team, one among which is CEO of the startup, myself as the core developer and other one takes care of outsourcing - documentation. The CEO promised both of us will be granted ownership of the company, now when the relationship reached the agreements. He has given agreement that states, I'm the employee who owns restricted shares 20% common stocks of the company that is vested over 10 years. speaking of the salary - It's equal to other directors: like mentioned in the agreement but there's no solid amount in the agreement. I find something fishy, I think this is not the actual thing he promised. This is merely an employee who has equal rights as a director but not actually a director. The stocks that will vest only after 10 years after which I can redeem. I may be fired before that and won't get any stocks. So I want to know is this the justice done to the core developer who has the future of the product in hand? Also what other optional claim do I have? Basically, what is the justified claim that I could make?
-
Wazzeer Professional Network
ProfessionalHas your company already been incorporated? If yes, were the names of the first directors mentioned in the Article of Association (AOA) or was a method for appointing someone as a Director put down? If the AOA is silent on this issue, a Director of the company has to be appointed by the shareholders.
You need to discuss this issue with the CEO and ask for the clarifications you want. It is entirely possible that you are getting what you were promised. You can be a director of the company without the said designation. It does not matter what you are called; if your scope of work/duties/responsibilities/real position is those of the director, then you are considered to be a director of the company. A managing director, a full-time director or manager are all considered to be employees of the company. Ask the CEO whether you will have any representation on the Board? The answer to the question will tell you if you are an employee of the company or a director. Furthermore, if you want to become the director of the company, please obtain a Director Identification Number (DIN) for this purpose.
As for the salary, the same can be fixed by passing an ordinary resolution by the Board.
We at Wazzeer, offer the right expertise that is required on a click ->"Get Started"
about 4 years ago
View answer
Hello, I am actually working on a product for a startup that decides the future of the company. We are three man team, one among which is CEO of the startup, myself as the core developer and other one takes care of outsourcing - documentation. The CEO promised both of us will be granted ownership of the company, now when the relationship reached the agreements. He has given agreement that states, I'm the employee who owns restricted shares 20% common stocks of the company that is vested over 10 years. speaking of the salary - It's equal to other directors: like mentioned in the agreement but there's no solid amount in the agreement. I find something fishy, I think this is not the actual thing he promised. This is merely an employee who has equal rights as a director but not actually a director. The stocks that will vest only after 10 years after which I can redeem. I may be fired before that and won't get any stocks. So I want to know is this the justice done to the core developer who has the future of the product in hand? Also what other optional claim do I have? Basically, what is the justified claim that I could make?
-
Wazzeer Professional Network
ProfessionalHas your company already been incorporated? If yes, were the names of the first directors mentioned in the Article of Association (AOA) or was a method for appointing someone as a Director put down? If the AOA is silent on this issue, a Director of the company has to be appointed by the shareholders.
You need to discuss this issue with the CEO and ask for the clarifications you want. It is entirely possible that you are getting what you were promised. You can be a director of the company without the said designation. It does not matter what you are called; if your scope of work/duties/responsibilities/real position is those of the director, then you are considered to be a director of the company. A managing director, a full-time director or manager are all considered to be employees of the company. Ask the CEO whether you will have any representation on the Board? The answer to the question will tell you if you are an employee of the company or a director. Furthermore, if you want to become the director of the company, please obtain a Director Identification Number (DIN) for this purpose.
As for the salary, the same can be fixed by passing an ordinary resolution by the Board.
We at Wazzeer, offer the right expertise that is required on a click ->"Get Started"
about 4 years ago
Looking to hire a professional from our handpicked community?
Explore our services, submit your request and let us do the rest for you.