Hi all,
I am new to all this to here goes. Not even sure if I have put the Q in the right place.
I am an Aussie but was for a long time overseas working London. I got itchy feet to come back to Brisbane for a while. I met with the CEO of a small company in Fortitude valley a few times when out on vacation seeing family etc. This company in the valley was in trouble, heading straight for bankruptcy. I had already built business like this in UK so knew this space inside out. I was very clear with the CEO that if I was to come back to Australia and help them out to turn it around I would not be coming back as an employee. There would need to be some kind of equity. So an equity plan was hashed out in draft that we agreed on and to make it easy on everyone as they were in fire fighting mode in my contract was stated "In addition to your annual salary, XXXX’s Board of Directors will, in good faith negotiate an Employee Option Plan within three (3) months of the commencement of your full-time employment at Itoc. The number of share options and the terms under which those share options vest will be set out in your Employee Option Plan, and exercised at the sole discretion of the Board of Directors"
Company XXXX is 18 people.
I started with them on at CTO 17th April 2017. it is now 2019, no paperwork done at all regarding option plan. Zip, nada. I am now COO doing all the CEO's jobs he doesn't want to. Oh and leaving I took a massive paycut and gave a friend of mine another job I could have gone to which was a CTO position at a company with a head count of about 1000 people.
So in two years, I have brought my magic tricks to rejig strategy, process, people and product and we are now nicely healthily cashflow positive. I keep brining up this issue of no equity plan and CEO always says positive things like yes, yes, we'll get to it in a couple of weeks, there is just this one thing I have to do first. This has been the recurring story since 2017. I am getting annoyed now.
Can anyone offer any advice ?
Cheers
s
I am new to all this to here goes. Not even sure if I have put the Q in the right place.
I am an Aussie but was for a long time overseas working London. I got itchy feet to come back to Brisbane for a while. I met with the CEO of a small company in Fortitude valley a few times when out on vacation seeing family etc. This company in the valley was in trouble, heading straight for bankruptcy. I had already built business like this in UK so knew this space inside out. I was very clear with the CEO that if I was to come back to Australia and help them out to turn it around I would not be coming back as an employee. There would need to be some kind of equity. So an equity plan was hashed out in draft that we agreed on and to make it easy on everyone as they were in fire fighting mode in my contract was stated "In addition to your annual salary, XXXX’s Board of Directors will, in good faith negotiate an Employee Option Plan within three (3) months of the commencement of your full-time employment at Itoc. The number of share options and the terms under which those share options vest will be set out in your Employee Option Plan, and exercised at the sole discretion of the Board of Directors"
Company XXXX is 18 people.
I started with them on at CTO 17th April 2017. it is now 2019, no paperwork done at all regarding option plan. Zip, nada. I am now COO doing all the CEO's jobs he doesn't want to. Oh and leaving I took a massive paycut and gave a friend of mine another job I could have gone to which was a CTO position at a company with a head count of about 1000 people.
So in two years, I have brought my magic tricks to rejig strategy, process, people and product and we are now nicely healthily cashflow positive. I keep brining up this issue of no equity plan and CEO always says positive things like yes, yes, we'll get to it in a couple of weeks, there is just this one thing I have to do first. This has been the recurring story since 2017. I am getting annoyed now.
Can anyone offer any advice ?
Cheers
s
