Replies to post #153733 on Sarissa Resources Inc (SRSR)

[jfburk]

EXACTLY! That is within the authority of the Board of Directors and since Scott received shares from the previous board his performance justifies revoking them. It is then up to him to go to the courts and I want to be in that room seeing him defend his performance.

[jjgarcia]

You are right. It will be up to Scott to take it up in court. I seriously doubt he will want the facts brought up in a public forum.

[es1]

That would be incorrect.

Wells Fargo & Co. Chief Executive John Stumpf will forfeit compensation worth about $45 million as the bank tries to appease angry lawmakers and regain the trust of customers amid the still-unfolding scandal over fake accounts.

Stumpf will give up about 910,000 shares in unvested stock awards, and will not get a bonus this year, according to a statement released late Tuesday by members of Wells Fargo’s board of directors.

You see that little word UNVESTED...

In finance, vesting refers to the transfer of full ownership of a financial instrument. If a company has set aside a certain amount of stock for you, but stipulates that certain conditions have to be met before these stocks are assigned to you, such shares are considered unvested. Until the shares vest, you cannot sell or transfer them to another party. You also can't use the voting rights that come with stock ownership if the stock has not yet vested. In other words, you have nothing but a promise of future transfer of shares if they are still unvested.

And there is the reason they can do it.

What they cant do is breech his personal investment accounts and take back shares that were already given.

Any FUTURE shares Scott would receive can be taken and any bonuses.
But there are none.


That would be like Dan deciding that my flipping isn't good for shareholders and call etrade to take my shares. IT CAN NOT BE DONE.

It would require a court order.

[Tmartin426]

Yes. This I know. I just thought it funny that other people did.

[Happy Investor]

If there is wrong doing on Keevil's part and The Board has PROOF, they can pressure Keevil to voluntarily return some or all of his shares or suffer the consequences of possible criminal action. Further, the Keevil family may be a source of additional pressure on Keevil to "do the right thing", as they will certainly want to avoid a scandal that could besmirch the family name.