Locked in shares? Can I get these?

penguinpenguin

Im really sorry If this is the wrong place, but I think of shares as an investment, may be wrong but hey ho.

Right I've worked for Tesco for 2 years, gaining 51 free shares, amounting £212.28. I'm leaving Tesco (well did my last shift today) however it says (the leaflet I have on my shares) says I can't sell them until I've had them three years/been there three years (I'm not sure which one it is) and then I have to pay tax and national insurance on these, however if I'd had them six years/or been there I wouldn't have to pay tax or NI on them.

Just wondered does anyone know any way I can get these? Figured £200 worth of free shares is worth fighting to get.

Hope someone can help me :-)

jimjames

If you've been given them then you have them and just have to wait. If you've not been given them then you haven't got them.

You need to read the paperwork to find out if you have to stay. I would imagine it is that you have to wait to be able to sell regardless of whether you still work there.

penguinpenguin

I have them, I got a statement in may saying I'd been awarded them, I've tried to read and ask my managers but nobody seams to be able to make heads or tails of it.

opinions4u

Speak to your HR department or read the literature that came with them.

Leaving a company will usually mean one of two things:

1) You forfeit the shares (your post suggest that this isn't the case)
2) Your liability to tax / national insurance on the shares ends and you can sell without fear!

I'd suggest you get the fact in writing first.

fozzeh

The ones held for 3 years will be yours but you will have to pay Tax/NI on them when you leave.
The ones held for 5 years will be yours and they should be free of Tax/NI.
The ones held for less than 3 years is down to company guidelines. Generally, you won't get these.

At 2 years, I'd imagine forfeit...but ask HR as they may (very doubtful) award some dependant on reason for leaving (if you were retired or "expired", you may get them...if you left, probably not).

davebatt

Hi

Were the shares awarded this year?

If so they will be forfeited, if they were awarded in a previous year you need to contact Equinti and they will send you a cheque.

Just a quick copy & paste from the Shares in Success leaflet:

When you leave the company you may forfeit any award made within 1 year of the award date. Any older awards will be transferred out of the trust and into your own name.