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

Webinar Recording

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.

Victoria Rosamond is a Partner in the New York Employment, Compensation & Benefits Group. Victoria advises public and private company clients on the design and implementation of equity and cash incentive compensation and retention programmes and the negotiation of executive employment, separation and change in control agreements. Victoria also advises clients regarding Section 409A deferred compensation arrangements, Section 280G golden parachute issues, and compensation-related corporate governance and public disclosure requirements.

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 BST


ESOP No Background

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