How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask Jenny Your Own Question
Jenny
Jenny, Solicitor
Category: Law
Satisfied Customers: 7731
Experience:  Qualified Solicitor specialising in Employment Law and general legal matters. Please start your question For Jenny Only
32019188
Type Your Law Question Here...
Jenny is online now

I need help with employment law, lawyer, yes, its regarding

This answer was rated:

I need help with employment law
JA: Was this discussed with a manager or HR? Or with a lawyer?
Customer: lawyer
JA: Does the workplace operate with employees, freelancers, consultants, contractors or with unionised employees?
Customer: yes
JA: Anything else you want the Lawyer to know before I connect you?
Customer: its regarding a settlement
Hi, thank you for your message. What is your question?
Customer: replied 10 days ago.
Hi Joy, thank you so much for getting in touch. It’s about a settlement I was offered
Customer: replied 10 days ago.
Shares
Customer: replied 10 days ago.
.
Thank you for your message. Are you no longer getting the shares? And you want to know what to do?
Customer: replied 10 days ago.
This is the settlement they offered me
Customer: replied 10 days ago.
However, as a final attempt to try and resolve this matter amicably, we are prepared to offer the following options (subject to agreed COT 3 wording and applicable tax and NI deductions), either:

Option A
• two months’ notice pay of £5,833.32 (subject to tax and NI);
• an ex-gratia sum of £7,333.34;
• an agreed reference.

This amounts to a total payment of £13,166.66.

OR

Option B
• two months’ notice pay of £5,833.32 (subject to tax and NI);
• an ex-gratia sum of £12,166.68 on the condition that she forfeit her employee options under the Babylon Long Term Incentive Plan;
• an agreed reference.

This amounts to a total payment of £18,000.

Part of the delay in coming back to you is that Senior sign off has been needed to make this offer given this is more than we were prepared to put forward and more than we believe any claims are worth, even if Heba was successful in Tribunal. However we are putting this forward on a purely commercial basis in the hope we reach a swift resolution.

Please note this is our final offer and we are not prepared to increase this. It is open to acceptance until 6pm on Tuesday 15th October, after which it will expire and we will concentrate on defending this litigation."
Sorry I will need to opt out. Another expert may be able to help you

Hi I see that my colleague has opted out.

The issue here is more concerning the value of the shareholding and the company than a legal question.

Obviously in the short term you will be better off accepting the second option, however, if your contract does not require you to hand over shares or sell them back on termination (which is unlikely given the nature of this offer) you may be long term worse off relinquishing the shares.

It depends on the way in which the company pays dividends on the shares and whether the company is likely to become more valuable in the future.

Do you have any further specific questions about this please?

Customer: replied 9 days ago.
Hi Jenny, thank you so much for getting back to me. It means a lot. If you don’t mind can I send you my employment contract to double check. I left the business on the 28th May 19

yes please do. Have they offered a standard settlement agreement yet?

Customer: replied 9 days ago.
Does it allow me to upload documents ��

Yes can you see a paperclip?

Customer: replied 9 days ago.
This is all I can see
Customer: replied 9 days ago.
I can only send pictures

Can you photograph the pages?

Customer: replied 9 days ago.
Contract
Customer: replied 9 days ago.
Shares
Customer: replied 9 days ago.
Rules

have any shares actually been issued or is it still an 'option' in respect of these shares?

Customer: replied 9 days ago.
I don’t know what that means
Customer: replied 9 days ago.
I attached the document if that helps
Customer: replied 9 days ago.
Sorry I wouldn’t know

have you ever been paid dividends under the shares?

Customer: replied 9 days ago.
No

Ok, in that case it appears that they may never exercise the option as for leavers there is the discretion not to.

That being the case you are less likely to be prejudiced by accepting the offer with the share payment.

IN any event once you have received the Settlement Agreement you have the right to legal advice on it's terms (at their expense) so I would suggest checking the point with which ever solicitor you instruct. They will be able to ask the employer some specific questions about the shares.

Is there anything further I can assist you with today please?

Customer: replied 9 days ago.
Sorry if this is a silly question. What does the first part mean about never exercise the option?

Hello do you have any further questions about this please?

What you were given was an 'option to purchase' B class shares. If you had been issued these shares earlier then you would have already been entitled to dividends.

So at the moment you don't own any shares just an 'option' in relation to them.

The agreement states that if the option has not been exercised and you leave then they can withdraw the option.

Is there anything I can clarify for you?

Is there anything further you would like to know about this today please?

Jenny, Solicitor
Category: Law
Satisfied Customers: 7731
Experience: Qualified Solicitor specialising in Employment Law and general legal matters. Please start your question For Jenny Only
Jenny and 3 other Law Specialists are ready to help you
Customer: replied 9 days ago.
Thank you so much x

no problem, all the best.