Israel Labor Concerns Communications Securities Compliance Foreign Exchange Data Protection
|
|
- Marianna Banks
- 7 years ago
- Views:
Transcription
1 Israel Employee Stock Purchase Plans Employment Labor Concerns A claim for breach of contract could arise where a Plan is amended or discontinued. It is recommended that Plan provisions are drafted so as to preclude temporary employees and independent contractors from claiming entitlements under the Plan (absent a specific intention to include these workers). Plans should be drafted to permit unilateral amendment or termination of the Plan, and employees should be required to acknowledge the discretionary nature of the Plan. Employers may not, directly or indirectly, deny employees the opportunity to participate in the Plan based on any prohibited grounds of discrimination, including, among others, race, color, religion, sex, national origin, citizenship, age, disability, uniformed service or any other status protected by federal, state or local law. Communications Generally, the electronic execution of agreements may be acceptable under certain conditions. Regulatory Securities Compliance Israeli securities laws govern the grant of securities under employee benefit plans, including employee stock purchase plans. Under the Securities Law of , unless an exemption is available, any offer or sale of a security must be published in a prospectus approved by the Israeli Securities Authority. The relevant exemption for offers and sales of securities in connection with employee benefit plans is for offers made to less than 35 employees over a 12 year period. Foreign Exchange Data Protection There are no exchange controls in Israel. Employee consent for the processing and transfer of personal data is the recommended method of compliance with existing data privacy requirements. It is best practice, in administering equity/benefit plans, to build into Plan enrollment forms a written consent. Plan participants should expressly authorize the use and disclosure of their data for all Plan purposes. Also, Plan administrators must comply with any privacy policy of a sponsor employer, and with document-retention laws that mandate retaining tax-related information for certain periods.
2 Tax Employee Tax Treatment It is unclear how an employee stock purchase plan is treated under section 102 of the Israeli Income Tax Ordinance (the Ordinance ). The right to participate in the Plan could be characterized as the grant of a non-tradable right not listed on an exchange under section 102(c)(2), pursuant to which the tax event is deferred to the sale of the Stock. Alternatively, it could be characterised as the award of shares not via a trustee under section 102(c)(1), where the discount is taxed at the purchase date, and where any additional gain is taxed upon sale. In either event, no tax is payable upon grant of the right. Due to the unclear treatment of employee stock purchase plan participation under the Ordinance, there are several fast track taxpayer specific rulings available that allow companies to elect the treatment and clarify their withholding obligations under the Plan. The rulings include several options: (1) a trustee capital gains track treatment, where the taxable event is deferred to sale of the underlying Stock and the gain is bifurcated between an ordinary income component and a capital gain component and (2) non-trustee treatment, which accelerates the tax event on the discount to the purchase date, and imposes the withholding obligation on the employer only on the purchase date. The employee s favorable tax treatment upon exercise of the purchase right under the trustee capital gains track can be lost if the employee sells the Stock received upon the exercise of the right within two years after the date the right was granted. Social Insurance Contributions The ordinary income portion of the gain (either upon disposition of Stock or exercise of the purchase right, depending on the elective tax track) is subject to social security contributions, which may be levied on the employee at a rate of 7%, up to the wage base limit (518,880 NIS for 2016). A Health tax is also levied on the employee on his ordinary income portion of the gain at a rate of 5%, up to the wage base limit. Note that the Social Security and Health taxes are imposed at lower rates for annual income less than 68,136 NIS, and that the Social Security and Health taxes are computed on a monthly basis, with a look back period for extraordinary payments. Where Social Security tax arises for the employer, this is levied at a rate of 7.5% of the amount recognized as ordinary income, up to the wage base limit for each employee (518,880 NIS for 2016). Tax Favored Program Withholding and Reporting Employer Tax Treatment Many employee stock purchase programs are structured to comply with the requirements of the capital gains trustee track, and afforded the tax treatment described above. This track requires the engagement of an Israeli trustee, the adoption of an Israeli sub-plan to the global employee stock purchase plan, and the deposit of the employee stock purchase plan shares with or under the supervision of the Trustee for the duration of a two year holding period. The employer s and trustee s withholding obligations are provided under the conditions of the relevant tax ruling the employer and trustee will either be required to withhold upon purchase or sale of the Stock. The employer s right to a tax deduction relating to the employee s participation in the Plan is stipulated by the terms of the particular ruling. Tax Rates Income tax is charged at rates of up to 48%. The capital gains rate under section 102 is 25%.
3 Restricted Stock and RSUs Employment Labor Concerns A claim for breach of contract could arise where an equity incentive plan is amended or discontinued. It is recommended that Plan provisions are drafted so as to preclude temporary employees and independent contractors from claiming entitlements under the Plan (absent a specific intention to include these workers). Plans should be drafted to permit unilateral amendment or termination of the Plan, and employees should be required to acknowledge the discretionary nature of the Plan. Employers may not, directly or indirectly, deny employees the opportunity to participate in the Plan based on any prohibited grounds of discrimination, including, among others, race, color, religion, sex, national origin, citizenship, age, disability, uniformed service or any other status protected by federal, state or local law. Communications Generally, the electronic execution agreements may be acceptable under certain conditions. Regulatory Securities Compliance Foreign Exchange Data Protection Israeli securities laws govern the grant of securities under employee benefit plans, including stock incentive plans. Under the Securities Law of , unless an exemption is available, any offer or sale of a security must be published in a prospectus approved by the Israeli Securities Authority. The relevant exemption for offers and sales of securities in connection with employee benefit plans is for offers made to less than 35 employees in a 12 year period. There are no exchange controls in Israel. Employee consent for the processing and transfer of personal data is the recommended method of compliance with existing data privacy requirements. It is best practice, in administering equity/benefit plans, to build into Plan enrollment forms a written consent. Plan participants should expressly authorize the use and disclosure of their data for all Plan purposes. Also, Plan administrators must comply with any privacy policy of a sponsor employer, and with document-retention laws that mandate retaining tax-related information for certain periods. Tax Employee Tax Treatment The granting and vesting of RSUs does not result in taxable income to the employee who receives the RSUs. So long as the RSUs are settled in shares, they may be granted under two distinct tax tracks under section 102 of the Israeli Income Tax Ordinance: an ordinary income track and a trustee capital gains track. Under the ordinary income track, upon sale of the underlying Stock, all of the gain from sale is taxed at the ordinary income rate. Alternatively, under the trustee capital gains track, the income is bifurcated into an ordinary income component and a capital gains component: the average value of the Stock for the 30 trading days preceding the settlement of the RSUs is taxable to the employee as ordinary income and the difference between the sale price of that Stock and the ordinary income portion will be taxed as capital gains.
