Employee Stock Ownership Plans
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Ed….our company was recently bought out by a large international company that is publicly traded. At my company we had an ESOP of 30%, the owner owned the rest…our ESOP is 3 years old and we were just purchased in March. The purchase has been approved and has closed….however, the owner has been paid and the ESOP remains the same and the employees haven’t been paid a dime thats involved in the ESOP. Can you explain how an ESOP should work once the company is bought?
Contact your HR representative and they can provide you with a listing of your rights of distribution under the ESOP, including when the company has been purchased, and/or the ESOP is terminated.
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