The NASPP Blog

Our popular “Meet the Speaker” series, featuring interviews with speakers at the 24th Annual NASPP Conference, is great way to get to know our many distinguished speakers and find out a little more about their sessions in advance of the Conference.

For today’s “Meet the Speaker” interview, we feature Nicholas Greenacre of White & Case, who will lead the session “I Can’t Believe It’s the Law! Unexpected Legal Issues around the World.”

Here is what Nicholas had to say:

NASPP: What is a common misperception about laws outside the United States?

Nicholas: It is often wrongly assumed that stock plan law and regulation is uniform throughout the EU. Employers should be aware of each jurisdiction’s particular requirements. For example, under the Danish Stock Option Act, employees in Denmark retain all rights to stock options, whether vested or unvested. Employees are entitled to receive a share of the awards to which they would have been entitled according to agreement or custom, proportionate to the length of their employment in that accounting year, had the employee still been employed. Employees’ rights under the Act cannot be waived, so companies may find that former employees have rights under the stock plan, despite their employment having terminated.

NASPP: What is one action should companies be taking now?

Nicholas: Prepare for and respond to Brexit—get in touch with your legal team! Although it may be some time before there is any clarity on the implications of Brexit on stock plans and UK employment law, attendees should continue to monitor developments and have contingency plans in place.

NASPP: What is the silver lining in global stock plan compliance?

Nicholas: Securities may not be sold to U.S. citizens before they are registered with the SEC, and the SEC registration process can be costly. However, there are various exceptions that allow foreign companies to issue securities to US citizens without SEC registration. Exemptions include: Rule 701, Regulation D, and Regulation S. Rule 701 is designed specifically for equity compensation plans, but can also be used for plans which offer deferred compensation obligations, which are deemed “securities.” Regulation D provides that equity awarded to individuals who qualify as “accredited investors” are exempt from registration. Regulation S is an exemption for certain grants made outside of the United States to non-US recipients, provided that certain resale restrictions and holding periods are satisfied.

NASPP: What is your favorite restaurant or tourist attraction in Houston?

Nicholas: I enjoy visiting the Gerald D. Hines Waterwall Park. It is a multi-story sculptural fountain that sits opposite the south face of Williams Tower in the Uptown District of Houston. The fountain and its surrounding park are beautiful!

When I am in Texas, I like to sample the barbecue. I love the smoked brisket, pulled pork and homemade sausages at Killeen’s BBQ in Pearland. Some of the more unusual items on the menu, like the brisket tamales, are really delicious too.

Don’t miss Nicholas’s session, “I Can’t Believe It’s the Law! Unexpected Legal Issues around the World,” at the NASPP Conference!

About the NASPP Conference

The 24th Annual NASPP Conference will be held from October 24-27 in Houston. This year’s program features close to 100 sessions on today’s most timely topics in stock and executive compensation; check out the full agenda and register today!