4 Social Insurance Contributions Upon sale of the Stock underlying the RSUs, the ordinary income portion of the gain is subject to social security contributions to the extent the employee has not exceeded the applicable wage base. The employer is required to withhold the employee s portion of the social security taxes. The employer must then pay the employee s withholdings and the employer s contributions at the time the employee receives the earnings. Tax Favored Program Withholding and Reporting Employer Tax Treatment The trustee capital gains track allows for a deferral of the tax event to the sale of the Stock underlying the RSU and a bifurcation of the gain into ordinary income and capital gains components as explained above. Compliance with the trustee capital gains track requires the engagement of a trustee in Israel, the assumption of an Israeli sub-plan, conforming the global plan to the provisions of section 102, and the deposit of the RSUs with the trustee, or under its supervision, for a two year holding period. Amounts taxable on sale of the Stock underlying the RSUs are subject to income tax withholding and reporting by the employer, or the trustee, as applicable. Also, the amount of dividends received with respect to RSUs is subject to income tax withholding and reporting by the employer or the trustee, as applicable. Assuming compliance with the applicable income tax withholding and reporting requirements, the employer will be entitled to a tax deduction equal to the amount of ordinary income recognized by an employee in connection with his or her restricted stock award in the employer s taxable year in which that employee recognizes that ordinary income, but only for RSUs granted under the trustee track. The granting of RSUs does not result in a tax deduction for the employer. Tax Rates Income tax is charged at rates of up to 48%. Social Security taxes may be levied on the employee at a rate of 7% on the amount recognized as ordinary income, up to the wage base limit (518,880 NIS for 2016). A Health tax is also levied on the employee on his ordinary income portion of the gain at a rate of 5%, up to the wage base limit. Note that the Social Security and Health taxes are imposed at lower rates for annual income less than 68,136 NIS, and that the Social Security and Health taxes are computed on a monthly basis, with a look back period for extraordinary payments. Where Social Security tax arises for the employer, this is levied at a rate of 7.5% of the amount recognized as ordinary income, up to the wage base limit for each employee (518,880 NIS for 2016).
5 Stock Option Plans Employment Labor Concerns A claim for breach of contract could arise where an equity incentive plan is amended or discontinued. It is recommended that Plan provisions are drafted so as to preclude temporary employees and independent contractors from claiming entitlements under the Plan (absent a specific intention to include these workers). Plans should be drafted to permit unilateral amendment or termination of the Plan, and employees should be required to acknowledge the discretionary nature of the Plan. Employers may not, directly or indirectly, deny employees the opportunity to participate in the Plan based on any prohibited grounds of discrimination, including, among others, race, color, religion, sex, national origin, citizenship, age, disability, uniformed service or any other status protected by federal, state or local law. Communications Generally, the electronic execution of agreements may be acceptable under certain conditions. Regulatory Securities Compliance Foreign Exchange Data Protection Israeli securities laws govern the grant of securities under employee benefit plans, including stock incentive plans. Under the Securities Law of , unless an exemption is available, any offer or sale of a security must be published in a prospectus approved by the Israeli Securities Authority. The relevant exemption for offers and sales of securities in connection with employee benefit plans is for offers made to less than 35 employees in a 12 year period. There are no exchange controls in Israel. Employee consent for the processing and transfer of personal data is the recommended method of compliance with existing data privacy requirements. It is best practice, in administering equity/benefit plans, to build into Plan enrollment forms a written consent. Plan participants should expressly authorize the use and disclosure of their data for all Plan purposes. Also, Plan administrators must comply with any privacy policy of a sponsor employer, and with document-retention laws that mandate retaining tax-related information for certain periods. Tax Employee Tax Treatment Employee stock option are classified as either trustee track or non-trustee track options. The grant and exercise of an option under either track is not a taxable event. However, the sale of the Stock underlying the options will give rise to taxable income to the employee, regardless of whether the option is a trustee track option or a non-trustee track option. Under the non-trustee track, the sale of Stock underlying an option results in immediate recognition of taxable ordinary income by the employee in the amount by which the purchase price exceeds the aggregate exercise price paid. Under the trustee capital gains track, the sale of publicly traded Stock underlying an option will result in two components of gain: (i) an ordinary income component computed as the excess of the 30-day trading average of the Stock at the date of grant over the exercise price, and (ii) a capital gains component on the difference between the sale price and the exercise price.
