What payments can a joint NICs election cover?
A. The legislation will allow a joint NICs election to cover: a. Existing share options already granted, but it can only cover liabilities arising after the employer and the employee have entered into the joint election; b. Specific grants of securities options and awards in restricted or convertible securities, details of which are provided in the election. This may include grants and awards planned at a future date, but only if those planned grants and awards are specifically referred to in the joint election and they are made to the employee. This may also include awards of restricted or convertible securities made before the Election is entered into, but the Election can only apply to post-acquisition liabilities that arise after both employer & employee sign the Election document; c. Any cash payment made to the employee for the assignment, release or cancellation of a securities option. This will also include cash cancellation payments made for share options granted before 6 Apri
