A former Vivint Solar Inc. in-house lawyer has successfully claimed nearly $300,000 in damages from the company after a Delaware court found in his favor. Jim Lundberg, who left his role at Vivint Solar in 2016 to become a deputy general counsel at Vivint Smart Home Inc., discovered that his equity incentive awards had been canceled without due cause.
The Delaware court determined that Vivint Solar had breached agreements related to Lundberg’s vested stock options and restricted stock units. The trial judge emphasized the plain language within the incentive awards plan, noting that the company’s actions were unjustified.
Vivint Solar, a Utah-based solar electricity provider, was initially formed as an independent entity in 2011 but shared a parent company with Vivint Smart Home until 2020. Lundberg’s transition to Vivint Smart Home did not, under the incentive plan, justify the cancellation of his equity awards.
For more detailed information on this case, you can read the full article on Bloomberg Law.