6 Social Insurance Contributions Tax Favored Program Withholding and Reporting Employer Tax Treatment Amounts taxable as ordinary income upon the sale of Stock underlying the options are subject to social security contributions to the extent the employee has not exceeded the applicable wage base. The employer is required to withhold the employee s portion of the social security taxes. The employer must then pay the employee s withholdings and the employer s contributions at the time the employee receives the earnings. The capital gain component of the gain is not subject to social security contributions. Many employee stock option plans are structured to comply with the requirements of the capital gains trustee track, and afforded the tax treatment described above. This track requires the engagement of an Israeli trustee, the adoption of an Israeli sub-plan to the global stock option plan, and the deposit of the stock option plan awards with, or under the supervision of, the Trustee for a two year holding period. Amounts taxable upon the sale of Stock underlying the options are subject to income tax withholding and reporting by the employer or the trustee, as applicable. The sale of Stock underlying an option by an employee results in a tax deduction for the employer equal to the amount of ordinary income reported by the employee, but only for options granted under the trustee track. Tax Rates Income tax is charged at rates of up to 48%. Social Security taxes may be levied on the employee at a rate of 7% on the amount recognized as ordinary income, up to the wage base limit (518,880 NIS for 2016). A Health tax is also levied on the employee on his ordinary income portion of the gain at a rate of 5%, up to the wage base limit. Note that the Social Security and Health taxes are imposed at lower rates for annual income less than 68,136 NIS, and that the Social Security and Health taxes are computed on a monthly basis, with a look back period for extraordinary payments. Where Social Security Tax arises for the employer, this is levied at a rate of 7.5% of the amount recognized as ordinary income, up to the wage base limit for each employee (518,880 NIS for 2016). whitecase.com In this publication, White & Case means the international legal practice comprising White & Case llp, a New York State registered limited liability partnership, White & Case llp, a limited liability partnership incorporated under English law and all other affiliated partnerships, companies and entities. This publication is prepared for the general information of our clients and other interested persons. It is not, and does not attempt to be, comprehensive in nature. Due to the general nature of its content, it should not be regarded as legal advice. This summary is intended to reflect local law and practice as at 1 September Please note, however, that recent amendments and legal interpretations of the local law may not be included in these summaries. In addition, corporate governance, administration, and plan design facts that are specific to your company may impact how the local laws affect the company s equity based compensation plans. With these matters in mind, companies should not rely on the information provided in this summary when implementing their stock plans. Capitalised terms used in this report which are not otherwise defined shall have the meanings assigned to them in the Glossary, which can be accessed from the Countries at a Glance page on the White & Case llp website. Attorney Advertising. Prior results do not guarantee a similar outcome. NY1016/ECBEL/M/314460_02
Pension Protection Act of 2006 Changes Affect Single-Employer Defined Benefit Plans in 2008
Important Information Legislation June 2007 Pension Protection Act of 2006 Changes Affect Single-Employer Defined Benefit Plans in 2008 This is one of a series of Pension Analyst publications providing
More informationSAMPLE INSURANCE BROKER SERVICE AGREEMENT
SAMPLE INSURANCE BROKER SERVICE AGREEMENT (For Use By Insurance Brokers in Preparing Service Agreements for Clients Whose 401(k) Plans Are Funded by John Hancock Group Annuity Contracts or, With Respect
More informationCLEAR CHANNEL COMMUNICATIONS, INC. 401(k) SAVINGS PLAN
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 11-K [X] Annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31,
More informationGuide to Going Global Global Equity
Guide to Going Global Global Equity STOCK PURCHASE RIGHTS 2015 CONTENTS INTRODUCTION 04 05 07 09 11 13 15 17 19 21 23 24 25 26 27 29 31 33 35 37 39 41 43 45 47 49 51 53 54 55 57 59 61 62 63 64 2 CONTENTS
More informationGlobal equity compensation Recent legislative updates
Global equity compensation Recent legislative updates Country Summaries August 2012 Edition (for a more comprehensive discussion, please see the "Country Discussions" section below) Argentina Tightening
More informationGlobal Stock Options Survey. Gide Loyrette Nouel A.A.R.P.I. France
Global Stock Options Survey Gide Loyrette Nouel A.A.R.P.I. France CONTACT INFORMATION: Philippe Desprès and Foulques de Rostolan Gide Loyrette Nouel A.A.R.P.I. 26, cours Albert Ier 75008 Paris, France
More informationTax Qualified Plans Throughout the World: One Size Does Not Fit All
Tax Qualified Plans Throughout the World: One Size Does Not Fit All Yair Benjamini, Epstein, Rosenblum, Maoz (IL) Agnes Charpenet, Baker & McKenzie (FR) Denise Glagau, Baker & McKenzie (US) Sarah McMaster,
More informationThe PNC Investments Bank Deposit Program Disclosure Document
The PNC Investments Bank Deposit Program Disclosure Document Summary Deposits By electing the PNC Investments Bank Deposit Program (the Program ), your available cash balances in eligible accounts will
More informationUnited States. Sarah E Downie Orrick Herrington & Sutcliffe LLP. Country Q&A. Employee Share Plans Handbook 2010/11. Country Q&A
United States Sarah E Downie Orrick Herrington & Sutcliffe LLP www.practicallaw.com/4-503-3871 EMPLOYEE PARTICIPATION 1. Is it common for employees to be offered participation in an employee share plan?
