Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:A Former Fido Exec Fights for His Options Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, June 22, 2010

A Former Fido Exec Fights for His Options

News summary by MFWire's editors

A former Fidelity Investments executive is fighting for 3,875 incentive stock options that he believes he is due based on how Fidelity vested its options with other employees.

Mark P. Sullivan filed the suit in Middlesex Superior Court two weeks ago, reports the Boston Globe. A Fidelity spokesperson told the paper that the claim is "without merit." The suit does not place a monetery value on the options.

Sullivan's suit contends that Fidelity officials administered three incentive compensation plans "in an inconsistent, arbitrary and capricious manner," that allowed some employees to receive payment for unvested options when they left. In other cases, Fidelity refused to pay the options.

He also contends that the three compensation plans did not require the participants to remain employed at Fidelity in order for the options to vest.

Sullivan's suit seeks payment for unvested ISOs covering 1,700 shares that would vest at the end of 2010 and another 1,200 shares that would vest at the end of 2012. He also contends that Fidelity is improperly refusing to redeem 975 options that vested at the end of 2009. Fidelity did pay Sullivan for 2,160 fully vested options when he left at the end of 2008.

Sullivan was the chief financial officer for Fidelity Employer Services Co. (FESCo) when he was terminated from the company at the end of 2008. He joined Fidelity in 1994.

FESCo had served Fidelity's corporate clients including HR related services and retirement. A reorganization at Fidelity has put many of these services under its Workplace Investing umbrella.

The 53-year-old Sullivan is now the CFO for Aspen Technology Inc. located in Burlington, Massachusetts. 

Edited by: Sean Hanna, Editor in Chief


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2025: Q3Q2Q1
2024: Q4Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly


  1. MFDF Director Discussion Series - Open Forum via Zoom, June 24
  2. WE SoCal - Tariffs, Taxes, & Tapas, June 24
  3. WE Chicago - Pre-Morningstar Conference Happy Hour, June 24
  4. Morningstar Investment Conference 2025, Jun 25-26
  5. IDC Director Segment Meeting - Compliance Oversight Peer Group, June 25
  6. WE South - TopGolf Showdown Tennessee, June 26
  7. WE South - TopGolf Showdown Mississippi, June 26
  8. WE South - TopGolf Showdown Florida, June 26
  9. WE South - TopGolf Showdown Georgia, June 26
  10. IMEA webinar - Global Branding: the Appeal and the Challenges, June 26
  11. MFDF In Focus webinar - Strategic Preparation for Director Turnover, June 26
  12. MFDF Director Discussion Series - Open Forum, July 9
  13. MFDF webinar - Mid-Year Tax Update for Registered Investment Companies, July 10
  14. MFDF Director Discussion Series - Open Forum (Philadelphia), July 15
  15. 2025 MMI Women in Advisory Solutions Forum, Jul 15-16
  16. MFDF webinar - M&A and Consolidation in Asset Management, July 16
  17. MFDF webinar - ETF Conversions, July 17
  18. MFDF Director Discussion Series - Open Forum (New York), July 22
  19. MFDF Ask Anything webinar - AI Edition, July 24
  20. MFDF webinar - Use of Derivatives by RICs, July 29
  21. MFDF Director Discussion Series - Open Forum (Columbus, Ohio), August 20
  22. MFDF webinar - The Audit Committee Chair's Guide to Balancing Duties and Emerging Issues, September 3
  23. ICI ETF Conference, Sep 8-10
  24. MFDF webinar - Series Trust Funds - Compliance and Board Reporting, September 10
  25. MFDF In Focus - Board Oversight of DEI in Current Landscape, September 11
  26. MFDF webinar - Latest in Closed-End Funds Litigations, September 23




©All rights reserved to InvestmentWires, Inc. 1997-2025
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use