The exact characteristics of the employee participation program via GmbH tokens compared to normal company shares, ESOP and VSOP are shown in the following table.
| GmbH token | Company shares | ESOP | VSOP | |
|---|---|---|---|---|
| Complexity | Contract with employee + digital token | Notarization + commercial register | Notarized by contract with employee | Contract with employee |
| Taxes | Income tax (14-45%) on minting + Tax (~25%) for capital gains thereafter. Employee chooses the mint date | Income tax (14-45%) + tax on capital gains (~25%) "dry income" | Income tax (14-45%) on exercise (often only possible on exit)+ tax (~25%) for capital gains thereafter. | Income tax (14-45%) on exit |
| Liquidity | Easily transferable (secondary market) | Only notarially transferable | Not transferable | Not transferable |
| Rights | From minting onwards, economically as shareholders + put option | Like shareholders | From exercise like shareholders | Usually only exit proceeds |
<aside> 📖
Next chapter:
</aside>