More information**If this is an agreement between the City and an individual or business entity providing DESIGN SERVICES, use Form MVF 00-05.**
**If this is an agreement between the City and an individual or business entity providing DESIGN SERVICES, use Form MVF 00-05.** **OPERATOR** Do a global search and replace the word *NAME* with CONTRACTOR,
More informationSTATE OF NEW JERSEY SUPPLEMENTAL ANNUITY COLLECTIVE TRUST. Financial Statements. June 30, 2014 and 2013. (With Independent Auditors Report Thereon)
Financial Statements (With Independent Auditors Report Thereon) Financial Statements Table of Contents Independent Auditors Report 1 Management s Discussion and Analysis (Unaudited) 3 Basic Financial Statements:
More informationDEPARTMENT OF THE TREASURY INTERNAL REVENUE SERVICE WASHINGTON, D.C. 20224
DEPARTMENT OF THE TREASURY INTERNAL REVENUE SERVICE WASHINGTON, D.C. 20224 OFFICE OF CHIEF COUNSEL Number: 200215053 Release Date: 4/12/2002 UIL: 3121.04-00 CC:TEGE:EOEG:ET1 WTA-N-115133-01 MEMORANDUM
More informationFRS 14 FINANCIAL REPORTING STANDARDS CONTENTS. Paragraph
ACCOUNTING STANDARDS BOARD OCTOBER 1998 CONTENTS SUMMARY Paragraph Objective 1 Definitions 2 Scope 3-8 Measurement: Basic earnings per share 9-26 Earnings basic 10-13 Number of shares basic 14-26 Bonus
More informationEquity Compensation Arrangements in a Nutshell
Equity Compensation Arrangements in a Nutshell Equity compensation is an important tool that can be used by any business to attract and retain service providers deemed important to the long-term success
More informationPRACTICAL LAW EMPLOYEE SHARE PLANS EMPLOYMENT AND EMPLOYEE BENEFITS VOL 2 MULTI-JURISDICTIONAL GUIDE 2012/13. The law and leading lawyers worldwide
PRACTICAL LAW MULTI-JURISDICTIONAL GUIDE 2012/13 EMPLOYMENT AND EMPLOYEE BENEFITS VOL 2 The law and leading lawyers worldwide Essential legal questions answered in 22 key jurisdictions Comparative table
More informationInternational Financial Reporting Standards (IFRS)
FACT SHEET September 2011 IAS 12 Income Taxes (This fact sheet is based on the standard as at 1 January 2011.) Important note: This fact sheet is based on the requirements of the International Financial
More informationExhibit 10(b). McDonald s Excess Benefit and Deferred Bonus Plan
Exhibit 10(b). McDonald s Excess Benefit and Deferred Bonus Plan Section 1. Introduction 1.1 The Plan. McDonald s Corporation (the Company ) has adopted the McDonald s Excess Benefit and Deferred Bonus
More informationPAYROLL DEDUCTIONS ADMINISTRATIVE REGULATION 4730
PAYROLL DEDUCTIONS ADMINISTRATIVE REGULATION 4730 RULES GOVERNING INSURANCE COMPANY, MARKETING AGENCIES AND DISTRICT EMPLOYEE PARTICIPATION IN THE TAX DEFERRED ANNUITY PROGRAM GENERAL INFORMATION - PROPOSALS
More informationCommon Questions About Pennsylvania Stock Options
Global Stock Options Survey Eckert Seamans Cherin & Mellott, LLC Pennsylvania, U.S.A. CONTACT INFORMATION: Paul M. Yenerall Eckert Seamans Cherin & Mellott, LLC U.S. Steel Tower 600 Grant Street, 44th
More informationDESCRIPTION OF THE PLAN
DESCRIPTION OF THE PLAN PURPOSE 1. What is the purpose of the Plan? The purpose of the Plan is to provide eligible record owners of common stock of the Company with a simple and convenient means of investing
More informationTRADITIONAL AND ROTH IRA SUMMARY & AGREEMENT
TRADITIONAL AND ROTH IRA SUMMARY & AGREEMENT SEPTEMBER 2004 T. Rowe Price Privacy Policy In the course of doing business with T. Rowe Price, you share personal and financial information with us. We treat
More informationSpecified Employees Under IRC Section 409A
Specified Employees Under IRC Section 409A This Note provides an overview of the methods for determining specified employees under IRC section 409A for purposes of applying the six-month delay to payments
More informationEMPLOYMENT-RELATED PRACTICES LIABILITY ENDORSEMENT
POLICY NUMBER: CL CG 04 57 07 09 THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. EMPLOYMENT-RELATED PRACTICES LIABILITY ENDORSEMENT This endorsement modifies insurance provided under the
More informationGUYANA GOLDFIELDS INC. STOCK OPTION PLAN
GUYANA GOLDFIELDS INC. STOCK OPTION PLAN PURPOSE The purpose of this stock option plan (the Plan ) is to authorize the grant to service providers for Guyana Goldfields Inc. (the Corporation ) of options
More informationInformation Regarding U.S. Federal Income Tax Calculations in connection with the Acquisition of DIRECTV by AT&T
Information Regarding U.S. Federal Income Tax Calculations in connection with the Acquisition of DIRECTV by AT&T The following information is provided to illustrate how to determine taxable gain on DIRECTV
More informationBURNET CONSOLIDATED INDEPENDENT SCHOOL DISTRICT 403(B) RETIREMENT PLAN. SUMMARY OF 403(b) PLAN PROVISIONS
BURNET CONSOLIDATED INDEPENDENT SCHOOL DISTRICT 403(B) RETIREMENT PLAN SUMMARY OF 403(b) PLAN PROVISIONS Updated January 22, 2013 TABLE OF CONTENTS INTRODUCTION TO YOUR PLAN ARTICLE I PARTICIPATION IN
More informationPension Protection Act of 2006 Makes Significant Changes to Single Employer Defined Benefit Plans
