Survey Results: HSR & Executives' Acquisitions from Equity Compensation Plans
Recently, as noted
in this
Sullivan & Cromwell memo (other
memos are posted in the DealLawyers.com
"Antitrust" Practice Area), the DOJ and FTC extracted their first
publicized penalty for a corporate executive's failure to make a
Hart-Scott-Rodino Act filing before receiving stock of his employer as
part of his compensation. As a result, many members have been
researching what the typical practice is for HSR filing fees that the
corporate executive would have to pay to comply with the HSR filing
requirement.
1. Does your company require executives to comply with HSR filing
requirements upon acquiring company shares: (Total responses:
n=31)
(select only one)
|
| n=12 (38.71%) |
Yes, and they have been for a while |
| n=5 (16.13%) |
Yes, but only recently because of this enforcement action
|
| n=14 (45.16%) |
No |
2. If the answer
to #1 above is "yes," who pays the HSR filing fee: (Total
responses: n=15)
(select only one) |
| n=6 (40.00%) |
Executive with no reimbursement by the company |
| n=3 (20.00%) |
Executive with full reimbursement by the company |
| n=0 (0.00%) |
Executive with partial reimbursement by the company |
| n=6 (40.00%) |
Company |
 3. If the
executive pays HSR filing fee but is partially reimbursed by the
company, in what manner is the reimbursement: (Total responses:
n=2)
(select only one) |
| n=0 (0.00%) |
Specified percentage |
| n=1 (50.00%) |
Specified dollar amount |
| n=1 (50.00%) |
Specified Formula |
|
