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Company holding on to bonus!
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This has nothing to do with any FSA regulation. It has to do with the terms and conditions of the bonus scheme. To get to the bottom of it, he needs to find that document and see what it says.
From what you have written, I suspect that it is some sort of long-term incentive plan where employees are given free shares that are held in a trust until specified conditions are met. This explains why he would have been any dividend that was issued by the company, but has not had access to the shares.
These are fairly common. Unfortunately for you, still being an employee of the company when the scheme matures is usually one of the conditions as they are supposed to reward long service.0
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