Leaked SpaceX documents show company forbids employees to sell stock
if it deems they've misbehaved
An act of dishonesty against the company' is among the violations
cited
SpaceX requires employees to agree to some unusual terms related to
their stock awards, which have a chilling effect on staff, according
to sources and internal documents viewed by TechCrunch.
That includes a provision that allows SpaceX the right to purchase
back vested shares within a six-month period following an employee
leaving the company for any reason. SpaceX also gives itself the right
to ban past and present employees from participating in tender offers
if they are deemed to have committed "an act of dishonesty against the
company" or to have violated written company policies, among other
reasons.
Employees often aren't aware of the "dishonesty" condition when they
initially sign up on the equity compensation management platform, one
former employee said.
If SpaceX bars an employee from selling stock in the tender offers,
the person would have to wait until SpaceX goes public to realize cash
from the shares -- and it's unclear when that will happen, if it ever
does.
SpaceX did not respond to multiple requests for comment.
https://techcrunch.com/2024/03/15/spacex-employee-stock-sales-forbidden/
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