ECLI:NL:GHAMS:1999:AA8082, Gerechtshof Amsterdam, 08-06-1999, 98/1443
Gerechtshof Amsterdam — Uitspraak 
Datum: 1999-06-08 00:00:00.000000
Rechtsgebied: Bestuursrecht; Belastingrecht

Samenvatting: Belanghebbende is werkzaam bij de Nederlandse dochter van een Amerikaanse onderneming. Door de Amerikaanse moeder worden aan belanghebbende zogeheten Equity Appreciation Rights toegekend. Het Hof is van oordeel dat sprake is van loon dat belast is in het jaar van uitoefening van de rechten.

98/1443
      GERECHTSHOF TE AMSTERDAM
      Eerste Meervoudige Belastingkamer
      UITSPRAAK
      op het beroep van X te Z, belanghebbende,
      tegen
      een uitspraak van het Hoofd van de Belastingdienst Y, de inspecteur.
      1. Loop van het geding
      Van belanghebbende is ter griffie een beroepschrift ontvangen op 3 april 1998, ingediend door A als zijn gemachtigde. Het beroep is aangevuld bij brief van 10 augustus 1998. Het beroep is gericht tegen de uitspraak van de inspecteur, gedagtekend 25 maart 1998, betreffende een aan belanghebbende opgelegde navorderingsaanslag in de inkomstenbelasting/premie volksverzekeringen voor het jaar 1992. De oorspronkelijke aanslag is berekend naar een belastbaar inkomen van f 72.922. Een eerste navorderingsaanslag is berekend naar een belastbaar inkomen van f 83.830. De onderhavige, tweede, navorderingsaanslag is berekend naar een belastbaar inkomen van f 132.830. Bij de bestreden uitspraak is de navorderingsaanslag gehandhaafd. Het beroep strekt tot vernietiging van de uitspraak van de inspecteur en tot vernietiging van de navorderingsaanslag. 
      De inspecteur heeft een vertoogschrift ingediend. Hij concludeert tot bevestiging van de bestreden uitspraak. 
      Op de zitting van 9 februari 1999 is de inspecteur verschenen. Gemachtigde is bij aangetekende brief van 7 januari 1999 mededeling gedaan van plaats, datum en tijd van de mondelinge behandeling. Namens belanghebbende is niemand verschenen. De inspecteur heeft op de zitting een transactiebevestiging van de B overgelegd. 
      2. Tussen partijen vaststaande feiten
      2.1. Belanghebbende was in het onderhavige jaar als salesmanager in loondienst bij C B.V., een dochtervennootschap van D Inc., gevestigd in E (USA). Belanghebbende is tot en met 31 januari 1993 in loondienst gebleven. 
      2.2. Bij brief van 6 juli 1988 van D Inc. is aan belanghebbende -voor zover hier van belang- het volgende medegedeeld:
      "In order to increase the number of key managers of D who will participate in D's anticipated equity appreciation, the Board of Directors of D has approved an Equity Appreciation Rights plan (the "Plan"). Under the Plan, key managers will be granted Equity Appreciation Rights ("EARS"). Although EARS do not entitle the holder to ever acquire an actual legal ownership interest in D, they will be designed to enable the holder to have substantially the economic equivalent of such ownership. In short, EARS' holders will share in any increase in the value of D's equity under terms and restrictions similar to those pursuant to which members of D's senior management acquired their D stock. (...) I will recommend to D's Board of Directors that you be granted EARS representing the economic equivalent of 6,000 shares of D's common stock. (...) your receipt of EARS will not require any investment on your part. The decision to grant EARS to you reflects the view that, as a key member of D's management team, you should share in the hoped-for growth of D." 
      2.3. Bij brief van 31 oktober 1988 van D Inc. is belanghebbende -voor zover hier van belang- het volgende medegedeeld:
      "I am extremely pleased to inform you that the Board of Directors of D Holdings Corporation (the "Company") has granted 6,000 equity appreciation rights ("Rights") under the D Holdings Corporation Equity Appreciation Rights Plan (...) with a "Base Value" (...) of U.S. $5.00 per Right. This grant reflects our belief in your ability to make a significant contribution to the future growth of the Company".
      2.4. In het D Holdings Corporation Equity Appreciation Rights Plan (hierna: EAR Plan) dat op 24 juni 1988 in werking is getreden, is het volgende bepaald:
      "1. Purposes of the Plan 
      To assist D Holdings Corporation and its Subsidiaries in retaining Employees and providing them with increased motivation by allowing them to benefit directly from the growth, development and financial success of said companies.
