There’s nothing happening until employees get that tax free rollover which of course won’t come until tax decision is made.
Rollover of employee stock-based compensation rights
In addition to the above rulings, employees can be eligible for a tax-free rollover, provided that the employee stock-based compensation right was granted under Section 102 of the Israeli Income Tax Ordinance and at least 80% of the target company shares are acquired in the transaction. Generally, an employee is eligible to equity grants under Section 102 if they hold less than 10% of the share capital of the issuing company.
A tax-free rollover of employees' shares and options also requires a tax ruling in advance (but, in this case as well, interim rulings may be provided to allow the parties to close the transaction while discussions with the ITA regarding the final tax ruling continue)[/b].
