Microsoft Excel Collegiate C

Detailed Share Plan Mode

Case Author / Sponsor

Kyle McCall / Equity Methods

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Concept Overview (Why does this

Companies often issue equity (stock or options) to their employees. For start-ups, equity is particularly important for tw
performance. As the share price rises or falls, employees’ share compensation follows suit. This can create powerful in
flows to the business may still be low or inconsistent.

That said, care must be taken to manage equity grants to ensure that dilution is managed and does not become excess
cash reserves will look depending on different variables such as share value fluctuations, compensation targets, etc.

Excel Model Overview (How should the

Successfully managing these concerns requires accurate and flexible forecasting for many different future possibilities.
• How long can we expect our run on our existing cash reserves?
• If our stock price rises or falls, how long can we keep dilution above a certain threshold?
• Can we afford to pay above-market to our employees in order to attract top talent?
In this exercise, you will 1) take raw benchmarking data to seed the model, 2) build out a flexible forecast that allows a
world questions that our clients face.

Tab Descriptions
 • Intro to Concept – a short introductory exercise to familiarize yourself with the basic concepts
• Case Questions – a set of questions to be completed after building the model
• Share Pool Model – the main tab that houses key assumptions and outputs. Once the model is built, you will b
dilution and cash reserves
• Market Benchmarking Data – a dataset containing survey results for your two employees. Specifically, this dataset
compensation at different levels in the market. Companies that want to attract top talent, will want to pay above the 5
• Employee Detail Overview – an intermediate tab that converts the raw benchmarking data and the starting in
• Employee Detail Forecast – an intermediate tab that calculates compensation numbers for ten years
• Usage by Level – an intermediate tab that summarizes compensation data by year and position
• Student Info – a tab for you to enter your contact information so Equity Methods can reach out to you with jo

Instructions

Note: Avoid using fixed cell references where possible. An important feature of the model is that it should be flexible t
Fill in the grey cells on the red tabs to complete the model. For additional instructions, see the walkthrough video.
For a simplier version of the case, download the "MECC September Challenge - Equity Compensation"
l Collegiate Challenge

Share Plan Model

Walkthrough Video
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w (Why does this matter?)

particularly important for two reasons – first, it aligns employee compensation with company
This can create powerful incentives. Second, it allows companies to conserve cash at a time when cash

and does not become excessive. To that end, companies will model out how ownership percentages and
ompensation targets, etc.

(How should the model work?)

different future possibilities. Companies will want to use the model to answer questions like:

shold?
t?
exible forecast that allows assumptions to be easily tweaked, and 3) use the model to answer real-

Descriptions
asic concepts

the model is built, you will be able to flex different assumptions and see how that impacts the total

ees. Specifically, this dataset will tell you how much companies in the marketplace pay in total
will want to pay above the 50th percentile to ensure that their compensation is competitive
king data and the starting inputs into year 1 compensation numbers for the model
mbers for ten years
r and position
can reach out to you with job opportunities

nstructions

is that it should be flexible to input changes

the walkthrough video.
pensation"
 Microsoft Excel Collegiate C

About Equity Methods

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you enjoy solving complex problems with other bright individuals, learn more about a career at Equity Metho
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Dilution Example
Suppose a company is divided into 1,000 shares, and the company is worth $1,000,000. How much is each share worth?
Company Value $1,000,000
Shares Outstanding 1,000
Value per Share $1,000

Now, suppose the company issues 200 new shares to its employees as compensation. How much is each share worth after
Company Value $1,000,000
Shares Outstanding 1,200
Value per Share $833.33

Last, assume you own 100 shares. How much value did you lose when the company issued 200 shares to its employees?
Before After Difference
Company Value $1,000,000 $1,000,000 $0
Shares Outstanding 1,000 1,200 200
Value per Share $1,000 $833 ($167)
Your Shares Held 100 100 0
Value of Shares Held $100,000 $83,333 ($16,667)

Forecasting Execise
Suppose that a company expects its shareholders to approve 100,000 shares for the employee equity granting pool. The st
and the company intends to grant $300,000 of shares to its employees in year 1. Assume that each year, the share price wi
value granted will rise by 3%. Use the brief model below to estimate how long will the share pool last?