      2. Definitions
      Whenever the following terms are used in this Plan, they shall have the meaning specified below unless the context clearly indicates to the contrary.
      Section 2.1 - Base Value
      "Base Value" shall mean a value assigned to a Right on the date such Right is granted, as determined by the Board.
      Section 2.2 - Board
      "Board" shall mean the Board of Directors of Holdings. 
      Section 2.3 - Book Value
      "Book Value" shall mean (A) (i) the stockholders' equity of Holdings, excluding amounts attributable to shares of Holdings' capital stock other than its Common Stock and excluding the amount of any asset reversion resulting from the termination of any pension plan of Holdings or any of its subsidiairies, as of the Redemption Calculation Date determined in accordance with generally accepted accounting principles applied on a basis consistent with any prior periods, without giving effect to adjustments required or permitted by Accounting Principles Board Opinion Nos. 16 and 17 with respect to assets acquired or liabilities assumed in the acquisition of D (except that the determination of gains or losses on sales of assets (other than working capital) and on foreign currency translations shall be computed after application of Accounting Principles Board Opinion Nos. 16 and 17) plus (ii) the aggregate exercise prices of all outstanding stock options and other rights to acquire Common Stock of Holdings and the aggregate conversion prices of all securities convertible into shares of Common Stock, divided by (B) the sum of (i) the number of shares of Common Stock then outstanding, (ii) the number of shares of Common Stock issuable upon the exercise of all outstanding stock options and other rights to acquire common stock and the conversion of all securities convertible into shares of Common Stock; and (iii) the number of Common Stock share equivalents issuable pursuant to any equity appreciation rights or other "phantom" equity plans of Holdings, appropriately reduced to reflect the base price provided in the relevant plan and any book accruals actually made in respect of the relevant plan. 
      Section 2.4 - Change of Control 
      "Change of Control" shall mean the consummation of a merger, reorganization or liquidation of Holdings, or a sale of Common Stock owned by XX Associates, XX or XX Partners II, XX, if (but only if) such transaction results in XX Associates, a New York limited partnership, and/or affiliates neither owning a majority of the outstanding shares of voting stock of Holdings nor having the power (i) to elect a majority of the Board of Directors of Holdings or the successor corporation to Holdings' rights and obligations pursuant to such transaction or (ii) if the surviving entity of such transaction is not a corporation, to select the general partner or other person controlling the operations and business of the resulting entity.
      Section 2.5 - Code
      "Code" shall mean the internal Revenue Code of 1986, as amended. 
      Section 2.6 - Committee
      "Committee" shall mean the Management Compensation and Employee Benefits Committee as designated by the Board. 
      Section 2.7 - Commmon Stock
      "Common Stock" shall mean the Common Stock, par value $0.01 per share, of Holdings.
      Section 2.8 - Cumulative Projection Cash Flow
      "Cumulative Projection Cash Flow" means the aggregate pre- interest, pre-tax and pre-financing cash flow during the Period as set forth in the line "Cash Movement" in the Projection; except that if there has occurred during the Period a disposition of a business unit of Holdings or a sale of any asset of Holdings not in the ordinary course of business (other than those dispositions contemplated by and included in the Projecticion) (an "Asset Disposition") the cash flow set forth in the line "Cash Movement" with respect to the portion of the Period after such disposition shall be reduced to eliminate from the Projection the portion of the cash flow which had at the time of preparation of the Projection been projected to be derived from the divested business unit or asset. In the event the end of the Period is other than a fiscal year- end of Holdings, the portion of Cumulative Projection Cash Flow for the fiscal quarter(s) subsequent to the last fiscal year-end within the Period shall be equal to such cash flow for the fiscal year of Holdings in which such quarters occur as set forth in the Projection, multiplied by a fraction in which the numerator is the aggregate Holdings Cash Flow for the corresponding quarter(s) of all prior fiscal years of Holdinqs included in the Projection and the denominator is the aggregate Holdings Cash Flow for all of such fiscal years. References in this Agreement to fiscal years or fiscal quarters shall refer to the 52- or 53-week year ended the last Saturday in December, and related quarters, utilized in preparation of the Projection, regardless of any subsequent change in Holdings' actual fiscal year.
      Section 2.9 - Cumulative Holdings Cash Flow
      "Cumulative Holdings Cash Flow" means the aggregate Holdings Cash Flow during the Period.
