Could Equity Be Used To Replace A Portion Of An Employee’s Salary?


Given the current economic outlook due to the COVID-19 pandemic, companies will be concerned with maintaining cash flow and cutting costs wherever possible. Our panel of experts from France, Germany, the UK and the US will discuss whether it would be possible, and advisable, to replace a portion of an employee’s salary with equity grants, and the related employment, securities and tax law considerations for doing so.


Partner, Nicholas Greenacre is EMEA Head of Employment, Compensation & Benefits at the global law firm, White & Case LLP. He has extensive experience in a broad range of employment, compensation and benefits matters for clients of all sizes, from technology start-ups to global investment banks. He advises clients from various jurisdictions on the establishment and international implementation of equity and cash-based incentive plans. This work involves investigation and analysis of the tax, securities, foreign exchange, employment, data privacy and e-commerce issues clients may encounter in each country where they operate their plans. Nicholas is a former Director of the Global Equity Organisation and a member of NASPP's Global Stock Plans Task Force. He is also a member of the Share Plan Lawyers Group and an associate member of the Association of Pensions Lawyers. Chambers UK 2020 notes “Nicholas Greenacre draws praise for the ‘quality and clarity of his advice’ as well as his ‘responsiveness and ability to turn things around quickly.’” Nicholas is named as a recognised individual by both Chambers UK2019 in Employee Share Schemes & Incentives and by Legal 500 UK, 2020 in London: Human Resources, Employee Share Schemes and Employment: employers.

Henrik P. Patel is Global Head of Employment, Compensation & Benefits Practice at White & Case LLP. Henrik advises US and non-US clients on executive compensation and employee benefits aspects of various corporate transactions. Working closely with the Firm's Global Mergers & Acquisitions, Financial Restructuring & Insolvency and Capital Markets Practices, Henrik brings particular strategic insight to the compensation and benefits aspects of a range of large-scale deals, including: public and private M&A and private equity and leveraged buyout transactions; special purpose acquisition companies (“SPACs”); debt and equity financings, divestitures, restructurings, reorganisations, spinoffs and IPOs. He also provides ongoing counsel to public and private companies, compensation committees and executives with respect to day-to-day executive compensation and employee benefits matters, including corporate governance matters and best practices, executive compensation plan design, employment contracts and equity incentive compensation arrangements, as well as advising on related regulatory, securities, tax, public disclosure and ERISA issues. He negotiates and drafts employment, retention, separation, change of control, non-competition, non-solicitation and other compensation-related agreements, plans and provisions, as well as relevant sections of proxy statements, periodic and current reports and registration statements. Henrik was recognised as the Legal Influencer for Corporate – Europe (Q1 2019) by Lexology, was named in the “40 Under 40” list of outstanding M&A lawyers, The M&A Advisor and has been named a recognised individual by Legal 500 in Employee Benefits & Executive Compensation.

Frank-Karl Heuchemer is Head of the German Employment, Compensation & Benefits practice at White & Case LLP. He advises national and international employers on all aspects of individual and collective employment and labour law. His experience also covers the employment and labour law support of corporate transactions such as mergers and demergers and issues relating to transfers of undertakings. Employers trust Frank-Karl Heuchemer with major restructuring projects and measures related thereto as well as with achieving settlements of conflicted interests and developing social plans when negotiating with works councils. Moreover, he advises companies on optimising existing systems of co-determination. He represents companies' interests in employment-related litigation before German labour and civil courts. Frank-Karl is regularly named as a highly recommended employment lawyer in Germany in Who’s Who Legal and Best Lawyers.

Partner, Alexandre Jaurett heads the Employment, Compensation & Benefits team at the Paris office of White & Case LLP. He specialises in all aspects of contentious and non-contentious employment and benefits matter. With particular expertise in the cross-border restructurings and employment aspects of both mergers and acquisitions and LBO transactions, he represents a broad list of French and international clients. He advises clients in relation to employment contracts, remuneration schemes, dismissals, secondment and expatriation of employees. On the litigation side, he represents his clients before civil, labour and criminal courts, with a particular focus on collective litigation. Clients also benefit from his expertise in relation to the negotiation of collective agreements, the setting up of employee representative bodies, the closing down of worksites, collective redundancies, outsourcing, transfers of business and collective litigations. Alexandre has expertise in the setting up of employee benefit plans (share schemes, profit sharing, and pensions) for international corporations, in particular French and US listed companies. He is a member of Avo|sial (Association of French employment lawyers) and he lectures at University of Paris II Panthéon-Assas on the role and rights of works councils in French companies.

Thursday, 03 September 2020

16:00 - 16:45


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  • Nicholas Greenacre White & Case
    Nicholas Greenacre
    Partner, London
    White & Case LLP
  • Ian Harris
    Ian Harris
    Z/Yen Group Limited
  • Henrik Patel White & Case
    Henrik Patel
    Partner, New York
    White & Case LLP
  • Frank-Karl Heuchemer White & Case
    Frank-Karl Heuchemer
    Partner, Frankfurt
    White & Case LLP
  • Alexandre Jaurette White & Case
    Alexandre Jaurette
    Partner, Paris
    White & Case LLP