You are ultimately responsible for asserting your contractual rights. Your stock options had an expiry and you did not exercise them in time. The letter you received notifying that you had 15,625 vested options was not an award in of itself, it was only a courtesy notifying you that you had vested options to exercise before they expired. Even if due to ambiguous wording it could be argued that 25,000 options had vested at the time instead of 15,625, that was only relevant until the options expired. You needed to assert your rights to the [additional 9,375] vested options before they expired. So, this issue died in 1996.
I had a similar experience although over a shorter time horizon. I was in a dispute with a corporation which prompted me to pore over every word in every previously signed agreement. I discovered, due to an obvious typo in a stock option agreement, more options had vested than had been intended. After some pushback, they eventually relented and awarded me the options.
Given the amount of money involved, it was worth engaging lawyers to see if NVIDIA would pay you some money to save the hassle of dealing with it, but there is and was zero prospect of this ever being awarded in your favor by a court since the options expired.
They exercised 15,625 options of the 25,000. The OP sent $781.25 to NVIDIA. The remaining 9,375 options were not exercised, they expired 90 days after April 16th 1996.
Only in hindsight, 30 years later, has the OP realized that the other 9,375 had vested due to ambiguous wording in the agreement. The article is about the 9,375 that were not exercised.
Yeah. The issue being that at the time both the CFO and their external counsel Cooley told me in writing that 15,625 shares had vested. Those representations were incorrect. And I (quite reasonably) replied on them rather than checking the original documents. Which I did only 30+ years later. In legal terms, the CFO Gani’s 1996 letter is a negligent misrepresentation, a species of fraud under Cal. Civ. Code § 1709-1710.
If he's arguing that he could effectively revoke his past final decision to sell it all at not-billions by demanding withdrawal of hypothetical now-billions from NVIDIA, I wouldn't be sure what system will happily grant him that...
reticulates · · focus · HN ↗
I had a similar experience although over a shorter time horizon. I was in a dispute with a corporation which prompted me to pore over every word in every previously signed agreement. I discovered, due to an obvious typo in a stock option agreement, more options had vested than had been intended. After some pushback, they eventually relented and awarded me the options.
Given the amount of money involved, it was worth engaging lawyers to see if NVIDIA would pay you some money to save the hassle of dealing with it, but there is and was zero prospect of this ever being awarded in your favor by a court since the options expired.
kevmo314 · · focus · HN ↗
reticulates · · focus · HN ↗
<a href="https://colo.to/exercise.pdf" rel="nofollow">https://colo.to/exercise.pdf
They exercised 15,625 options of the 25,000. The OP sent $781.25 to NVIDIA. The remaining 9,375 options were not exercised, they expired 90 days after April 16th 1996.
Only in hindsight, 30 years later, has the OP realized that the other 9,375 had vested due to ambiguous wording in the agreement. The article is about the 9,375 that were not exercised.
donbox · · focus · HN ↗
Eric_Gullichsen · · focus · HN ↗
cloudbonsai · · focus · HN ↗
numpad0 · · focus · HN ↗