Year 1 Year 2 Year 3 Year 4 Year 5

Share Pool Size (Beginning of Year) 100,000 70,000 31,375 -18,355 -82,382
Total Value ($) Granted in Year 300,000 309,000 318,270 327,818 337,653
Share Price $10 $8.00 $6.40 $5.12 $4.10
Total Shares Granted in Year 30,000 38,625 49,730 64,027 82,435
Share Pool Size (End of Year) 70,000 31,375 -18,355 -82,382 -164,816

During which year will the share pool fully deplete? Year 4
What if the share price falls by 20% each year? Year 3
h is each share worth?

s each share worth after this issuance?

ares to its employees?

uity granting pool. The stock is currently trading at $10,

h year, the share price will rise by 10%, and the total
ast?
84918
Checkpoint Questions
The purpose of this section of questions is to confirm that you are on the right track. After each section of instructions in the
are questions here to ensure the model is functioning correctly before you continue onto the next step. All of these question
seeded with the original assumptions and inputs

After "Seed the Employee-Level Inputs"

1. What is the Total Grant Size in dollars for a VP, Sales?
2. What is the Total Grant Size in dollars for a Director, IT Applications?

Beofre "Build the Employee-Level Forecast"

3a. Understanding Option Value: Assuming an option value factor of 50% (i.e., one option is worth 50% of an RSU) and a $1
options would need to be included in an option grant valued at $5,000?
3b. What about with a 20% option value factor?

After "Build the Employee-Level Forecast"

4. How many options will the Executive Vice President, Operations be receiving in Year 6?
5. How many RSUs will the BOD 3 be receiving in Year 9?

After "Aggregate the Employee-Level Forecasts"

6. How many options are granted to the full EVP population in Year 8?
7. How many RSUs are granted to the full Sr. Dir. Population in year 10?

Before "Aggregate the Forecasts into the Final Model"

8a. Understanding Fungible Ratio: Assuming a fungible ratio of 3.5:1 (i.e., one RSU will deplete the share pool by 3.5 shares
deplete the pool by 1 share) and a share pool of 100,000 shares, how many options may be issued in total if only options ar

8b. What about if only RSUs are granted?

9a. Understanding Evergreen Provisions: Assuming 1) a starting pool size of 10,000 shares, 2) a fixed annual grant total of 2
annual evergreen refresh of 500 shares (500 shares added to the pool at the end of each year), how many shares will be re
six years?
9b. What about if the evergreen refresh is subject to a cap of 5,000 shares in the pool (i.e., the total number of shares a
must not exceed 5,000 shares)?

After "Aggregate the Forecasts into the Final Model"

10. At the end of year 3, how many total shares remain in the pool?

Final Questions
The purpose of this section of questions is to assess your overall model for 1) correctness, and 2) flexibility to answer real-lif

1a. Using the baseline assumptions in the model, during which year will the share pool fully deplete? By how many shares w
1b. How will this change if the stock price 1) grows 10% annually or 2) falls 10% annually?

2. Assuming a flat stock price, how many more shares would we need to request for the pool if we want it to last to the end
3a. Does changing the RSU % and Option %’s to include a greater proportion of options make the pool last "Longer" or "Sho
3b. Is it possible to tweak cell C23 to make us indifferent? If so, what value should we use?

4. Strategically, suppose that we want to offer compensation that is heavily weighted towards equity. If we offer a 25th per

5a. Now, suppose we want to ensure that our pool lasts 7 full years. To conserve shares, we will stop granting to employee
salary at the 50th percentile, what is the lowest job level that can receive equity if we grant equity at the:
5b. 90th percentile?
5c. 75th percentile?
5d. 50th percentile?
5e. 25th percentile?

6a. How do the answers to question 5 change if we want to guard against a share price decline of 10% per year?
6b. 90th percentile?
6c. 75th percentile?
6d. 50th percentile?
6e. 25th percentile?

7. Last, assume that our share pool has an evergreen provision that allows for 50,000 shares to be added back into the poo
 h section of instructions in the Word document, there
next step. All of these questions assume that the model is

worth 50% of an RSU) and a $10 share price, how many

e the share pool by 3.5 shares, and one option will

sued in total if only options are granted?

a fixed annual grant total of 2,000 shares, and 3) an

r), how many shares will be remaining in the pool after

, the total number of shares after the evergreen refresh

2) flexibility to answer real-life client questions.

