- Jurisdiction
- Delaware
I have joined a startup as a co-founder and signed Founder Stock Purchase Agreement almost a year ago (vesting cliff of 1 year comes into effect in 4 days) and we agreed to 10-20-30-40 vesting. Due to a personal conflict with one of the co-founders and upon his request I chose to exit, this is in fact a forced exit without objective reasons. We have been discussing exit terms, which one of them was to grant me shares 10% vested amount plus 0.4%. The release has not happened yet and I am still in fact a co-founder and a Director. The third co-founder is neutral so far on the case. Yesterday the co-founder with whom I had a conflict informed me that the company was approached with an intent for an acquisition and he believes in "non-zero" chance of an acquisition before the end of the year. Now this changes things dramatically. With the acquisition (change of control) all the shares would vest automatically, which means I will have a lot more to gain if I don't exit now on the terms that I have agreed but not yet signed anything yet. Also because he took time with getting things ready my 10% shares are going to vest now anyway so I am not getting anything out of exiting. I am wondering what would be a reasonable thing to do within the framework of the laws of Delaware. Thanks a lot!
