Case Studies

 

Client one

 

Background - a forward-thinking technology company implemented an LTIP in 2014 and planned a NYSE listing and new LTIP

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What has Sixti Limited provided?

 

A five-year relationship with the client, during which time the IPO was postponed three times, culminating in a listing on NYSE.

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Offer practical guidance to the VP of HR and the ExCo. Reviewing advice from a range of advisors and assisting the VP if HR in interpreting and implementing the best advice.

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Through an RFP process, identify the most suitable share plan administrator and subsequently import the existing LTIP and ensure the new LTIP is in place.

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In the year following the IPO, identify 'next steps' and ensure that robust processes and procedures are in place.

 

Client two

 

Background - a biopharmaceutical company developing cancer treatments (pre-income)

 

Sixti was engaged shortly prior to the IPO on NASDAQ to implement the complex employee share plans and to ready the administrator for a suite of new plans

 

What has Sixti Limited provided?

 

As is common with pre-IPO companies, migrating non-standard plans into a typical administration system proved complicated. New plans included LTIP, CSOP, SIP (Free, Partnership & Matching) and ESPP.

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Complexities arose due to the client utilising ADSs and differing forfeiture treatments.

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The administrator experienced challenges due to the atypical and wide ranging suite of employee share plans.

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All now in place and looking forward to the future...

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Client three

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Background - a well known US-based privately-owned company with a presence in many jurisdictions introduced an LTIP in 2012, and a share plan administrator in 2013.

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As a private company with a newly-introduced share plan, it is not unusual that internal share plan experience is not present. The Plan take-on with the administrator was attempted twice, but resource and the lack of share plan experience resulted in a stalled implementation.

 

What has Sixti Limited provided?

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The first phase was to interact with the administrator, identify their requirements (i.e. obvious "quick wins") and analyse the fairly complex Plan.

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Phase two included a complete data refresh, adjust the administrators employee portal to suit the specific requirements of the mutual client and draft a Governance Manual.

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The brief for the Governance Manual was to ensure it is clear and easy to understand. This has been achieved.

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The administrator has been remarkably co-operative, and we are looking for a go-live date for the portal in September 2016.

 

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Client four

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Background - An innovative share plan administrator required additional share plan project management expertise during a time that existing resources were fully utilised.

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A key client acquisition resulted in the requirement for a sharesave invitation to 30,000+ employees and a subsequent maturity to be delivered within short timescales.

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What has Sixti Limited provided?

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Full review of all documentation. Liaison with the administrators various departments, agreeing revised processes, and ensuring all were documented in an extensive governance manual for use by the end client. Liaison with the external sharesave carrier. Being a key source of expertise both within the administrator, and the end client during the weekly project calls.

 

The sharesave invitation and closely following maturity, covering three separate contracts, including an approved Irish sharesave were all delivered on time. Assistance with the migration of the SIP, agreeing processes, including liaison with the trustee and end client.

 

Mark Riches has now worked with eight share plan administrators during a wide and varied career.