We keep track of your iConsumer stock that we haven’t yet delivered to you. The stock you earn goes through three phases.
First, it may be pending. For instance, it'll be pending if you earned stock through shopping, and your purchase may still be reversed. Or perhaps stock you've earned through referrals is pending because the person you referred has a purchase that may still be returned and therefore reversed.
The second phase: once purchases or membership is final and irreversible, we call your stock "earned."
The third phase: we actually deliver the stock by issuing and transferring
the stock in your name to our transfer agent. We utilize "book entry", which means that we never use paper certificates. For more on certificates, please see this article
IMPORTANT: In order to deliver your iConsumer stock to you, we must have your name, mailing address, and Social Security Number (SSN). These can be updated on the My Settings page.
In the SEC regulated world of stock ownership, delivering stock to you is called “transferring” stock. The SEC mandates that we use a “Transfer Agent” to do that.
Post Delivery / What's a Transfer Agent?
It's a company whose sole job it is to keep track of shareholder records on behalf of its clients, like iConsumer. The SEC requires us to use a transfer agent. One of the things they can do for you is record if you sell your stock, or even if you gift it to somebody. They can transfer your stock into your brokerage account, like a Schwab or eTrade account. Our transfer agent expects to be ready to transfer iConsumer stock into brokerage accounts in 2017 (April or May). We will send an email to you when the transfer agent is ready with details about how you will work with the transfer agent.
Will I receive stock certificates?
To keep record keeping sane for 1,000,000 shareholders, we are only allowing "book entry” of the stock with the transfer agent. That means we do not issue physical pieces of papers to represent your ownership. That is, no official stock certificates. We may provide you with a pretty PDF of a thing that looks like a stock certificate, but it isn't anything other than pretty.
What about stock I earn after 12/11/16?
Beginning mid 2017, you'll be able to instruct us to deliver your earned stock whenever you want. Until then, we'll automatically transfer stock, about once a quarter. Our next transfer is scheduled for April, 2017.
Stock that we've marked "Earned" will be transferred. Stock marked "Pending" (usually stock you've earned from shopping that is waiting for stores' return periods to pass) cannot be transferred. And so you know, stock marked "Transferred" is no longer under our control. We’ve delivered it to you, so we have no way of knowing if you still own it or not. On our books, “Earned” stock is “unvested”, but when you instruct us to deliver it to you, it immediately vests.
Because transferring stock costs us money, we may charge you to transfer your stock.