Q: Hello. I had signed a mutual advisory board contract with a startup company. After putting in about 150 hours,
They want to cancel my contract now. What options do I have?
Advisor will consult and work with and advise
the Company from time to time on matters relating to the Company’s actual or potential business,
technology and products (the “Services”). As the only consideration due Advisor for Services,
Advisor shall receive 0.5% interest in the Company, as currently constituted; such options shall
be: for Advisor’s own account and not for further distribution; subject to approval and pricing by
Company’s managers; the interest shall vest in 36 equal monthly installments commencing 30
days after the date of this Agreement, in each case for so long as this Advisor Agreement remains
in effect, and shall be subject to the other terms of Company’s Stock Plan and if applicable, the
form of Stock Option Agreement (to be executed by Advisor).
Termination
Either party may terminate this Agreement at any time, for
any reason, by giving the other party 10 days’ notice.
A:
It all depends on what the contract says. You need to review the contract and see if there are provisions for terminating you at will or for cause; and you need to know how long the contract was for. They may or may not have breached the contract depending on the terms. There are probably many other provisions in the contract that I have not seen, so I can't tell you much else. Sorry I can't tell you more.
Thomas A Grossman, Esq.
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