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Certain Information Statements for ISOs and ESPPs Due by January 31, 2024

As reported in Part 4 of our 2022 End of Year Plan Sponsor “To Do” List,  Section 6039 of the Internal Revenue Code (the “Code”) requires employers to provide a written information statement to each employee or former employee and file information returns with the IRS regarding: (1) the transfer of stock pursuant to the exercise […]

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Updated Glass Lewis Proxy Voting Guidelines (Clawbacks)

I previously blogged about the New York Stock Exchange and Nasdaq listing standards that require issuers to adopt compliant clawback policies by December 1, 2023. While many issuers may have already adopted clawback policies that satisfy the minimum legal requirements to comply with the law, recent guidance from Glass Lewis may prompt these issuers to […]

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NYSE and Nasdaq File Amended Proposed Clawback-Related Listing Standards

As described in Part 4 of our 2022 end of year plan sponsor “to do” list, on October 26, 2022, the Securities and Exchange Commission published the final clawback rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”).  The clawback rules were published in the Federal Register on November 28, 2022 and become effective […]

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Tenth Circuit Allows ERISA Arbitration, So Long As There are No Limitations in Remedies

On February 9, 2023, the U.S. Court of Appeals for the Tenth Circuit refused to enforce an arbitration clause contained in an employee stock ownership plan (“ESOP”) document. In a 41-page opinion, the Court held that the ESOP Plan improperly limited the ESOP beneficiaries’ rights and remedies granted under the Employee Retirement Income Securities Act […]

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Time to Consider Option Repricings?

Given recent declines in equity value in a variety of segments of the economy (technology in particular), a number of clients have asked us what levers are available for retaining talent.  While they are rare and while we might be too early in the economic cycle for them, stock option repricings remain a possible tool […]

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Short-Term Deferral Day is Right Around the Corner

Section 409A, the provision of the Internal Revenue Code that regulates the time and form of payment of nonqualified deferred compensation, contains a helpful exception for “short-term deferrals.”  Specifically, Section 409A provides that a payment will not be considered nonqualified deferred compensation if the employer makes the payment on or prior to the 15th day […]

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Updated Nonqualified Deferred Compensation Plan Audit Guide

In June the Internal Revenue Service released an updated Nonqualified Deferred Compensation Audit Technique Guide. This updated Guide replaces the initial Guide published in 2015. While it is too early to say whether the release of the updated guidance signals increased audit activity by the Service in the nonqualified plan space, plan sponsors of nonqualified […]

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CalCurrent Podcast and Equity Compensation for Startups

On May 13, 2021, Phoenix executive compensation and employee benefits partner, Greg Gautam, joined Snell & Wilmer’s “CalCurrent” podcast.  On his episode,  Greg covered five common pitfalls private companies and startup companies should watch out for when structuring their equity compensation and incentive programs.  You can listen to Greg’s full CalCurrent episode here if you […]

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In Case You Missed It – Key 2021 Employee Benefits Topics

This year is off to a fast start and plan sponsors might find their heads spinning as they try to keep track of rapidly developing employee benefits legislation and guidance.  We periodically consolidate key newsletters and blog posts to help our readers stay organized and catch up on items they might have missed.  Below, please […]

RJ
Former Associate