Goldman Sachs is not required to honor the unvested stock options and unvested, contingent rights to restricted-stock units its former employee held at the time of his termination, a New York appellate court has held. Justice David Friedman wrote that the deferred awards of stock and stock options constituted "incentive compensation," which is not included in the definition of wages.
May 22, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Goldman Sachs is not required to honor the unvested stock options and unvested, contingent rights to restricted-stock units its former employee held at the time of his termination, the Appellate Division, 1st Department, has held.
“[T]he question presented is whether these unvested rights to equity-based compensation constitute ‘wages’ within the meaning of article 6 of the Labor Law,” Justice David Friedman wrote for the 3-2 majority in Guiry v. Goldman, Sachs & Co., 6341.
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