So I've got a startup with a three friends of mine cofounding and on board. We used to have a fourth. When we originally started and got all of our documents in order, the fourth girl received a high equity stake.
Basically, she's on the board with us, holds 25%. She doesn't hold any official position just owns common stock.
Problem is, she didn't do basically anything. Looked "pretty" but added zero to our product. She was from out of state so we barely saw her. Lots of false promises - you get the idea.
We all confronted her a few months in about her lack of motivation and she said (via email) that she'll relinquish her equity back to the company.
The problem is that she said this about six months ago! We sent her documents to sign that would transfer over her shares. Every few weeks we emailed her and she keeps responds saying that she is busy and she'll get to it or that she has to send it to her lawyer to get it reviewed. We don't know what to do, we have investors interested but they won't want to be involved with someone technically owning a high amount of equity.
We don't know what to do about this cause it sort of sounds like she's not signing it out of spite for us kicking her out. We don't want to pay her anything cause like we said she didn't do a single thing. I have a feeling that even though she said by email she's gone and she wants her shares out that that wouldn't hold up in court. Is there anything we can threaten her with? We've tried to reason with her and find out what she wants but looks like she doesn't want anything!