Important Information Legislation November 2006 Pension Protection Act of 2006 Makes Significant Changes to Single Employer Defined Benefit Plans This is one of a series of Pension Analyst publications
More informationMAXIM INTEGRATED PRODUCTS, INC. 2008 EMPLOYEE STOCK PURCHASE PLAN
MAXIM INTEGRATED PRODUCTS, INC. 2008 EMPLOYEE STOCK PURCHASE PLAN (As amended) 1 The Company wishes to attract employees to the Company, its Subsidiaries and Affiliates and to induce employees to remain
More informationUnitedHealth Group Employee Stock Purchase Plan Prospectus
UnitedHealth Group Employee Stock Purchase Plan Prospectus May 2011 These materials, which may include descriptions of company stock plans, prospectuses and other information and documents, and the information
More informationSection 162(m): Limit on Compensation Regina Olshan, Skadden, Arps, Slate, Meagher & Flom LLP and Paula Todd, Towers Watson
Section 162(m): Limit on Compensation Regina Olshan, Skadden, Arps, Slate, Meagher & Flom LLP and Paula Todd, Towers Watson This Practice Note is published by Practical Law Company on its PLC Employee
More informationIRS Releases Guidance on Non-Qualified Deferred Compensation
IRS Releases Guidance on Non-Qualified Deferred Compensation As previously reported in a Special Edition of Benefits e-news, the American Jobs Creation Act signed into law earlier this year added Section
More informationSAVINGS INCENTIVE MATCH PLAN FOR EMPLOYEES BASIC PLAN DOCUMENT
Customer copy please retain for your records. SAVINGS INCENTIVE MATCH PLAN FOR EMPLOYEES BASIC PLAN DOCUMENT DEFINITIONS ADOPTING EMPLOYER Means any corporation, sole proprietor or other entity named in
More informationEquity Compensation Vehicles
Equity Compensation Vehicles April 2014 INCENTIVE STOCK OPTIONS (ISOS) Grant Exercise Sale Incentive Stock Options Grant of incentive stock options to purchase stock at some later date (subject to certain
More informationEquity-Based Employee Compensation. Canadian Bar Association Tax Specialists South Section
Equity-Based Employee Compensation Canadian Bar Association Tax Specialists South Section February 27, 2006 Anu Nijhawan Bennett Jones LLP Structuring Objectives Tax Considerations GOAL #1: Ensure employee
More informationPACE UNIVERSITY DEFINED CONTRIBUTION RETIREMENT PLAN SUMMARY PLAN DESCRIPTION. January 1, 2010
PACE UNIVERSITY DEFINED CONTRIBUTION RETIREMENT PLAN SUMMARY PLAN DESCRIPTION January 1, 2010 1674859.3 7/19/2010 TABLE OF CONTENTS INTRODUCTION TO YOUR PLAN ARTICLE I PARTICIPATION IN THE PLAN Am I eligible
More informationCORELOGIC, INC. 2012 EMPLOYEE STOCK PURCHASE PLAN
This document constitutes part of a Prospectus covering securities that have been registered under the Securities Act of 1933. 2,000,000 Shares CORELOGIC, INC. Common Stock (par value $0.00001 per share)
More informationShare option plan. CROSS-BORDER HANDBOOKS www.practicallaw.com/employeeshareplanshandbook 125
Switzerland Switzerland Ueli Sommer and Rosemarie Knecht, Walder Wyss & Partners www.practicallaw.com/4-373-5954 GENERAL 1. Is it common for employees to be offered participation in an employee share plan?
More informationIBA 2001 CANCUN COMMITTEE NP STRUCTURING INTERNATIONAL EQUITY COMPENSATION PLANS CASE STUDY
IBA 2001 CANCUN COMMITTEE NP STRUCTURING INTERNATIONAL EQUITY COMPENSATION PLANS CASE STUDY CANADIAN APPROACH BY ALAIN RANGER FASKEN MARTINEAU DuMOULIN LLP Stock Exchange Tower Suite 3400, P.O. Box 242
More informationCountry Tax Guide. www.bakertillyinternational.com
www.bakertillyinternational.com International Tax Contact Moscow Andrey Kirillov T: +7 (495) 783 88 00 a.kirillov@bakertillyrussaudit.ru Corporate Income Taxes Resident companies, defined as those which
More informationColumbia Threadneedle Investments SEP Simplified Employee Pension Plan
Columbia Threadneedle Investments SEP Simplified Employee Pension Plan This kit contains: Part I. Instructions and Basic Plan Document Part II. Eligibility form and Adoption Agreement Part III. Employee
More informationPHILIP MORRIS INTERNATIONAL INC.
PHILIP MORRIS INTERNATIONAL INC. Code of Business Conduct and Ethics for Directors 1. Introduction This Code of Business Conduct and Ethics for Directors ( Code ) has been adopted by Philip Morris International
More information2 This Standard shall be applied by all entities that are investors with joint control of, or significant influence over, an investee.
International Accounting Standard 28 Investments in Associates and Joint Ventures Objective 1 The objective of this Standard is to prescribe the accounting for investments in associates and to set out
More informationNumerous Recent Law and Accounting Changes Affect Stock Options
Numerous Recent Law and Accounting Changes Affect Stock Options Stock option plans have been significantly impacted by recent changes in the law, including final regulations on incentive stock options
More informationSchwab SIMPLE IRA Basic Plan Document
Schwab SIMPLE IRA Basic Plan Document Table of Contents This document contains the legal provisions of your Schwab SIMPLE IRA plan. Please keep it in a place where you can easily find and refer to it.