      Section 2.10 - Employee
      "Employee" shall mean any employee (as defined in accordance with the regulations and revenue rulings then applicable under Section 3401(c) of the Code), of Holdings, or of any corporation which is then a Subsidiary, whether such employee is so employed at the time this Plan is adopted or becomes so employed subsequent to the adoption of this Plan.
      Section 2.11 - Grant Date
      "Grand Date" shall mean the date on which a Right provided for in this Plan is granted.
      Section 2.12 - Holder
      "Holder" shall mean an Employee to whom Rights are granted under this Plan. 
      Section 2.13 - Holdings
      "Holdings" shall mean D Holdings Corporation. 
      Section 2.14 - Holdings Cash Flow 
      "Holdings Cash Flow" means the pre-interest, pre-tax and pre-financing cash flow of Holdings for the period in question computed in same manner as "Cash Movement" is computed under the Projection; except that cash flow arising from an Asset Disposition shall not be included in Holding Cash Flow. For these purposes, the cash flow for D Inc. and its affiliates acquired by Holdings on June 24, 1988 for the portion of 1988 prior to the date of such acquisition shall be included in Holdings' 1988 cash flow; provided that such cash flow shall exclude cash expenditures in respect of such acquisition and the related financing. 
      Section 2.15 - Market Price
      "Market Price" shall mean the price per share equal to the average of the last sales price of the Common Stock on each of the 10 trading days prior to the Redemption Calculation Date on the principal exchange on which the Common Stock may at the time be listed or, if there shall have been no sales on such exchange on any such trading day, the average of the closing bid and asked prices on such exchange at the end of such trading day or, if there is no such bid and asked price on such trading day, on the next preceding date when such bid and asked price occurred or, if the Common Stock shall not be so listed, the average of the closing sales prices as reported by NASDAQ at the end of each of the ten trading days prior to the Redemption Calculation Date in the over-the-counter market. If the Common Stock is not so listed or reported by NASDAQ, then the Market Price shall be the Book Value.
      Section 2.16 Period
      "Period" shall mean a single period ccmprised of (i) all full fiscal years of Holdings ending no less than 45 davs prior to the execution of the definitive agreement (the "Sale Agreement") pursuant to which the Change of Control is to be effected, or in the event there is no Sale Agreement, prior to the adoption by the Board of Directors of Holdings of the plan pursuant to which the change of Control is to be effected (such execution or adoption, as the case may be, herein referred to as the "Effective Date"); provided that the Effective Date shall be the date of the Change of Control if there shall have been any significant modification to the terms of the Sale Agreement adverse to Holdings between the execution of the Sale Agreement and the date of the Change of Control; and (ii) all fiscal quarters of Holdings ending subsequent to the end of the fiscal year referred to in clause (i) and no less than 45 days prior to the Effective Date.
      Section 2.17 - Permanent Disabilitv 
      The Employee shall be deemed to have a "Permanent Disability" when a majority of the Board of Directors of Holdings shall, in good faith, so determine.
      Section 2.18 - Plan
      "Plan" shall mean the D Holdings Corporation Equity Appreciation Rights Plan, as amended from time to time. 
      Section 2.19 - Projection
      "Projection" means the ten-year cash flow projections labelled "D Incorporated - D Books" and dated May 17, 1988 provided by management of D Inc. to Holdings, a copy of which is on file for this purpose with Holdings. Section 2.20 - Projection Chanqe of Control
      A "Projection Change of Control" shall be deemed to have occurred if a Change of Control occurs and Cumulative Holdings Cash Flow for the Period equals or exceeds Cumulative Projection Cash Flow for the Period.
      Section 2.21 - Pronouns
      The masculine pronoun shall include the feminine and neuter, and the singular the plural, where the context so indicates.
      Section 2.22 - Public Offering 
      "Public Offering" shall mean the sale of shares of Common Stock to the public pursuant to a registration statement under the Security Act of 1933, as amended, and the rules and regulations in effect thereunder, which has been declared effective by the Securities and Exchance Commission (other than a registration statement on Form 
      S-8 or any other similar form) which results in an active trading market in the Common Stock; provided that an active trading market in the Common Stock shall be deemed to exist if the Common Stock is listed on the New York Stock Exchange, the American Stock Exchange or the NASDAQ National Market System, but the failure of the Common Stock to be so listed shall not per se be determinative as to whether an active trading market does not exist.
      Section 2.23 - Redemption Calculation Date
      "Redemption Calculation Date" shall mean the last day of the fiscal month preceding the fiscal month in which the giving of the Redemption Notice occurs.
