Frequently Asked Questions

Answers to frequently asked questions in connection with the process of
The free-of-charge provision of shares to entitled employees

If you are on the list of persons entitled to acquire shares, all you need is a valid ID card or passport.

The entitled person should give a power of attorney to sign a free-of-charge share sale agreement. Power of attorney forms are available at in the HR Department of Wojskowe Zakłady Lotnicze Nr 2 S.A. as well as at the customer service point of Capital Investment. The following should be attached to the power of attorney: a photocopy of the pages from the ID card of the Proxy and the Principal with the personal data of the aforementioned persons entered in the power of attorney.

The Proxy should bring his/her ID card, the power of attorney and a photocopy of the Principal’s ID card.

If a court has carried out the proceedings to declare acquisition of inheritance and you have a final court decision on the acquisition of inheritance, or a certificate of inheritance has been prepared by a notary to certify the inheritance, please appear with all other heirs listed in the court decision or included in the certificate of inheritance at the customer service point within the time limit set for the deceased person.
Please bring your ID cards, a legally binding court decision on the acquisition of inheritance (original) or the certificate of inheritance (original) and, if possible, a copy of the death certificate.
If a court has not carried out proceedings to declare the acquisition of inheritance or a certificate of inheritance has not been prepared by a notary, please go to the court as soon as possible and file a request for confirmation of the acquisition of inheritance (the application forms are usually available at the court); the following should be attached to the application (depending on the circumstances): death certificate, marriage certificate, and birth certificates of children. Another possibility (quicker, but more expensive) for the potential heirs is to go to a notary to prepare a certificate of inheritance (and attach documents, as above).

He/she should give a power of attorney to sign a free-of-charge share sale agreement.
Important information: the power of attorney to sign a free-of-charge share sale form differs from a power of attorney for entitled employees. You need to download/issue the relevant form (in the heading of the power of attorney the note “FOR HEIRS”).

The employee receives a copy of an agreement for the free-of-charge share sale by the Treasury and a share document (multiple share certificate).

Heirs acquire shares in a different way than the other entitled persons. Once the agreement is signed, all documents must be sent to Warsaw to the Ministry of Treasury. Once the agreement is signed by the representative of the Ministry, Capitali Investment will contact you to arrange another meeting and handle the remaining formalities.

The free-of-charge acquisition of shares from the Treasury does not result in income tax liability for an entitled employee.

The nominal value of shares (e.g. PLN 10) gives the part that share has in the total share capital. The share capital of the company therefore represents the nominal value of all shares. For example: if the company’s share capital consisted of 1000 shares, the owner of one share would hold 1/1000 of the shares in the company. The company’s assets are usually higher than its share capital, so the nominal value of shares is not the actual value or price of shares, although theoretically it may happen that these values are equal.

Acknowledgements will not be sent separately. The regulations stipulate that every employee who purchases shares under an agreement for the free-of-charge share sale by the Treasury and who applies for entering into the Company’s Share Register should be entered into the Company’s Share Register. Some time after signing the agreement, each of the shareholders may check whether he/she has already been entered into the Share Register, which can be viewed at the office of the Management Board. The procedure for entering into the Share Register is relatively long, mainly because of the right of verification by the Treasury.

First of all, it is important to remember that any share sale agreements (sales, donation) concluded before 9 September 2016 will be null and void.
You should certainly be cautious. In particular, it is important to think carefully about giving any powers of attorney or signing any agreements because of the risk of fraud and serious losses. You should be very cautious in the case of any proposals of immediate cash granted in exchange for handing over the share certificate to the “customer” and signing of any statements or agreements. Very often such agreements stipulate huge interest or compensation (contractual penalties) if you try to terminate the agreement. Also note that the sales of shares is taxable, so when calculating the benefits of the transaction you should deduct the tax (currently 19%).