More informationHOUSE COMMITTEE ON APPROPRIATIONS FISCAL NOTE. HOUSE BILL NO. 1055 PRINTERS NO. 3577 PRIME SPONSOR: Mustio
HOUSE COMMITTEE ON APPROPRIATIONS FISCAL NOTE HOUSE BILL NO. 1055 PRINTERS NO. 3577 PRIME SPONSOR: Mustio COST / (SAVINGS) FUND FY 2011/12 FY 2012/13 Administration Fund $0 $0 General Fund $0 $0 Workmen
More informationLast revised March 23, 2007. Frequently asked questions on Equity Compensation Plans
Last revised March 23, 2007. Frequently asked questions on Equity Compensation Plans As of March 29, 2007 Section A. Is this an equity compensation plan subject to the rule? A-1. A plan under which the
More informationCompensating Owners and Key Employees of Partnerships and LLC's
College of William & Mary Law School William & Mary Law School Scholarship Repository William & Mary Annual Tax Conference Conferences, Events, and Lectures 2013 Compensating Owners and Key Employees of
More informationEmployee share schemes: start-up companies. Instructions for using the standard documentation
Employee share schemes: start-up companies Instructions for using the standard documentation 1. Standard ESS documents and this instruction guide 1.1 Standard ESS documents The ATO has developed a set
More informationWrap ISA and Wrap Personal Portfolio 1/26
Wrap ISA and Wrap Personal Portfolio 1/26 Terms and conditions These terms govern your relationship with Standard Life Savings, a company authorised and regulated by the FCA which is part of the Standard
More informationIRS Issues Minimum Required Contribution Rules For Defined Benefit Plans
Important Information Plan Administration and Operation July 2008 IRS Issues Minimum Required Contribution Rules For Defined Benefit Plans WHO'S AFFECTED These developments affect sponsors of qualified
More informationWhat s News in Tax Analysis That Matters from Washington National Tax
What s News in Tax Analysis That Matters from Washington National Tax Stock Option Compensation Warnings for the Unwary Stock options are a popular form of compensation provided to employees of corporations.
More informationCOMPARISON OF CALIFORNIA, ILLINOIS, AND OREGON STATE-RUN RETIREMENT PLAN LEGISLATION
COMPARISON OF CALIFORNIA, ILLINOIS, AND OREGON STATE-RUN RETIREMENT PLAN LEGISLATION TOPIC / LEGISLATION DATE SIGNED INTO LAW STATED PURPOSE California Secure Choice Retirement Savings Trust Act ( California
More informationIncentive Stock Options
JPH Advisory Group Curtis Hearn, CFP 600 Galleria Pkwy Ste 1600 Atlanta, GA 30339 770-859-0076 curtis@jphadvisory.com www.jphadvisory.com Incentive Stock Options Page 1 of 6, see disclaimer on final page
More informationASSEMBLY BILL No. 2570
AMENDED IN SENATE JULY, 0 AMENDED IN SENATE JUNE, 0 california legislature 00 regular session ASSEMBLY BILL No. 0 Introduced by Assembly Member Ma February, 0 An act to add Section 0. to the Unemployment
More informationAbercrombie & Fitch Co. Savings and Retirement Plan
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December
More informationPublic Financial Disclosure A Guide to Reporting Selected Financial Instruments
Public Financial Disclosure A Guide to Reporting Selected Financial Instruments TABLE OF CONTENTS AMERICAN DEPOSITARY RECEIPT 1 CASH BALANCE PENSION PLAN 2 COMMON TRUST FUND OF A BANK 4 EMPLOYEE STOCK
More informationSaudi Arabian Oil Company (Saudi Aramco)
Saudi Arabian Oil Company (Saudi Aramco) Summary Plan Description Retirement Income Plan U.S. Dollar Employees January 1, 2016 Table of Contents WHO IS ELIGIBLE... 1 COST AND FUNDING... 2 VESTING... 2
More informationDiscretionary Investment Management Agreement Vulcan Investments LLC 2100SouthBridge Pkwy Suite 650, Birmingham AL, 35209 1. Scope of Engagement a)
Discretionary Investment Management Agreement This investment management agreement (the Agreement ) is, made this day of, 20 Between the undersigned party, Client(s) whose mailing address is. (Hereinafter
More informationProspectus December 18, 2015 Private Investment Classes
Prospectus December 18, 2015 Private Investment Classes Liquid Assets Portfolio (LPVXX) STIC Prime Portfolio (SPVXX) Treasury Portfolio (TPFXX) Government & Agency Portfolio (GPVXX) Government TaxAdvantage
More informationIf your plan has not been updated to reflect EGTRRA, the plan needs to be revised.
1) Has your plan document been updated within the past few years to reflect recent law changes? If your plan has not been updated to reflect EGTRRA, the plan needs to be revised. Laws related to retirement
More informationBEST BUY CO., INC. 2004 OMNIBUS STOCK AND INCENTIVE PLAN
BEST BUY CO., INC. 2004 OMNIBUS STOCK AND INCENTIVE PLAN Table of Contents Section 1. Purpose... 1 Section 2. Definitions... 1 Section 3. Administration... 3 (a) Power and Authority of the Committee...