Year Shares
eplete? By how many shares will we fall short during this year?
+10%
-10%

if we want it to last to the end of the year in question 1 and an additional full year?
 the pool last "Longer" or "Shorter"?

s equity. If we offer a 25th percentile salary and 90th percentile equity, when would we expect the share pool to fully deplete?

will stop granting to employees in order of reverse seniority (Ignore BOD and Chairman, start with “Dir” first, then “Sr. Dir”, then “VP”, etc.
quity at the:

e of 10% per year?

to be added back into the pool, subject to an 100,000 share cap. How does this change which year we expect to run out of shares?
pool to fully deplete?

st, then “Sr. Dir”, then “VP”, etc.) Assuming

ect to run out of shares?

84918
 Salary @ X Percentile
Job Title or Grouping 10% 25% 50% 75% 90%
CEO $239,000 $296,993 $386,250 $525,000 $666,194
Chief Financial Officer $248,426 $253,886 $300,000 $349,767 $425,788
Head of Legal $204,073 $307,856 $325,000 $364,630 $442,053
Chief Product Officer $180,292 $213,103 $260,000 $352,552 $360,378
EVP, Global Sales $166,607 $220,928 $230,000 $253,976 $277,325
Chief Human Resources Officer $167,013 $174,070 $200,000 $217,205 $230,541
Executive Vice President, Operations $138,727 $169,105 $200,000 $223,153 $223,610
Chief Marketing Officer $142,119 $147,204 $180,000 $201,513 $214,977
Chief Operations Officer $165,792 $168,208 $185,000 $208,072 $260,125
Chief Strategy Officer $140,444 $206,359 $215,000 $282,003 $322,877
SVP - Finance $147,794 $194,762 $200,000 $262,103 $341,743
SVP - Legal $198,982 $203,975 $220,000 $239,957 $257,323
SVP - Product and Engineering $162,414 $166,832 $195,000 $226,192 $263,224
VP - Global Sales $131,966 $153,613 $160,000 $160,758 $168,070
VP - Operations $121,530 $124,046 $155,000 $196,714 $248,316
VP - Legal $149,801 $153,601 $195,000 $235,941 $242,835
VP - People $89,193 $127,108 $135,000 $164,781 $203,063
VP - Finance $117,384 $123,296 $155,000 $178,949 $220,774
Sr. Dir - Product and Engineering $110,552 $111,410 $143,000 $160,657 $170,894
Sr. Dir - Global Sales $95,058 $95,296 $120,000 $128,795 $189,680
Sr. Dir - Finance $108,727 $112,874 $141,000 $152,154 $173,488
Sr. Dir - Legal $118,595 $131,450 $156,000 $167,737 $174,410
Sr. Dir - IT $100,736 $122,108 $144,000 $164,981 $181,240
Sr. Dir - Operations $83,138 $108,971 $117,600 $140,385 $144,635
Sr. Dir - Marketing $100,321 $107,595 $114,000 $118,663 $140,189
Sr. Dir - People $79,783 $104,025 $108,000 $122,607 $133,214
Dir - Operations $61,474 $89,079 $98,000 $104,338 $107,818
Dir - Product and Engineering $111,758 $129,965 $130,000 $139,565 $151,470
Dir - Marketing $64,241 $73,633 $95,000 $101,638 $145,577
Dir - People $63,554 $89,794 $90,000 $99,040 $146,939
Dir - Global Sales $79,771 $80,623 $100,000 $128,135 $147,614
Dir - Finance $87,086 $99,852 $117,500 $143,814 $148,246
Dir - IT $91,349 $116,319 $120,000 $159,843 $202,566
BOD Chairman $113,916 $118,319 $125,000 $137,881 $145,216
BOD $84,348 $91,264 $100,000 $108,942 $112,690
 Equity Grant (as % of Salary) @ X Percentile
10% 25% 50% 75% 90%
8% 34% 69% 118% 313%
13% 27% 44% 64% 69%
11% 25% 40% 55% 72%
21% 38% 43% 61% 69%
35% 46% 46% 61% 66%
35% 35% 48% 57% 77%
30% 32% 46% 54% 71%
29% 34% 40% 42% 55%
34% 35% 49% 58% 61%
29% 43% 48% 61% 69%
20% 30% 38% 42% 46%
29% 36% 38% 41% 45%
30% 31% 35% 43% 44%
20% 27% 36% 44% 47%
28% 30% 34% 39% 41%
27% 28% 30% 38% 43%
28% 35% 35% 43% 45%
20% 21% 31% 33% 39%
23% 26% 30% 33% 35%
24% 29% 32% 32% 33%
22% 26% 30% 32% 33%
26% 27% 31% 34% 35%
30% 32% 34% 37% 42%
30% 31% 32% 36% 40%
21% 22% 25% 29% 33%
21% 24% 26% 30% 35%
12% 16% 21% 21% 22%
15% 16% 19% 24% 25%
19% 20% 23% 25% 26%
18% 21% 21% 26% 27%
11% 13% 17% 18% 20%
12% 15% 18% 20% 24%
14% 17% 18% 20% 23%
93% 96% 100% 105% 105%
91% 95% 100% 103% 106%
84918
 Company XYZ
Share Pool Model
Prepared by Equity Methods

