A plan under which the company “matches” employee contributions using company stock:
Yes; the matching feature is an equity compensation plan that requires shareholder approval, unless an exemption applies (such matching features are common in Section 401(k) plans, which would be covered by the exemption for Section 401(a) plans). This is because the employee does not have the discretion to take the company match in cash, but must take that match in company stock. Note that the existence of a matching provision will not cause other provisions of a compensation plan to be considered subject to our rule if they would not be subject to our rule standing alone.
What do I need to check in?
National photo ID, such as passport, driver's licence, ID card, national military service card, etc. The hostel management also accepts current, valid student cards.
What time can I check in?
Check in is at 11:00 am. The Gothic Point Hostel in Barcelona is open 24 hours, 7 days week. Check-out time is 10.00 am, so your room may not be ready before the check in time if the previous resident has not yet left. If necessary, you can leave personal effects at reception and check in later during the day.
A plan providing for de minimis issuances of shares to non-officer employees:
Yes; the matching feature is an equity compensation plan that requires shareholder approval, unless an exemption applies (such matching features are common in Section 401(k) plans, which would be covered by the exemption for Section 401(a) plans). This is because the employee does not have the discretion to take the company match in cash, but must take that match in company stock. Note that the existence of a matching provision will not cause other provisions of a compensation plan to be considered subject to our rule if they would not be subject to our rule standing alone.
What do I need to check in?
National photo ID, such as passport, driver's licence, ID card, national military service card, etc. The hostel management also accepts current, valid student cards.
What time can I check in?
Check in is at 11:00 am. The Gothic Point Hostel in Barcelona is open 24 hours, 7 days week. Check-out time is 10.00 am, so your room may not be ready before the check in time if the previous resident has not yet left. If necessary, you can leave personal effects at reception and check in later during the day.
Does a plan with a fixed maximum number of shares constitute a formula plan if it also contains a formula or schedule for the awarding of grants?
Plans with a fixed maximum number of shares are neither formula plans nor discretionary plans, as those terms are used in our rule, regardless of whether the plan happens to contain some kind of formula relative to an aspect of the plan – so long as the shares granted pursuant to the formula count against the maximum number
How do the shareholder approval rules apply to an equity compensation plan that was adopted by a company before listing on the NYSE, but after June 30, 2003?
Shareholder approval is not required unless and until the plan is materially revised after the company first becomes listed on the NYSE. The new rules apply to the determination of whether a material revision has occurred, and whether an exemption applies.
For example, if a company has a discretionary plan in effect before listing, the first grant that occurs after the company lists on the NYSE would be considered a material revision, and would require shareholder approval unless an exemption applied.
What is considered a material revision to an equity compensation plan?
Below are some examples of material revisions to an equity compensation plan:
• An expansion of the types of awards available under the plan;
• A material increase in the number of shares available under the plan;
• A material expansion of the classes of persons eligible under the plan;
• A material extension of the term of the plan;
• A material change in the method of determining the strike price of options;
• A deletion or limitation of any provision prohibiting repricing.
If a revision does not fall into one of the listed examples, how do you determine if it is a “material revision” under the rule?
If the revision would have the effect of materially increasing the potential dilution of shareholders over the lifetime of the plan, it is considered material. Also, if the revision has an effect similar to one of the listed examples, it is considered material.
If an existing plan allows grants of options and restricted stock to employees, and restricted stock to directors, would an amendment to allow options to be granted to directors be a material revision?
Yes. This revision expands the types of awards available to a particular class of persons eligible for the plan. It is therefore similar to two of the listed examples of material revisions: an expansion of the types of awards available under the plan, and a material expansion of the classes of persons eligible under the plan