      Section 2.24 - Redemption Notice
      "Redemption Notice" shall mean either a written notice sent by a Holder to Holdings of such Holder's intention to redeem a Right or a written notice sent by Holdings to a Holder of the exercise by Holdings of its option for redemption.
      Section 2.25 - Redemption Percentage
      "Redemption Percentage" shall mean the percentage of a Right which may be redeemed as described in Section 4.1. 
      Section 2.26 - Redemption Price
      "Redemption Price" shall be equal to the applicable Redemption Percentage multiplied by the excess, if any, of the Book Value over the Base Value, multiplied by the applicable Spread Percentage; provided, however, that for these purposes Market Price will be substituted for Book Value, after a Public Offering, and the consideration paid for a share of Common Stock in connection with any Change of Control (including a Projection Change of Control) shall be substituted for Book Value after any such Change of Control.
      Section 2.27 - Retirement
      "Retirement" shall mean retirement at age 65 or over after having been employed by Holdings or a Subsidiary for at least three (3) years after the Grant Date.
      Section 2.28 - Rights
      "Rights" shall mean rights granted by Holdings to an Employee pursuant to and described in this Plan where each is Right is deemed solely for purposes of this Plan to be equivalent in value to one share of Common Stock but possessing no other attributes of Common Stock. 
      Section 2.29 - Secretary 
      "Secretary" shall mean the Secretary of Holdings. 
      Section 2.30 - Spread Percentage
      "Spread Percentage" shall mean the percentage by which the Redemption Price is multiplied pursuant to Section 4.2 in determining the amount a Holder is entitled to upon redemption of a Right.
      Section 2.31 - Subsidiary
      "Subsidiary" shall mean any corporation in an unbroken chain of corporations beginning with Holdings if each of the corporations, or group of commonly controlled corporations, other than the last corporation in the unbroken chain then owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.
      Section 2.32 - Termination of Employment
      "Termination of Employment" shall mean the time when the employee-employer relationship between the Employee and Holdings and its Subsidiairies is terminated for any reason whatsoever, with or without cause.
      3. Grant of Rights
      Section 3.1 - Eligibility
      Subject to the terms hereof, any Employee may be eligible to be granted Rights. 
      Section 3.2 - Rights Subject to Plan
      Except as permitted hereunder in accordance with Section 3.5, the Committee shall not grant in the aggregate more than 2,200,000 Rights. Notwithstanding the foregoing, any Rights which are forfeited or terminated without being redeemed may be reissued by the Committee. After redemption, however, a Right shall be cancelled and may not be reissued.
      Section 3.3 - Granting of Rights
      The Board shall, in its discretion, determine which Employees shall be granted Rights and the number of Rights to be granted to any such Employee. Each right shall be granted at Base Value. The Board may, from time to time, grant Rights to additional participants in the Plan or grant additional Rights to existing participants. The Board shall notify in writing any Employee granted Rights as to the number of Rights granted, the date of grant and the Base Value with respect to such Rights.
      Section 3.4 - Consideration to Holdings
      In the consideration of the granting of a Right by Holdings, the Holder agrees to render faithful and efficient services to Holdings or a Subsidiary, with such duties and responsibilities as Holdings shall from time to time prescribe. 
      Section 3.5 - Adjustments in Rights
      In the event that an outstanding share of Common Stock or an outstanding Right is changed into or exchanged for some other kind of interest in Holdings, by reason of merger, consolidation, recapitalization, reclassification, stock split, stock dividend or combination of shares, the Committee shall make an appropriate and equitable adjustment in the Right in consideration of such event. Any such adjustment made by the Committee shall be final and binding upon the Holder, Holdings and all othter interested persons.
      4. Terms of Rights Section 4.1 - Commencement of Redemption
      Except as provided in Section 4.3, a Right may be redeemable by the Holder as to the Redemption Percentage, in the following table but only upon the occurrence of an event described in Section 5.1 which entitles the Holder to actually redeem each such Right:
      Date Right Becomes Redeemable Redemption Percentage
      Grant Date through the first 0% 
      anniversary of the Grant Date 
      After the first anniversary 20%
      of the Grant Date
      After the second anniversary 40% 
      of the Grant Date 
      After the third anniversary 60%
      of the Grant Date 
      After the fourh anniversary 80%
      of the Grant Date 
      After the fifth anniversary 
      of the Grant Date 100%
      Prior to the fifth anniversary of the Grant Date, the Redemption Percentage of a Right shall not increase as the result of any Termination of Employment because of death, Permanent Disability or Retirement, and any Rights for which the Redemption Percentage is at that time less than 100% shall be cancelled to the extent of the unredeemable percentage following such Termination of Employment without any payment of consideration by Holdings to the Holder.