Employee Granting Inputs

Target Salary Target Equity
Group RSU%
Percentile Percentile
CEO 50% 50% 25%
EVP 50% 50% 50%
SVP 50% 50% 75%
VP 50% 50% 75%
Sr. Dir 50% 50% 100%
Dir 50% 50% 100%
BOD Chairman 50% 50% 100%
BOD 50% 50% 100%

Model Inputs
Starting Share Price $100.00
Expected Share Pool Size 500,000
Share Price CAGR 0.0%
Award Size CAGR 3.0%
Options Value Factor 60%
(for share setting)
Fungible Ratio 2.0:1
(Options per Share)
Evergreen Yearly Amount 0
Evergreen Total Cap 0

Intermediate Inputs
Year Year 0 Year 1 Year 2
Share Price

Share Pool Summary

Year Year 0
Beginning Share Pool Balance
RSUs Issued
Options Issued
Adj. Shares Issued
(Adj. for Fungible Ratio)

Ending Share Pool Balance

(Pre-Evergreen)

Ending Share Pool Balance

(Post-Evergreen)

Estimated Duration #N/A

 Target Equity Cadence
Option% Receive Grants?
(Years between Grants)
75% 1 Yes
50% 1 Yes
25% 1 Yes
25% 1 Yes
0% 3 Yes
0% 3 Yes
0% 1 Yes
0% 1 Yes

