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Performance Share Plans offer executives the opportunity to acquire shares in a company by reference to its success measured against performance targets. Participants are granted options at an exercise price set at nil or nominal value.
Share Incentive Plans are all-employee, tax-advantaged share ownership plans. Companies can award each participant free shares worth up to £3,600 per year.
Employee Benefit Trusts (EBTs) are trusts which can be established by companies to help with the operation of their employee shareplans. EBTs can be established onshore or offshore and can be funded by loans or contributions from group companies.
Under an Enterprise Management Incentive (EMI) Plan a company can grant tax-advantaged share options to selected employees. The rules governing the terms of EMI options are very flexible which means they can be tailored to deliver the desired incentive and reward.
Also known as 'SAYE Option Schemes' or 'Save-As-You-Earn Schemes'
Company Share Option Plans are the traditional method of giving employees a personal interest in the future success of a company. Options are granted at their current market value and can be tax-advantaged up to £30,000 per person.
Travers Smith has advised certain members of the management team of Partnerships in Care, one of the UK's largest independent providers of inpatient behavioural healthcare services, in relation to the proposed sale of a portfolio of 22 hospitals by its ultimate parent company Acadia Healthcare Company, Inc. (“Acadia”) to funds managed by BC Partners.
Amidst the negative publicity surrounding incentives with 'unacceptable' tax-avoidance features, it is important to remember those plans that can be designed within tax-favourable HMRC rules. Although there are limits on the levels that can be awarded under such plans, the benefits of tax-advantaged status should not be underestimated.
2017 is the year in which many UK quoted companies will, once again, have to put their remuneration policies to a binding shareholder vote. Although the 2017 AGM season is still some way off, early preparation is advisable, especially in light of increasing shareholder interest in executive remuneration.
Travers Smith has advised Royal Vopak on the pensions and employment aspects of Royal Vopak’s sale of all of its UK assets to Macquarie Capital and Greenergy. Macquarie Capital will acquire 100% of the shares of the three wholly-owned terminals: Vopak Terminal London, Vopak Terminal Teesside and Vopak Terminal Windmill, to become part of Navigator Terminals.
Travers Smith LLP has advised management of Guardian Financial Services, the UK life insurance consolidation business owned by private equity fund Cinven, on the sale to Admin Re, Swiss Re's unit active in the closed life book business, in a transaction valued at £1.6 billion.
Travers Smith LLP has advised the selling shareholders, including majority shareholder Equistone Partners, on the sale of the Mill to Technicolor, for a total value of £190 million.
In practical terms, businesses do not normally create IP – individuals do, such as employees or consultants. But it is crucial for businesses either to own or to have the right to use that IP.
Digital nomads are largely tech-savvy professionals who successfully leverage the power of modern technology to forge a mobile lifestyle that combines work and travel.