      Section 4.2 - Spread Percentage
      Except as provided in Section 4.3, upon the occurrence of an event described in Section 5.1 which entitles a Holder or Holdings to redeem a Right, a Holder shall be entitled to receive (to the extent such Right is redeemable pursuant to Sections 4.1 and 4.3) the applicable Redemption Price determined with the Spread Percentage as specified under the following table:
      Date Right Becomes Redeemable Spread Percentage
      Grant Date through the first 0% 
      anniversary of the Grant Date 
      After the first anniversary 20% 
      of the Grant Date
      After the second anniversary 40%
      of the Grant Date
      After the third anniversary 60%
      of Grant Date
      After the fourth anniversary 80%
      of the Grant Date 
      After the fifth anniversary 100%
      of the Grant Date
      Section 4.3 - Acceleration of Redemption and Spread Percentages
      Notwithstanding Sections 4.1 and 4.2, prior to the fifth anniversary of the Grant Date, in the event of a Projection Change of Control or a Termination of Employment because of death, Permanent Disability or Retirement, both the Redemption Percentage and the Spread Percentage shall be 100% as to all amounts covered by a Right. In the event of a Change of Control, prior to the fifth anniversary of the Grant Date, the Spread Percentage of a Right shall be increased to 100% but the Redemption Percentage of a Right shall not be increased solely by reason of such Change of Control. In the event of a Public Offering prior to the fifth anniversary of the Grant Date, the Spread Percentage shall be increased to 100% but the Redemption Percentage shall not be increased solely by reason of such Public Offering.
      Section 4.4 - Expiration of Right
      A Right may not be redeemed to any extent by any Holder after the earlier of (i) 10 years from the Grant Date or (ii) any termination of a Right by redemption pursuant to Section 5.1. 
      5. Redemption of Right
      Section 5.1 - Redemption Events
      (a) By Holder
      Events. Except as otherwise provided herein, after (i) the fifth anniversary of the Grant Date, (ii) a Public Offering, (iii) a Change of Control, (iv) a Projection Change of Control, (v) the Holder's termination of Employment by reason of death or Permanent Disability or (vi) death or Permanent Disability after Retirement, a Right shall become redeemable by the Holder at any time by sending a Redemption Notice to Holdings of such Holder's intention to redeem such Right and require Holdings to pay to the Holder in redemption of such Right an amount equal to the Redemption Price. 
      (b) By Holdings
      If, on or prior to the fifth anniversary of the Grant Date, any Termination of Employment of a Holder occurs, Holdings shall have an option at any time to redeem Rights then held by the Holder as of the Redemption Calculation Date by sending a Redemption Notice to the Holder and paying to such Holder in redemption of each such Right an amount equal to the Redemption Price determined as of the Redemption Calculation Date; provided, however, that Holdings may redeem a Right without payment of any consideration if there is no excess over Base Value. 
      Section 5.2 - Limitation on Redemptions
      (a) Notwithstanding any other provision of this Plan, Holdings will not be obligated to redeem Rights in any twelve-month period prior to June 25, 1993, where the aggregate payments in respect thereof exceed $ 10 million (or, after June 24, 1993, $15 million). In the event that the aggregate amount of redemption payments to Holders in any one year exceeds such limitations, the Committee shall have the right to reduce pro rata the number of Rights or dollar amount to be redeemed among the Holders seeking redemption of their Rights. 
      (b) After the fifth anniversary of the Grant Date and if no Public Offering has occurred, a Holder may only redeem Rights on a semiannual basis, and such Rights may only be redeemed up to a maximum of 1/3 of such Holder's outstanding Rights during the sixth year after the Grant Date, 2/3 of such total during the seventh year and the balance thereafter.