Year 3 Year 4 Year 5 Year 6 Year 7

Year 8 Year 9 Year 10
84918
 Employee Info
Job Title Description Job Function Description Group
CEO Other CEO
Chief Financial Officer Finance EVP
Head of Legal Legal EVP
Chief Product Officer Other EVP
EVP, Global Sales Global Sales EVP
Chief Human Resources Officer People EVP
Executive Vice President, Operations Operations EVP
Chief Marketing Officer Marketing EVP
Chief Operations Officer Other EVP
Chief Strategy Officer Other EVP
SVP, Investor Relations Finance SVP
Chief Accounting Officer Finance SVP
Chief Information Security Officer Legal SVP
VP, Engineering Product and Engineering SVP
VP, Product Management and Design Product and Engineering SVP
VP, Business Development Global Sales VP
VP, Sales Global Sales VP
VP, Procurement Operations VP
VP, Sales Global Sales VP
VP, Sales Operations Global Sales VP
VP, Assistant General Counsel Legal VP
VP, Channel Sales Global Sales VP
VP, Total Rewards People VP
VP, Legal Corp Governance Legal VP
VP, FP&A Finance VP
VP, Customer Excellence Operations VP
Sr. Director, Research Product and Engineering Sr. Dir
RVP, Sales Global Sales Sr. Dir
Sr. Director, Competitive Intelligence Product and Engineering Sr. Dir
RVP, Sales Global Sales Sr. Dir
RVP, Sales Global Sales Sr. Dir
Sr. Director, Software Engineering Product and Engineering Sr. Dir
Sr. Director, FP&A Finance Sr. Dir
Sr. Director, Commercial Counsel Legal Sr. Dir
Sr. Director, Corporate Controller Finance Sr. Dir
Sr. Director, Information Technology IT Sr. Dir
Sr. Director, Planning Operations Sr. Dir
RVP, Sales Global Sales Sr. Dir
Sr. Director, Brand Marketing Marketing Sr. Dir
RVP, Sales Global Sales Sr. Dir
Sr. Director, Talent Management People Sr. Dir
Sr. Director, Product Operations Product and Engineering Sr. Dir
Sr. Director, Logistics Operations Sr. Dir
Sr. Director, Product Management Product and Engineering Sr. Dir
 RVP, Sales Global Sales Sr. Dir
Sr. Director, Executive Comp People Sr. Dir
Sr. Director, Treasury Finance Sr. Dir
Director, Customer Solutions Operations Dir
Director, Support Services Operations Dir
Director, Engineering Product and Engineering Dir
Director, Product Marketing Marketing Dir
Director, Marketing Marketing Dir
Director, Human Resources People Dir
Director, Customer Support Operations Dir
Director, Buisness Development Global Sales Dir
Director, Product Management Product and Engineering Dir
Director, Commercial Services Finance Dir
Director, FP&A Finance Dir
Director, Communications Marketing Dir
Director, Software Engineering Product and Engineering Dir
Director, Product Management Product and Engineering Dir
Director, Tax Finance Dir
Director, UX Research Product and Engineering Dir
Director, IT Infrastructure IT Dir
Director, Benefits and Wellness People Dir
Director, Product Management Product and Engineering Dir
Sr. Principal Engineer, Security Product and Engineering Dir
Director, UX Product Design Product and Engineering Dir
Director, Marketing Marketing Dir
Director, Quality Operations Dir
Director, People Technology and Payroll People Dir
Director, Program Management Product and Engineering Dir
Director, Data IT Dir
Director, Human Resources People Dir
Director, Human Resources People Dir
Director, Software Engineering Product and Engineering Dir
Director, Corporate Controller Finance Dir
Director, Accounting Finance Dir
Director, Digital Marketing Marketing Dir
Director, IT Applications IT Dir
Director, Internal Audit Finance Dir
Director, SEC Reporting Finance Dir
Director, FP&A Finance Dir
BOD Chair BOD BOD Chairman
BOD 1 BOD BOD
BOD 2 BOD BOD
BOD 3 BOD BOD
BOD 4 BOD BOD
BOD 5 BOD BOD
BOD 6 BOD BOD
 Benchmarking Results Annual Grant Details
Equity Grant Grant Size
USD Salary RSU % Option %
(as % of Salary) ($)
Grant Details
Grant Cadence
(Grants Occur Every N Years)
84918
 Recurring Grant
Employee Info Details

Grant Size
Job Title Description Job Function Description Group
($)

