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Ben Jones
Ben Jones, UK Lawyer
Category: Employment Law
Satisfied Customers: 44963
Experience:  Qualified Employment Solicitor - Please start your question with 'For Ben Jones'
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Following the acquisition of our company by an equity investment

Customer Question

Following the acquisition of our company by an equity investment company I was offered non-legally binding 1.5% shares in a division of the company (Asbestos) which is to be sold off, on the basis that I agree to increase my restrictive covenants in my employment contract, to which I agreed. However I recently resigned which was accepted via email by my Director, but not formally via HR. My resignation removed me from the sale process and the non-legally binding shares. Following a discussion with my Director I retracted my resignation which was acknowledged again via an email and not HR. However the day after I have received a letter from the Chief Operating Office via our Head of HR, stating that I am no-longer involved in the business sale, and subsequently my share is revoked, but unless I sign the letter still binding me to the extended restrictive covenants that they will not accept my resignation retraction.
First of all I have an email from the Director accepting my resignation retraction; but surely the COO is guilty of attempted blackmail/extortion?
Regards
Submitted: 8 months ago.
Category: Employment Law
Expert:  Ben Jones replied 8 months ago.
Hello how long have you been there for?
Customer: replied 8 months ago.
It will be 5 years in May
Expert:  Ben Jones replied 8 months ago.
Apologies for not getting back to you sooner, I experienced some temporary connection issues and could not get back on the site until now. All appears to be resolved now so I can continue dealing with your query. First of all this is not blackmail or extortion – there is no criminal aspect to any of this, which is what these allegations are. They are basically exercising their bargaining position, which they are entitled to. Assuming the retraction was not accepted, the employer is entirely within their rights to give you conditions on which that will happen. There is no legal obligation on them to accept your retraction and if they were prepared to do so they can impose certain conditions. If you do not accept these there is no legal obligation on them to allow you to retract your resignation. However, in this case it appears that the retraction was already granted, which would allow you to challenge any conditions they are trying to impose now. If there was a formal acceptance of the retraction then they cannot retrospectively impose conditions to allow that. So you need to check what the email said, whether it was just acknowledgement of receipt or if they had agreed to grant your request for retraction and if the Katter – then that would be binding on them based on whatever terms were agreed at the time (none in this case), so any subsequent conditions will not be enforceable. I hope this has answered your query. I would be grateful if you could please take a second to leave a positive rating (3, 4 or 5 stars) as that is an important part of our process and recognises the time I have spent assisting you. If you need me to clarify anything before you go - please get back to me on here and I will assist further as best as I can. Thank you
Expert:  Ben Jones replied 8 months ago.
Hello, I see you have read my response to your query. If this has answered your question please take a second to leave a positive rating by selecting 3, 4 or 5 stars from the top of the page. I spend a lot of time and effort answering individual queries and I am not credited for my time until you leave your rating. If you still need further help please get back to me on here and I will assist as best as I can. Many thanks.
Expert:  Ben Jones replied 8 months ago.
Hello, do you need any further assistance or are you happy with the above response? Look forward to hearing from you.

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