Summary List Placement
Like many startups, cybersecurity firm Tanium offers its employees equity in the company as part of their compensation packages.
Unlike many, if not most of its peers, however, Tanium places a clause in at least some of its employment contracts that allows it to buy those shares back within a year of an employee’s departure from the company, according to four people with knowledge of the situation.
What’s more, two former employees say that Tanium recently exercised this clause to purchase their shares, regardless of whether they wanted to sell.
The clause in question says that the company reserves the “option to repurchase all or a portion of the Shares” issued to employees for up to one year after the employee leaves the company, according to a copy of the document reviewed by Business Insider.
In the last week of September, Tanium sent emails to some former employees saying that it would buy back their shares at $8.10 each: “The company hereby informs you of its bona fide intent to exercise the Repurchase Option,” the email reads in part, according to a copy viewed by Business Insider.
“‘Surprised’ was my initial reaction,” one of the people affected told Business Insider.
“I had not heard …read more
Source:: Businessinsider – Tech