      (c) Notwithstanding anything to the contrary contained in this Section 5, if at the time of the occurrence of a Redemption Event, the Holder delivers a Redemption Notice to Holdings to redeem Rights and receive payment from Holdings, there is, or if as a result of such redemption and payment there would be, a default, event of default, impairment of capital, violation of the General Corporation Law of the State of Delaware or any event which prevents Holdings from redeeming shares of Common Stock and options (collectively, an "Event"), then the closing of such redemption and payment shall be deferred until the first business day that it may occur without any such Event existing or resulting. If at any time consummation of all redemptions and payments to be made by Holdings pursuant to this Plan and any other plans for key employees of Holdinqs would result in an Event, then Holdings shall make payments to the Holder and other key employees pro rata (on the basis of the number of Rights each such Holder has elected or is required to redeem to Holdings) for the maximum number of shares of Common Stock, the maximum number of options and the maximum numbers of Rights permitted without resulting in an Event; provided, however, that the provisions of the first sentence of this Section 5.2(c) shall apply in respect of all shares of Common Stock, options and Rights not purchased or redeemed; provided, further, that until all of such Common Stock and options are purchased and paid for by Holdings, the Holders whose Rights are not redeemed in accordance with this Section 5.2 (c) shall have priority, on a pro rata basis, only over other redemptions of Rights by Holdings but shall not be entitled to redemption untill all Common Stock and options which have not been purchased have been so purchased pursuant to other plans for key employees. 
      (d) Notwithstanding anything to the contrary in the foregoing Section 5.2, after the closing of a Public Offering, Holdings' obligation to redeem Rights provided for in section 5.1 (b) shall not exceed the number of Rights held by the Holder equal to (x) the total aggregate Rights. If, as a result of the foregoing, Holdings has the obligation to redeem less than all of the Rights held by the Holder,te number of Rights granted to the Holder times the Redemption Percentage less (y) the aggregate number of Rights for which a Redemption Price has been paid to the Holder upon the Redemption o the remaining Rights shall be then redeemable tot the extent then held by the Holder.
      Section 5.3 - Manner of Redemption
      (a) A Right shall be redeemed by a Holder solely by delivery to the Secretary or his office prior to the time when a Right becomes unredeemable under Section 4.4 of a Redemption Notice signed by the Holder or the other person then entitled to redeem a Right, stating that a Right is thereby redeemed, such notice complying with all applicable rules established by the Committee; provided that a Redemption Notice in connection with a Projection Change of Control may state that such redemption is conditional upon the consummation of such Projection Change of Control. In the event a Right or portion thereof shall be redeemed pursuant to Section 5.1 by any person or persons other than the Holder, appropriate proof of the right of such person or persons to redeem a Right shall be delivered to the Secretary or his office.
      (b) A Right shall be redeemed by Holdings by delivery to the Holder of a Redemption Notice signed by the Secretary or other officer of Holdings, stating that the Right is thereby redeemed, such notice complying with all applicable rules established by the Committee.
      (c) The completion of the redemption shall take place at the principal office of Holdings on the 15th day after the giving of the Redemption Notice. The Redemption Price, determined as of the first day of the month coincident with the giving of the Redemption Notice, shall be paid by delivery to the Holder, or the Holder's representative, as the case may be, of a bank check or checks in the appropriate amount, less withholding or other taxes, payable to the order of the Holder, or the Holder's representative, as the case may be, against delivery of appropriate documents cancelling the Right so redeemed appropriately endorsed or executed by the Holder, or the Holder's representative. 
      Section 5.4 - Persons Eligible to Redeem
      Holdings and the Holder during his lifetime may redeem a Right or any portion thereof upon the occurrence of the events described in Section 5.1. After the death of the Holder, any redeemable portion of a Right may, prior to the time when a Right becomes unredeemable under Section 4.4, be exercised by such Holder's personal representative or by any person empowered to do so under the Holder's will or under the then applicable laws of descent and distribution.
      6. Miscellaneous
      Section 6.l - Administration
      The Committee shall have the power to interpret this Plan and to adopt such rules for the administration, interpretation and application of the Plan as are consistent herewith and to interpret or revoke any such rules. All actions taken and all interpretations and determinations made by the Committee shall be final and binding upon the Employee, Holdings and all other interested persons. No member of the Committee shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or a Right. In its absolute discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Committee under the Plan.
      Section 6.2 - Transfer and Other Restrictions
      (a) Neither a Right nor any interest or right therein or part thereof shall be liable for the debts, contracts or engagements of the Holder or successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect; provided, however, that this Section 6.2 shall not prevent transfers by will or by the applicable laws of descent and distribution.
      (b) In no event shall a Holder of any Right have Priority over a holder of Common Stock or any other equity for any payments in the event of bankruptcy, insolvency, liquidation or dissolution of Holdings.
