Management package / Employee stock ownership plans (ESOPs)

While the interest of Managers is the cornerstone of LBO transactions, we are witnessing in recent years a tightening of tax administration that no longer hesitate to reclassify the gains realized as gain and salary. The Management Package remains an essential tool, and managers must invest alongside the funds in these operations.

 

NG Finance, as an expert in structuring and evaluation of these products, offers training to better understand their functioning, taxation, choose the appropriate Management Package and highlight the essential role of the expert in his assessment.

Definition, Context and challenges
  • Understand the definition of a Management Package
  • Analyze the context and issues
  • Identify the optional nature of a Management Package
 
Characteristics of a Management Package
  • Understanding financial structuring, legal, tax and investment terms
  • Distinguish the mechanisms of Ratchet and Sweet Equity
  • Select the appropriate instrument (BSA, AGA, ADP, Sock-Options ...)
  • Understanding Tax Management Package
  • Identify legal clauses that can be attached
  • Understanding the constraints of the Management Package
 
Valuation assumptions of a Management Package
  • Analyze evaluation parameters of an optional product
  • Embed contractual conditions of Shareholders
  • Identify any applicable premiums and discounts
 
Valuation models
  • Identify different models, their advantages and disadvantages
  • Understand the trinomial model: theory and practical application
  • Understand the model of Cox, Ross & Rubinstein: theory and practical application
  • Understand the Monte Carlo model: theory and practical application
 
Impact of the 2015 Finance Act and amending finance laws for 2014
1 day - 3 hours

Price HT: EUR 450

Location: Paris
 
Speaker:

Jacques-Henri Hacquin