is ex-employer trying to screw me w/ my stock options??

[petejk]

My ex-employer is asking for the below because I excercised my stock options.
Honestly, I'm sooo sure they are trying to make this difficult for me.

Can they ask for the below? The items seem really weird just to excercise
stock options..

1. Certified copy of passport or other document containing a recent
photograph (it must be signed by a professionally qualified person (CPA)
or by a director.

2. A copy of a utility bill

Can you please send these to me as soon as possible so that I can send
them this information?

 

[petejk]

bump

 

[Zim Hosein]

1. Certified copy of passport or other document containing a recent
photograph (it must be signed by a professionally qualified person (CPA)
or by a director.

2. A copy of a utility bill

That is BS! :|

Have you contacted the HR dept. of your former employer? If, not, do so now and document everything petejk!

 

[StageLeft]

Sounds like BS. I excercised some on an ex-employer recently and no questioning for this crap. Ask him to certify the fact he needs this information. With my employer I had 90 days to excercise. I presume that legally there is a time (so that you can't get laid off and immediately you're screwed out of options). I would suspect your ex-emp is being a pecker.

 

[HappyPuppy]

I can't think of any possible reason for your employer to ask for a copy of your passport. WHat if you don't have one? I think he is trying to jerk you.

 

[glenn1]

They're both reasonable requests. If you're a non-U.S. citizen, then it's a requirement (via the PATRIOT Act, Oxley-Sarbanes, and subsequent SEC regulations) for the broker/dealer firm to get photo ID before opening an account to exercise your option shares sale. If you are a U.S. citizen, it's not a federal requirement but the B/D can still exercise a house requirement to get such a document. The utility bill or affadavit of domicile goes to establish your residency for state tax purposes.

IMHO, just give them the docs requested and be happy your options aren't underwater.

 

[petejk]

This is what I wrote to the HR girl.
=========================



I'm not going to tolerate any activity by Endeavors
that is trying to prevent me from excercising my options.

I signed the legally binding document and that is all I need to provide.

Peter

 

[flot]

Originally posted by: petejk
This is what I wrote to the HR girl.
=========================

I'm not going to tolerate any activity by Endeavors
that is trying to prevent me from excercising my options.

I signed the legally binding document and that is all I need to provide.

Peter

Good work, that's certainly going to get you far. :disgust:

 

[petejk]

any ideas then...........................

 

[glenn1]

any ideas then...........................

Ask if you can have the name of the broker-dealer firm processing the sale and forward the requested paperwork directly to them for privacy reasons. I'm sure your former employer will be more than happy to be left out of the picture playing middleman. You have to keep in mind, you as a former employee exercising an ESOP is just more work for them with no real payoff other than having you be happy and not continuing to bug them about it (mind you, this is from their POV).

 

[glenn1]

This is what I wrote to the HR girl.
=========================



I'm not going to tolerate any activity by Endeavors
that is trying to prevent me from excercising my options.

I signed the legally binding document and that is all I need to provide.

Peter

Don't know if this is a good idea. Depending on how much your options are worth (I'm presuming you're doing a cashless transaction rather than taking the shares) if you haven't fulfilled the documentation requirements, the Treasury's Office of Foreign Asset Controls (OFAC) could jack your sh!t and you wouldn't see your money for an awfully long time. I'm not saying it's the most likely scenario but it's an example of what could happen.