My company is in the process of being acquired, with a signed contract already executed. One of the ways that the final valuation will be decided is cash on hand at close, and a couple things have happened which don't seem right.
- Performance option grants were cancelled for 2014, this was done in 2015 (after the fact).
- Bonuses for the 2015 stub year up to close were cancelled this week. (We're on a biannual bonus plan based on the calendar year. The deal is supposed to close in May, and originally they were planning on the new company paying bonuses. When they objected, our management said that it's too hard to account for these so there won't be a payout for the first four out of six months of the period, thereby holding onto more cash.)
I've searched through my employment agreement and haven't found a comp plans can change at will clause, but I wouldn't be surprised if there's one somewhere. I know this is pretty general, but any suggestions whether this is something that it might be worth hiring an attorney for, or whether this is generally permissible?
In case it helps I'm based in CO, and the amount in question would be ~25k.