CEO Other CEO

Chief Financial Officer Finance EVP
Head of Legal Legal EVP
Chief Product Officer Other EVP
EVP, Global Sales Global Sales EVP
Chief Human Resources Officer People EVP
Executive Vice President, Operations Operations EVP
Chief Marketing Officer Marketing EVP
Chief Operations Officer Other EVP
Chief Strategy Officer Other EVP
SVP, Investor Relations Finance SVP
Chief Accounting Officer Finance SVP
Chief Information Security Officer Legal SVP
VP, Engineering Product and Engineering SVP
VP, Product Management and Design Product and Engineering SVP
VP, Business Development Global Sales VP
VP, Sales Global Sales VP
VP, Procurement Operations VP
VP, Sales Global Sales VP
VP, Sales Operations Global Sales VP
VP, Assistant General Counsel Legal VP
VP, Channel Sales Global Sales VP
VP, Total Rewards People VP
VP, Legal Corp Governance Legal VP
VP, FP&A Finance VP
VP, Customer Excellence Operations VP
Sr. Director, Research Product and Engineering Sr. Dir
RVP, Sales Global Sales Sr. Dir
Sr. Director, Competitive Intelligence Product and Engineering Sr. Dir
RVP, Sales Global Sales Sr. Dir
RVP, Sales Global Sales Sr. Dir
Sr. Director, Software Engineering Product and Engineering Sr. Dir
Sr. Director, FP&A Finance Sr. Dir
Sr. Director, Commercial Counsel Legal Sr. Dir
Sr. Director, Corporate Controller Finance Sr. Dir
Sr. Director, Information Technology IT Sr. Dir
Sr. Director, Planning Operations Sr. Dir
RVP, Sales Global Sales Sr. Dir
Sr. Director, Brand Marketing Marketing Sr. Dir
RVP, Sales Global Sales Sr. Dir
Sr. Director, Talent Management People Sr. Dir
Sr. Director, Product Operations Product and Engineering Sr. Dir
Sr. Director, Logistics Operations Sr. Dir
 Sr. Director, Product Management Product and Engineering Sr. Dir
RVP, Sales Global Sales Sr. Dir
Sr. Director, Executive Comp People Sr. Dir
Sr. Director, Treasury Finance Sr. Dir
Director, Customer Solutions Operations Dir
Director, Support Services Operations Dir
Director, Engineering Product and Engineering Dir
Director, Product Marketing Marketing Dir
Director, Marketing Marketing Dir
Director, Human Resources People Dir
Director, Customer Support Operations Dir
Director, Buisness Development Global Sales Dir
Director, Product Management Product and Engineering Dir
Director, Commercial Services Finance Dir
Director, FP&A Finance Dir
Director, Communications Marketing Dir
Director, Software Engineering Product and Engineering Dir
Director, Product Management Product and Engineering Dir
Director, Tax Finance Dir
Director, UX Research Product and Engineering Dir
Director, IT Infrastructure IT Dir
Director, Benefits and Wellness People Dir
Director, Product Management Product and Engineering Dir
Sr. Principal Engineer, Security Product and Engineering Dir
Director, UX Product Design Product and Engineering Dir
Director, Marketing Marketing Dir
Director, Quality Operations Dir
Director, People Technology and Payroll People Dir
Director, Program Management Product and Engineering Dir
Director, Data IT Dir
Director, Human Resources People Dir
Director, Human Resources People Dir
Director, Software Engineering Product and Engineering Dir
Director, Corporate Controller Finance Dir
Director, Accounting Finance Dir
Director, Digital Marketing Marketing Dir
Director, IT Applications IT Dir
Director, Internal Audit Finance Dir
Director, SEC Reporting Finance Dir
Director, FP&A Finance Dir
BOD Chair BOD BOD Chairman
BOD 1 BOD BOD
BOD 2 BOD BOD
BOD 3 BOD BOD
BOD 4 BOD BOD
BOD 5 BOD BOD
BOD 6 BOD BOD
 Year 1 Year 2

Grant Cadence RSUs Year Options

RSU % Option % Value Year 1 Value Year 2
(Years Between Grants) 1 Year 1
Year 2 Year 3 Year 4

RSUs Year Options RSUs Year Options RSUs Year Options

Value Year 3 Value Year 4
2 Year 2 3 Year 3 4 Year 4
 Year 5 Year 6 Year 7

RSUs Year Options RSUs Year Options RSUs Year

Value Year 5 Value Year 6 Value Year 7
5 Year 5 6 Year 6 7
Year 7 Year 8 Year 9 Year 10

Options RSUs Year Options RSUs Year Options

Value Year 8 Value Year 9 Value Year 10
Year 7 8 Year 8 9 Year 9
Year 10

RSUs Year Options

10 Year 10
84918
Share Usage
Category Award Type Year 1 Year 2 Year 3 Year 4
RSUs
CEO
Options
RSUs
EVP
Options
RSUs
SVP
Options
RSUs
VP
Options
RSUs
Sr. Dir
Options
RSUs
Dir
Options
RSUs
BOD Chairman
Options
RSUs
BOD
Options

Dollar Values
Category Award Type Year 1 Year 2 Year 3 Year 4
RSUs
CEO
Options
RSUs
EVP
Options
RSUs
SVP
Options
RSUs
VP
Options
RSUs
Sr. Dir
Options
RSUs
Dir
Options
RSUs
BOD Chairman
Options
RSUs
BOD
Options
Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

84918