| International Compensation |
We regularly assist US companies with extending participation in their incentive arrangements to employees outside the US, including conducting surveys to understand the securities laws, disclosure requirements, exchange control, taxation (for the employees and employer), labor laws and data privacy issues in the relevant jurisdictions, implementing global (often post-transaction) harmonization or incentivization arrangements and, recently, ascertaining the securities and tax law implications of option repricings.
A summary of recent matters and the countries covered is set out below. We can provide a first view of the legal issues surrounding equity or cash plans anywhere in the world or, if a client needs need formal advice in this area, we have local counsel contacts in over 60 jurisdictions who are reliable, efficient and accustomed to working with us.
We regularly prepare the rules and individual agreements for international incentive arrangements and can assist with related US disclosure and listing issues. We also assist local counsel with the preparation of any necessary filings or applications in local jurisdictions and with the drafting of local tax efficient sub-plans if desired.
Recent Matters
Analog Devices Inc.
We recently conducted a global survey seeking tax advice in relation to share options and restricted stock units, which included tax rates and withholding obligations in Australia, Austria, Belgium, Canada, China, Denmark, Finland, France, Germany, Hong Kong, India, Ireland, Israel, Italy, Japan, Korea, Netherlands, Philippines, Singapore, Spain, Sweden, Taiwan and the UK.
Schering-Plough Corporation
As part of their agreement to merge with Merck & Co. Inc. we conducted a global survey for Schering Plough seeking labor advice on proposed retention and severance cash plans to be introduced in 63 countries including in Argentina, Australia, Austria, Baltics, Belgium, Brazil, Bulgaria, Canada, Chile, China, Colombia, Croatia, Cyprus, Czech republic, Denmark, Dubai, Ecuador, Egypt, Finland, France, Germany, Greece, Hong Kong, Hungary, India, Indonesia, Ireland, Israel, Italy, Japan, Korea, Lebanon, Lithuania, Malaysia, Mexico, Morocco, Netherlands, New Zealand, Norway, Pakistan, Panama, Peru, Philippines, Poland, Portugal, Puerto Rico, Romania, Russia, Saudi Arabia, Serbia, Singapore, Slovenia, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, UK, Ukraine, Venezuela, Vietnam and ZAF (South Africa).
International Option Repricings
During 2009 we advised on the tax and securities laws aspects of option repricings offered by a number of our NASDAQ listed clients including Aspect Medical, Unica, Avid and MKS Instruments in numerous countries, including Australia, France, Germany, Hong Kong, India, Italy, Japan, Korea, Netherlands, Singapore, Spain, Switzerland, UAE and the UK.