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.
| Company shares | ESOP | VSOP | GmbH token | |
|---|---|---|---|---|
| Complexity | Notarization + commercial register | Notarized by contract with employee | Contract with employee | Contract with employee + digital token |
| Taxes | 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 | Income tax (14-45%) on minting + Tax (~25%) for capital gains thereafter. Employee chooses the mint date |
| Liquidity | Only notarially transferable | Not transferable | Not transferable | Easily transferable (secondary market) |
| Rights | Like shareholders | From exercise like shareholders | Usually only exit proceeds | From minting onwards, economically as shareholders + put option |
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