      Section 6.3 - Notices
      Any notice to be given under the terms of this Plan to Holdings shall be addressed to Holdings in care of its Secretary, and any notice to be given to the Holder shall be addressed to him at the address provided by the Holder. By a notice given pursuant to this Section 6.3, either party may hereafter designate a different address for notices to be given to him. Any notice which is required to be given to the Holder shall, if the Holder is then deceased, be given to the Holder's personal representative if such representative has previously informed Holdings of his status and address by written notice under this Section 6.3. Any notice shall have been deemed duly given when enclosed in a properly sealed envelope or wrapper addressed as aforesaid, deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service. 
      Section 6.4 - No Right to Employment
      Nothing in this Plan shall confer upon the Holder any right to continue in the employ of Holdings or any Subsidiary or shall interfere with or restrict in any way the rights of Holdings and its Subsidiaries, which are hereby expressly reserved, to discharge the Holder at any time for any reason whatsoever, with or without cause.
      Section 6.5 - Titles
      Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Plan.
      Section 6.6 - Termination or Amandment
      The Board may at any time terminate the Plan, or modify or amend the Plan in such respects as the Board in its sole discretion may deem appropriate; provided, however, that no such termination, modification or amendment of the Plan shall be made without the consent of each affected Holder, if it would materially reduce or impair Holdings' obligations to such Holders in respect of any Rights theretofore granted, to the extent each such Holder is then entitled under Article 4.
      Section 6.7 - Governing Law
      The law of the State of Delaware shall govern the interpretation, validity and performance of the terms of this Plan regardless of the law that might be applied under principles of conflicts of laws."
      2.5. In 1992 heeft belanghebbende 1200 Equity Appreciation Rights (hierna: SAR's) uitgeoefend. Hiermee heeft hij het volgende voordeel behaald:
      Book value 1200 SAR's à $ 28,25 = $ 33.900
      Base value 1200 SAR's à $ 5 = $ 6.000
      Behaald voordeel $ 27.900 
      x f 1,77 (dollarkoers)
      = f 49.000
      2.6. Bij het uitoefenen van de SAR's is geen loonbelasting en premie volksverzekeringen ingehouden. 
      2.7. Belanghebbende heeft het bij het uitoefenen van de SAR's behaalde voordeel niet in zijn aangifte verantwoord. 
      2.8. Naar aanleiding van een aanvulling op de aangifte heeft de inspecteur een eerste navorderingsaanslag opgelegd ter zake van het privé-gebruik van een in verband met het verrichten van arbeid ter beschikking gestelde personenauto, berekend naar een belastbaar inkomen van ¦ 83.830. 
      2.9. Tijdens een controle in 1995 in het kader van de loonbelasting bij C B.V. is de inspecteur ervan op de hoogte geraakt dat aan belanghebbende in 1988 SAR's waren toegekend en dat hij deze in 1992 en 1993 heeft uitgeoefend. Dit gegeven is voor de inspecteur aanleiding geweest om de onderhavige navorderingsaanslag op te leggen. Hierbij is het eerder vastgestelde belastbare inkomen van f 83.830 met f 49.000 verhoogd tot f 132.830. 
      3. Geschil
      In geschil is of het door belanghebbende in verband met de uitoefening van de SAR's genoten voordeel op grond van artikel 22, eerste lid, onderdeel a, van de Wet op de inkomsten- belasting 1964 in verbinding met artikel 10, eerste lid, van de Wet op de loonbelasting 1964 tot zijn inkomsten uit arbeid behoort. Indien deze vraag bevestigend wordt beantwoord is in geschil of het genoten voordeel terecht tot het belastbare inkomen van het onderhavige jaar is gerekend. 
      4. Standpunten van partijen
      Voor de standpunten van partijen wordt verwezen naar de stukken van het geding. Op de zitting heeft de inspecteur zijn standpunt gehandhaafd. 
      5. Beoordeling van het geschil
      5.1. Belanghebbende stelt zich primair op het standpunt dat de SAR's zijn toegekend door D Inc. en niet door C B.V. bij wie hij in dienstbetrekking was, zodat het behaalde voordeel niet kan worden belast als inkomsten uit die dienstbetrekking. Dit standpunt moet worden verworpen. Immers, artikel 10, eerste lid, van de Wet op de loonbelasting 1964 (hierna: de Wet) ziet niet alleen op de voordelen die een werknemer verkrijgt rechtstreeks van de inhoudingsplichtige, maar ook op voordelen die door derden aan de werknemer worden verstrekt vanwege diens vervulling van de dienstbetrekking.
