Former general manager of Nike South Africa sues because he says company’s rules are unfair.
Former general manager of Nike South Africa sues because he says company’s rules are unfair.
The first is that Nike’s vesting agreement requires terminated employees to sell vested options within three months of leaving the company. While Cardarelli did so, receiving a pretax total of more than $1 million, he contends this “improperly restricted his exercise of his 24,560 vested options by limiting the time period in which the options could be exercised,” according to Nike’s lawsuit.
The timing restriction is significant. Nike’s stock price has grown 32 percent since Cardarelli’s departure, from $72.69 on Feb. 7 to a near 52-week high of $96.06 at close Monday on the New York Stock Exchange.
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