Ex-HD Supply Managers Sue In Chancery Over Stock Awards
Law360, Wilmington (February 17, 2017, 9:17 PM EST) -- Two high-ranking employees of HD Supply Holdings Inc.'s former Power Solutions unit launched a class action in Delaware Chancery Court late Thursday claiming their stock compensation did not fully vest as promised when the subsidiary was sold to Anixter International Inc.
William E. Pettit and Susan Van Houten say that HD Supply's management equity program requires any unvested equity compensation to fully vest upon a change-of-control transaction. But when Anixter acquired Power Solutions in 2015, HD Supply treated the employees as if they'd been fired and rehired, despite the stock compensation being granted as a way to retain them while the...
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