Stock Option Waived Due to Missed Deadline
In comprehensively explained factual detail and after careful legal analysis, the Chancery Court ruled recently that the right to exercise stock options was waived due to a missed deadline (after which the options expired). One cannot fully appreciate the compelling facts (a busy executive relied on statements by reliable persons but did not read the notices mailed to him), nor the nuances of the legal arguments addressed by the court(equity does have its limits), in this short blurb about the case, but the opinion is must reading for anyone trying to enforce deadlines and conditions in an agreement--despite the harsh result due to one party not complying with prerequisites in the contract (or claiming he was unaware of a deadline). Vague v. Bank One Corp, download file.
