In the case of Ponticelli Limited v Gallagher, the Scottish Court of Session has confirmed that the right to participate in a share incentive plan transferred to the transferee / new employer under TUPE even though the...more
On 12 April 2023, the Federal Ministry of Finance and the Federal Ministry of Justice published the draft bill for a law on the financing of future-proof investments (Zukunftsfinanzierungsgesetz – “ZuFinG-E“). The draft...more
Management- und Mitarbeiterbeteiligungen sollen eine wirtschaftliche Teilhabe am Erfolg des Unternehmens vermitteln. Sie schaffen interest alignment mit den Gesellschaftern und bilden daher ein effektives Instrument zur...more
The requirements under Chapter 17 of the Listing Rules applicable to share option schemes will also govern share award schemes under the amendments that will become effective 1 January 2023. Both share option schemes...more
UK employee and executive share plan and remuneration arrangements were subject to a number of different European Union laws and regulations, which ceased to apply on 31 December 2020. Some areas of ongoing uncertainty and...more
Employee share schemes are widely used by UK companies as a key tool in the recruitment, retention and incentivisation of the workforce. By allowing employees to acquire a stake in the business in which they are employed,...more
The Haifa District Court recently held, in a precedential decision, that an employee who received shares in a company held by a trustee in accordance with section 102 of the Income Tax Ordinance has no shareholder rights....more
Non-compete restrictions for key stakeholders are common in shareholders' agreements. In Guest Services Worldwide v Shelmerdine, the Court of Appeal upheld a 12-month post-departure restriction, rejecting arguments that...more
Presented as a flagship measure of economic reform during the five-year period, the law on growth and business transformation, known as the PACTE Act, was finally adopted by the Parliament on April 11, 2019. The...more
The Upper Tribunal (Tax and Chancery Chamber), the UK’s second level tax appeal court, have just published their judgement in the McQuillan case, which considered whether shares with no right to dividends or any other profits...more
On 29 August 2017, the UK Government published its response to the green paper on corporate governance reform that it issued at the end of November 2016. It intends to implement its reform proposals — so that they apply to...more
Seyfarth Synopsis: Workplace class action filings were flat overall and even decreased as compared to levels in 2015. However, that is apt to change in 2017. In the 4th in a series of blog postings on workplace class action...more
Autumn Statement – Employment Issues The Chancellor has issued an autumn statement setting out certain proposed fiscal changes in the UK. One of these is to the Employee Shareholder Status (ESS) regime, which is set to...more
The Securities Act of 1933 prohibits the offer or sale of securities unless either a registration statement has been filed with the SEC or an exemption from registration is applicable. Although most qualified plan interests...more
Purchase Price v. Compensation - ..Companies are choosing to stay private significantly longer than the vesting period for stock options ..Recent proposals by private companies to buy back stock from current and...more
Some interesting links we found across the web this week: Will tech IPOs come back to life in the fall? 2016 has been the slowest year for IPOs since 2009, likely because of new issues raised by recent tech...more
The law for growth, activity and equal opportunities, known as “Macron Law” (hereafter referred as “the Law”) has been approved on 6 August, 2015. From the reform of the procedure before employment tribunals to the...more
On December 13, 2013, the U.S. Supreme Court granted certiorari in Dudenhoeffer v. Fifth Third Bancorp, et al., No. 12-751, to review a decision by the Sixth Circuit reversing dismissal of a complaint in an ERISA stock drop...more
The new provisions are now in force and allow UK employees to give up certain employment rights in return for shares in their employer (or its parent), but important questions remain unanswered. On 1 September, the new...more
The much publicised “employee shareholder” status came into effect yesterday, 1 September 2013, offering employers a more flexible way to structure their workforce. The new legislation applies to companies of all sizes, but...more
As noted in Pillsbury’s May 12, 2011 Advisory, Going Global with US Employee Stock Plans, sponsors of global stock plans must navigate a host of legal and tax regimes to maintain compliance with applicable rules and laws....more
In this article we consider some alternative approaches to the proposed U.K. status of “employee shareholders,” who receive capital gains tax-exempt shares in their employer (or its parent) in return for waiving certain...more
New Growth and Infrastructure Act introduces employee shareholder provisions that are expected to come into force later this year. On 25 April, the Growth and Infrastructure Act 2013 came into effect and, among other...more
After twice rejecting the Government’s proposals, the House of Lords has just finally voted to accept the much argued Clause 27 of the Growth and Infrastructure Bill, thereby paving the way for new legislation that will...more
In This Issue: - 2013 – What's On the Horizon - Changes Confirmed - Changes Expected In 2013 But No Implementation Date ...more