Tesla Employee Claims Stock Options Were Not Vested on First Day of Employment as Promised - 23 Feb 2012

Tesla Employee Claims Stock Options Were Not Vested on First Day of Employment as Promised

A
former Tesla employee has filed suit on behalf of himself and other
similarly situated individuals, complaining and alleging that his stock
options, much like many other employees, were not vested on his first
day of employment, according to the claim posted by Courthouse News.

The class Scott Zilincik seeks to represent is defined as:

All persons who were employed by Tesla Motors and separated from the
Company before their first year anniversary and who were deprived the
right for stock options they were provided under their employment
agreement with the company (the “Class”).

As a result of the Incentive Plan, the employment agreement of
Zilincik and other Class members caused them to reasonably expect that
they would receive all options to purchase Tesla Motors’ stock that was
promised to them pursuant to those employment agreements.

According to the suit, Tesla Motors breached Zilincik and other Class
members employment agreements and the Incentive Plan by denying them
the option to exercise options that were granted during their employment
with the Company.

The questions of law and fact common to the Class members are as follows:

a)    Whether the former employment agreements of Tesla Motors and
Incentive Plan allows for the vesting of stock options in the first year
of employment with Tesla Motors;

b)    Whether Tesla Motors breached employment agreements with its
employees and the Incentive Plan by refusing to award stock options that
were vested in the first year of employment with

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