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Zynga To Employees: Surrender Pre-IPO Shares Or You're Fired
ardmhacha writes "Zynga seem to think they were overly generous handing out stock to early employees. Fearing a 'Google Chef' situation they are leaning on some employees to hand back their unvested stock or face termination. From the article: 'Zynga's demand for the return of shares could expose the company to employment litigation—and, were the practice to catch on and spread, would erode a central pillar of Silicon Valley culture, in which start-ups with limited cash and a risk of failure dangle the possibility of stock riches in order to lure talent.'"
Yes. Their management is well known for doing all kinds of borderline illegal stuff. Seriously, look up stories about how they got started.
"Who is the Journal of Quantum Physics going to believe?" --Stephen Hawking
Quitting is a bad move. Getting fired is much, much better for your lawsuit.
"Who is the Journal of Quantum Physics going to believe?" --Stephen Hawking
The problem is that this is about yet-unvested stock - so if an employee quits, or is terminated for cause, he'll never get to vest them and loses them all. So company, basically, demands that employee surrenders a part of his unvested stock in exchange for being given an opportunity to vest the remainder.
That said, I've never heard of that ever happening, large corporations or no. Certainly not from anyone I know at Microsoft or Google. You can kinda understand why, too - it's morally equivalent to promising a certain payment upfront, and then reneging on it. The effect of doing so, especially in a way as public as this, will severely affect company's ability to attract talent. I mean, I know that I would never, ever consider working for Zynga after this news, and I bet many people would agree on that. I don't know what the hell they were thinking with this. Unless, of course, they plan on switching to 100% H1-B for rank and file (and even then the ones that are actually good would still skip on such an offer).
In CA, you can get unemployment even if you quit, get fired for stealing, etc.
False. You can get it if you quit, but you have to have a very good reason for quitting and you have to take steps to rectify the issue first.
http://www.edd.ca.gov/uibdg/Voluntary_Quit_VQ_5.htm
You cannot collect at all if you are terminated for willful theft.
http://www.edd.ca.gov/uibdg/Misconduct_MC_140.htm
Two employees at my porn store (former employees, that is,) are collecting. On our dime.
You either do not know the whole story, or are withholding relevant information.
Um... did you even bother to contest it? In my state (Arizona) if an employer contests, they win. Period. You're either none too bright, a paid shill astroturfing for a right wing think tank, or withholding information. Just out of curiosity, which is it?
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Eh, Barring employees from talking about wages is a violation of The national labor relations act. I'd cry tears of joy if I had it on paper someone was firing me for that reason, because winning the resulting lawsuit would be basically guaranteed.