美国证监会关于股权激励的规定

SECURITIESANDEXCHANGECOMMISSION(ReleaseNo.34-48108;FileNos.SR-NYSE-2002-46andSR-NASD-2002-140)June30,2003Self-RegulatoryOrganizations;NewYorkStockExchange,Inc.andNationalAssociationofSecuritiesDealers,Inc.;OrderApprovingNYSEandNasdaqProposedRuleChangesandNasdaqAmendmentNo.1andNoticeofFilingandOrderGrantingAcceleratedApprovaltoNYSEAmendmentsNo.1and2andNasdaqAmendmentsNo.2and3TheretoRelatingtoEquityCompensationPlansI.IntroductionOnOctober7,2002,theNewYorkStockExchange,Inc.(NYSEorExchange)filedwiththeSecuritiesandExchangeCommission(CommissionorSEC),pursuanttoSection19(b)(1)oftheSecuritiesExchangeActof1934(Act)1andRule19b-4thereunder,2aproposalrelatingtoshareholderapprovalofequity-compensationplansandthevotingofproxies.OnOctober11,2002,theNYSEproposalwaspublishedforpubliccommentintheFederalRegister.3OnNovember6,2002,theNYSEfiledNYSEAmendmentNo.1totheproposedrulechange.4TheCommissionreceivedatotalof30commentlettersontheNYSEproposal.5OnJune20,2003,theNYSEfiledNYSEAmendmentNo.2toitsproposal.6OnOctober9,2002,theNationalAssociationofSecuritiesDealers,Inc.(NASD),throughitssubsidiary,TheNasdaqStockMarket,Inc.(Nasdaq)filedasimilarproposalrelatingtoshareholderapprovalforstockoptionplansandotherequitycompensationarrangements.OnOctober10,2002,NasdaqfiledNasdaqAmendmentNo.1totheproposedrulechange.7OnOctober17,2002,theNasdaqproposal,asamended,waspublishedforcommentintheFederalRegister.8TheCommissionreceivedatotalof18commentlettersontheNasdaqproposal.9OnMarch24,2003,NasdaqfiledNasdaqAmendmentNo.2totheproposedrulechange.10OnJune23,2003,NasdaqfiledNasdaqAmendmentNo.3toitsproposal.11ThisorderapprovestheNYSEproposal,asamendedbyNYSEAmendmentsNo.1and2,andtheNasdaqproposal,asamendedbyNasdaqAmendmentsNo.1,2,and3.TheCommissionhasfoundgoodcausetograntacceleratedapprovaltoNYSEAmendmentsNo.1and2andNasdaqAmendmentsNo.2and3,asdiscussedbelow,andissolicitingcommentsfrominterestedpersonsontheseamendments.II.DescriptionoftheNYSEandNasdaqProposalsA.NYSEProposalTheNYSEproposestoadoptnewSection303A(8)oftheNYSE'sListedCompanyManual,whichwouldrequireshareholderapprovalofallequity-compensationplansandmaterialrevisionstosuchplans,subjecttolimitedexemptions.12Thisnewrule,whenapprovedbytheCommission,willreplacetheNYSE'scurrentpilotprogramrelatingtoamendmentstoSections312.01,312.03and312.04oftheNYSE'sListedCompanyManualwithrespecttothedefinitionofabroadly-basedstockoptionplan.13UndertheNYSEproposal,asamended,anequitycompensationplanisdefinedasaplanorotherarrangementthatprovidesforthedeliveryofequitysecurities(eithernewlyissuedortreasuryshares)ofthelistedcompanytoanyemployee,directororotherserviceproviderascompensationforservices,includingacompensatorygrantofoptionsorotherequitysecuritiesthatisnotmadeunderaplan.TheNYSEhasalsoproposedchangestoclarifycertainplansthatwouldnotbeconsideredequitycompensationplansunderitsdefinition.14Inaddition,theNYSEproposalprovidesforcertaintypesofgrantsthatareexemptedfromshareholderapproval.Theselimitedexemptionsinclude:(1)inducementawardstoperson'sfirstbecominganemployeeoftheissueroranyofitssubsidiaries;(2)mergersandacquisitions,whenconversions,replacementsoradjustmentsofoutstandingoptionsorotherequitycompensationawardsarenecessarytoreflectthetransaction,andwhensharesavailableundercertainplansacquiredincorporateacquisitionsandmergersmaybeusedforcertainpost-transactiongrantswithoutfurthershareholderapproval;and(3)plansintendedtomeettherequirementsofSection401(a)oftheInternalRevenueCode15(e.g.,ESOPs),plansintendedtomeettherequirementsofSection423oftheInternalRevenueCode,16andparallelexcessplans.TheNYSEalsoproposesthat,incircumstancesinwhichequitycompensationplansandamendmentstoplansarenotsubjecttoshareholderapproval,theplansandamendmentsstillmustbesubjecttotheapprovalofthecompany'scompensationcommitteeoramajorityofthecompany'sindependentdirectors.Finally,initsproposal,theNYSEprovidesanon-exclusivelistofmaterialrevisionstoaplanthatwouldrequireshareholderapproval,andalsoclarifieswhenplanscontaininganevergreenformulaandwhentherepricingsofoptionsinplanswouldrequireshareholderapproval.17TheNYSEalsoproposestoamendNYSERule452toprohibitmemberorganizationsfromvotingonequitycompensationplansunlessthebeneficialowneroftheshareshasgivenvotinginstructions.Inaddition,theNYSEproposestomakeconformingchangestocurrentSections303.00,312.03,312.04,and402.08oftheNYSE'sListedCompanyManual.NYSEAmendmentNo.2totheNYSEfilingproposesanumberofchangestotherulesastheywerepublishedintheNoticeoftheNYSEProposal.AccordingtotheNYSE,thesechangesweremadeinresponsetothecommentlettersanddiscussionswithCommissionstaff.Asageneralmatter,thechangesprovideadditionalguidanceastothescopeoftheNYSE'sproposedrulechanges,includingthetypeofmaterialchangestoaplanthatmustbesubmittedforshareholderapproval.TheNYSEalsoproposestoincludeanewsectionentitledTransitionRulestoclarifywhenshareholderapprovalwillberequiredforplansadoptedbeforetheeffectivedateoftheproposedamendments.Thebasicstructureoftheruleasproposedhasremainedthesameasoriginallysubmitted.WhiletheNoticeoftheNYSEProposalr