I am involved in a startup and one of our minority partners (owns 15%, vested 25% of that 15% with the rest over the next two years) is not meeting his side of the agreement.
I think we have the authority, within our partners agreement, to kick him out. Is there a way we can also take back his equity to have on hand for his replacement?
The company had not been legally formed yet. We have a collaborator's agreement holding everything together and will be forming the company in the next month or so.