More informationKATE SPADE & COMPANY 401(k) SAVINGS AND PROFIT SHARING PLAN KATE SPADE & COMPANY 2 PARK AVENUE NEW YORK, NEW YORK 10016
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended
More informationBRANDES INTERNATIONAL EQUITY FUND. Summary Prospectus
BRANDES INTERNATIONAL EQUITY FUND Summary Prospectus Class I Ticker Symbol: BIIEX Class E Ticker Symbol: BIEEX Class A Ticker Symbol: BIEAX Class C Ticker Symbol: BIECX Class R6 Ticker Symbol: BIERX February
More informationDISCRETIONARY INVESTMENT ADVISORY AGREEMENT
DISCRETIONARY INVESTMENT ADVISORY AGREEMENT AGREEMENT, made this day of, 20 between the undersigned party, (hereinafter referred to as the Client ), and Walkner Condon Financial Advisors LLC, a registered
More informationTHE NATIONAL GRID USA COMPANIES INCENTIVE THRIFT PLAN II. (As Amended and Restated Effective January 1, 2015)
Page 1 of 91 THE NATIONAL GRID USA COMPANIES INCENTIVE THRIFT PLAN II (As Amended and Restated Effective January 1, 2015) 3505578_2.DOC TABLE OF CONTENTS Page 2 of 91 ARTICLE 1. INTRODUCTION. 1.1. In General...1
More informationIncome Taxes STATUTORY BOARD SB-FRS 12 FINANCIAL REPORTING STANDARD
STATUTORY BOARD SB-FRS 12 FINANCIAL REPORTING STANDARD Income Taxes This version of the Statutory Board Financial Reporting Standard does not include amendments that are effective for annual periods beginning
More information* * * * * NASD Rule * * * * * * * * * * [(1)(A) Voluntary Estimated Value]
Regulatory Notice 15-02 Amended Rule Text New language is underlined; deletions are in brackets. NASD Rule 2300. TRANSACTIONS WITH CUSTOMERS 2340. Customer Account Statements (a) through (b) No Change.
More informationSAMPLE CONTRACT LANGUAGE. 2.0 Terms and Conditions. 2.1 Scope of Services: Contractor will perform the services described in Exhibit A
SAMPLE CONTRACT LANGUAGE 2.0 Terms and Conditions The parties agree to the terms and conditions listed below: 2.1 Scope of Services: Contractor will perform the services described in Exhibit A 2.2 Payments:
More informationEDWARDS LIFESCIENCES CORP
EDWARDS LIFESCIENCES CORP FORM 11-K (Annual Report of Employee Stock Plans) Filed 06/24/15 for the Period Ending 12/31/14 Address ONE EDWARDS WAY IRVINE, CA 92614 Telephone 9492502500 CIK 0001099800 Symbol
More informationIRS Publishes Final Section 415 Rules for Defined Contribution Plans
Important Information Plan Administration and Operation August 2007 IRS Publishes Final Section 415 Rules for Defined Contribution Plans WHO'S AFFECTED These rules affect sponsors of and participants in
More informationSpinning: FINRA Rule 5131
News Bulletin October 18, 2010 Spinning: FINRA Rule 5131 On September 29, 2010, the Securities and Exchange Commission ( SEC ) approved FINRA Rule 5131, on an accelerated basis, and solicited comments
More informationThe General Assembly of the Commonwealth of Pennsylvania hereby enacts as follows: CHAPTER 1 PRELIMINARY PROVISIONS
PROFESSIONAL EMPLOYER ORGANIZATION ACT Act of Jul. 5, 2012, P.L. 946, No. 102 An Act Cl. 77 Providing for professional employer organizations. TABLE OF CONTENTS Chapter 1. Section 101. Section 102. Section
More informationPRACTICAL LAW EMPLOYEE SHARE PLANS LABOUR AND EMPLOYEE BENEFITS VOL 2 MULTI-JURISDICTIONAL GUIDE 2011/12. The law and leading lawyers worldwide
PRACTICAL LAW MULTI-JURISDICTIONAL GUIDE 2011/12 EMPLOYEE SHARE PLANS LABOUR AND EMPLOYEE BENEFITS VOL 2 The law and leading lawyers worldwide Essential legal questions answered in 21 key jurisdictions
More informationVanguard Financial Plan Brochure
Vanguard Financial Plan Brochure June 21, 2013 Vanguard Advisers, Inc. 100 Vanguard Blvd., Malvern, PA 19355 800-337-6241 vanguard.com This brochure provides information about the qualifications and business
More informationRestricted Stock and RSUs. Global Desk Reference
Restricted Stock and RSUs Global Desk Reference GLOBAL DESK REFERENCE RESTRICTED STOCK AND RSUS ABOUT DLA PIPER DLA Piper is a global legal services organization with 4,200 lawyers in 76 offices in 30
More informationTrust & Estate Insights
A UBS Private Wealth Management Newsletter Advanced Planning January 2014 Trust & Estate Insights Key takeaways When understanding stock options and equity compensation, be sure to speak the "language."
