F
fais_do_do
Guest
What is the name of your state? TX
(Apologise for length...)
In Fall 2003, I and several others were hired to work at a start-up company that had been bought out by a publicly traded (penny stock) corporation (my job: compliance mgr/tech writer). We were told, by the parent company that we would be employed as independent contractors, although after doing research this may be a misclassification as we have had regular mandatory business hours, company meetings, specified places of work, doing whatever the powers that be directed, and we were told the intention was to make us regular employees with health benefits, etc. Unfortunately, there have never been real written contracts outlining our employment. I am still "employed" there.
In Feb 2004 paychecks started coming in less regularly (somewhat understandable for a start-up, I realize) and eventually there were literally months when we received no pay. We were given promises that it would all be made up and that we would all receive sizeable S-8 stock bonuses - so it seemed worth our while to gut it out for while. From time to time we have received partial salary checks, but to date I am owed over $18,000 in unpaid wages and receipts that I charged for business purposes. In desperation, I sent an invoice for this amount to my employer at the parent company. I was told that I would not be paid this amount because of the following:
About a month ago I was sent an S-8 stock certificate and a partial paycheck. There was no communication as to what this stock was for other than the promise that was made earlier that it would be a bonus. The market value of the stock when I received it was a bit more than $8000 and has done nothing but fall in value to where is is now, less than $4000. I registered the stock for sale, but have not sold any shares. I have been told by the CEO of the parent company that this stock was supposed to cover all backpay. I never agreed to this nor would I ever agree to this had I known.
Can my employer change my salary arrangements without my consent, especially seeing that the stock issued has never had market value equal to my invoice amount? Does my registering the stock imply consent to unwritten agreements?
To date I've avoided calling DOL and TWC in hopes that this could be resolved amicably while giving me the best opportunity to eventually receive what I'm owed, or as close to it as possible. May be a bit late.
Answers/advice appreciated.
(Apologise for length...)
In Fall 2003, I and several others were hired to work at a start-up company that had been bought out by a publicly traded (penny stock) corporation (my job: compliance mgr/tech writer). We were told, by the parent company that we would be employed as independent contractors, although after doing research this may be a misclassification as we have had regular mandatory business hours, company meetings, specified places of work, doing whatever the powers that be directed, and we were told the intention was to make us regular employees with health benefits, etc. Unfortunately, there have never been real written contracts outlining our employment. I am still "employed" there.
In Feb 2004 paychecks started coming in less regularly (somewhat understandable for a start-up, I realize) and eventually there were literally months when we received no pay. We were given promises that it would all be made up and that we would all receive sizeable S-8 stock bonuses - so it seemed worth our while to gut it out for while. From time to time we have received partial salary checks, but to date I am owed over $18,000 in unpaid wages and receipts that I charged for business purposes. In desperation, I sent an invoice for this amount to my employer at the parent company. I was told that I would not be paid this amount because of the following:
About a month ago I was sent an S-8 stock certificate and a partial paycheck. There was no communication as to what this stock was for other than the promise that was made earlier that it would be a bonus. The market value of the stock when I received it was a bit more than $8000 and has done nothing but fall in value to where is is now, less than $4000. I registered the stock for sale, but have not sold any shares. I have been told by the CEO of the parent company that this stock was supposed to cover all backpay. I never agreed to this nor would I ever agree to this had I known.
Can my employer change my salary arrangements without my consent, especially seeing that the stock issued has never had market value equal to my invoice amount? Does my registering the stock imply consent to unwritten agreements?
To date I've avoided calling DOL and TWC in hopes that this could be resolved amicably while giving me the best opportunity to eventually receive what I'm owed, or as close to it as possible. May be a bit late.
Answers/advice appreciated.