More informationOffice of Chief Counsel Internal Revenue Service Memorandum
Office of Chief Counsel Internal Revenue Service Memorandum --------------------------------------------------------- Number: 200813042 Release Date: 3/28/2008 CC:TEGE:EOEG:ET2: ------------ POSTU-140193-05
More informationAlienation of personal services income
Special e-bulletin Welcome to our Middleton Partners e Bulletin covering items that may be of interest. Please read and contact our office if further information or clarification is required. Alienation
More informationIncentive Stock Options
Raymond James The Tyson Smith Group Tyson Smith Vice President 301 E. Pine Street Suite 1100 Orlando, FL 32801 407-648-4488 800-426-7449 tyson.smith@raymondjames.com www.thetysonsmithgroup.com Incentive
More informationFANNIE MAE CORPORATE GOVERNANCE GUIDELINES
FANNIE MAE CORPORATE GOVERNANCE GUIDELINES 1. The Roles and Responsibilities of the Board and Management On September 6, 2008, the Director of the Federal Housing Finance Authority, or FHFA, our safety
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K
KR 11-K 12/31/2015 Section 1: 11-K (11-K) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K o ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
More informationFORM ADV Uniform Application for Investment Adviser Registration Part II - Page 1
OMB APPROVAL OMB Number: 3235-0049 February 28, 2011 Expires: Estimated Average burden Hours per response...4.07 Uniform Application for Investment Adviser Registration Part II - Page 1 Name of Investment
More informationScheduled for Markup by the SENATE COMMITTEE ON FINANCE on February 11, 2015. Prepared by the Staff of the JOINT COMMITTEE ON TAXATION
DESCRIPTION OF THE CHAIRMAN S MARK OF PROPOSALS RELATING TO REAL ESTATE INVESTMENT TRUSTS (REITs), REGULATED INVESTMENT COMPANIES (RICs) AND THE FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT (FIRPTA) Scheduled
More informationInvestments in Associates and Joint Ventures
International Accounting Standard 28 Investments in Associates and Joint Ventures In April 2001 the International Accounting Standards Board (IASB) adopted IAS 28 Accounting for Investments in Associates,
More informationNonqualified Deferred Compensation Plans Why Administration Matters
Nonqualified Deferred Compensation Plans Why Administration Matters By: Howard D. Stern, FSA Vice President & Actuary The Pangburn Company HOWARD D. STERN, FSA is Vice President and Actuary with the Pangburn
More informationComparing REITs. kpmg.ca
Comparing REITs US vs. Canada January 2013 kpmg.ca Table of Contents REITs US & Canada Tax at Shareholders Level el US & Canada Corporate domestic shareholders Individual domestic shareholders Foreign
More informationSEPARATION AGREEMENTS: BREAKING UP IS HARD TO DO
SEPARATION AGREEMENTS: BREAKING UP IS HARD TO DO BY: Daniel R. Brice, Esq. Jonathan M. Cerrito, Esq. WWW.BKLAWYERS.COM The New Yorker Collection 2006 Frank Cotham from cartoonbank.com. All Rights Reserved.
More informationInvestments in Associates and Joint Ventures
STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 28 Investments in Associates and Joint Ventures This standard applies for annual periods beginning on or after 1 January 2013. Earlier application is
More informationNATIONAL OILWELL VARCO INC
NATIONAL OILWELL VARCO INC FORM 11-K (Annual Report of Employee Stock Plans) Filed 06/26/09 for the Period Ending 12/31/08 Address 7909 PARKWOOD CIRCLE DR HOUSTON, TX 77036 Telephone 713-375-3700 CIK 0001021860
More informationTHE METROPOLITAN ST. LOUIS SEWER DISTRICT DEFERRED COMPENSATION PLAN AND TRUST FINANCIAL STATEMENTS DECEMBER 31, 2012 AND 2011
THE METROPOLITAN ST. LOUIS SEWER DISTRICT DEFERRED COMPENSATION PLAN AND TRUST FINANCIAL STATEMENTS DECEMBER 31, 2012 AND 2011 Contents Page Independent Auditors Report...1-2 Management s Discussion And
More informationBroker. Opening a Real Estate Office. Chapter 2. Copyright Gold Coast Schools 1
Broker Chapter 2 Opening a Real Estate Office 1 Learning Objectives Differentiate among the various types of businesses that may be registered as brokerage entities; Explain the requirements associated
More informationClient Alert. An informational newsletter from Goodwin Procter LLP. Final Section 409A Regulations and Equity Compensation Arrangements
May 3, 2007 Client Alert An informational newsletter from Goodwin Procter LLP Final Section 409A Regulations and Equity Compensation Arrangements Highlights of Final Regulations The IRS recently published
More informationThe Bank of Nova Scotia Shareholder Dividend and Share Purchase Plan
The Bank of Nova Scotia Shareholder Dividend and Share Purchase Plan Offering Circular Effective November 6, 2013 The description contained in this Offering Circular of the Canadian and U.S. income tax
More informationChoosing the Right Type of Equity Compensation for Start-up Company Employees
View the online version at http://us.practicallaw.com/3-589-7685 Choosing the Right Type of Equity Compensation for Start-up Company Employees SHAWN E. LAMPRON, FENWICK & WEST LLP, WITH PRACTICAL LAW EMPLOYEE
More informationTHE TATITLEK CORPORATION 401(K) PLAN FINAL DISTRIBUTION FORM (888) 477-3135
Return Form To: Northwest Plan Services, Inc. 5446 California Ave SW Suite 200 Seattle, WA 98136 Fax (206) 938-5987 THE TATITLEK CORPORATION 401(K) PLAN FINAL DISTRIBUTION FORM (888) 477-3135 Participant
More informationApplying Section 409A to Severance Benefits
Applying Section 409A to Severance Benefits This Note explains the application of Internal Revenue Code section 409A relating to nonqualified deferred compensation plans to various types of severance benefits.
More informationSalary Reduction Simplified Employee Pension (SAR-SEP) Plan Employer Adoption Agreement For Use with the Traditional IRA Application
december 2011 Salary Reduction Simplified Employee Pension (SAR-SEP) Plan Employer Adoption Agreement For Use with the Traditional IRA Application Employer s Guide to the SAR-SEP Plan Salary Reduction
More informationStock based compensation guidance to increase income statement volatility (see update note below)
Stock based compensation guidance to increase income statement volatility (see update note below) No. US2016 03 April 19, 2016 (Revised April 25, 2016) What s inside: Background. 1 Key provisions 2 Income
More informationIRS and Department Of Labor Issue Automatic Enrollment and Investment Guidance
IRS and Department Of Labor Issue Automatic Enrollment and Investment Guidance By Cynthia Marcotte Stamer Recent guidance from the U.S. Department of Labor ( Labor Department ) and Internal Revenue Service
More information