      5.2. In het onderhavige geval moet ervan worden uitgegaan dat D Inc. vanwege de vervulling door belanghebbende van zijn dienstbetrekking bij C B.V. de SAR's aan belanghebbende heeft toegekend. Redengevend hiervoor is dat vaststaat dat D Inc. de moeder is van de ten aanzien van belanghebbende inhoudingsplichtige C B.V., terwijl voorts blijkt uit de onder 2.2 en 2.3 geciteerde correspondentie tussen D Inc. en belanghebbende dat het toekennen van de SAR's samenhangt met (de waardering voor) belanghebbendes werkzaamheden als werknemer voor C B.V. Aan een en ander doet niet af dat C B.V., zoals belanghebbende stelt, niet betrokken zou zijn bij het toekennen van de SAR's aan belanghebbende. Overigens kan worden aangenomen dat de zinsnede in de genoemde brief van 31 oktober 1988 "This grant reflects our belief in your ability to make a significant contribution to the future growth of the Company" gebaseerd is op door C B.V. aan D Inc. verstrekte informatie omtrent het belang van belanghebbende voor het bedrijf. 
      5.3. Nu niet in geschil is een aan C B.V. opgelegde naheffingsaanslag loonbelasting/premie volksverzekeringen, maar een aan belanghebbende opgelegde navorderingsaanslag inkomsten- belasting/premie volksvezekeringen kan, voor zover belanghebbende zulks beoogt te stellen, in het midden blijven of C B.V. ter zake van het door belanghebbende genoten voordeel inhoudingsplichtige is.
      5.4. Subsidiair stelt belanghebbende dat het behaalde voordeel niet in het onderhavige jaar is genoten in de zin van artikel 33 van de Wet op de inkomstenbelasting 1964. Belanghebbende houdt het ervoor dat het voordeel uit de SAR's die recht geven op het incasseren van een waardestijging, afhankelijk van de waardestijging van de aandelen D Holdings Corporation, is genoten bij de uitgifte van de SAR's in 1988 en niet eerst bij de verzilvering 1992 respectievelijk 1993. 
      5.5. Naar het oordeel van het Hof moet uit het EAR Plan, in het bijzonder uit section 4 en 5, worden opgemaakt dat de SAR's geen onvoorwaardelijke en verhandelbare vermogensrechten vormen, maar een voorwaardelijk, met de blijvende vervulling van de dienstbetrekking samenhangend recht dat eerst bij uitoefening zijn betekenis verkrijgt voor de heffing van loon- en inkomstenbelasting. Belanghebbende kan de hem toegekende rechten, afgezien van bijzondere omstandigheden niet eerder uitoefenen dan in 1992 en in geval van bijzondere omstandigheden slechts gereduceerd. Dit betekent dat belanghebbende bij toekenning nog geen loon genoot en dat eerst bij uitoefening van de SAR's door belanghebbende inkomsten worden genoten. In de Wet op de loonbelasting 1964 is geen bepaling opgenomen waarin is bepaald dat dergelijke loonverstrekkingen belastingvrij kunnen worden verstrekt. Gesteld noch gebleken is dat de in de onderhavige navorderingsaanslag begrepen inkomsten zijn opgekomen uit een uitoefening van de SAR's in een eerder jaar. Evenmin is gesteld of gebleken dat de berekening door de inspecteur van de omvang van het voordeel onjuist is. 
      5.6. Uit al het vorenoverwogene volgt dat het Hof van oordeel is dat de inspecteur het door belanghebbende bij de uitoefening van de SAR's genoten voordeel terecht heeft gekwalificeerd als inkomsten uit arbeid in de zin van artikel 22, eerste lid, onderdeel a, van de Wet op de inkomstenbelasting 1964 in verbinding met artikel 10, eerste lid, van de Wet op de loonbelasting 1964, en voorts dat het voordeel tot een juist beloop en in het juiste jaar in de heffing van inkomstenbelasting is betrokken. 
      5.7. Het gelijk is derhalve aan de inspecteur.
      6. Proceskosten
      Het Hof acht geen termen aanwezig een partij te veroordelen tot het vergoeden van proceskosten op de voet van artikel 5a van de Wet administratieve rechtspraak belastingzaken. 
      7. Beslissing
      Het Hof verklaart het beroep ongegrond en bevestigt de bestreden uitspraak. 
      De uitspraak is vastgesteld op 8 juni 1999 door 
      mr. Dutmer, voorzitter, mrs. Van der Ouderaa en Blokland, leden, in tegenwoordigheid van mr. Van de Merwe als auditeur en mr. Zilvertand als griffier. De beslissing is op dezelfde dag ter openbare zitting uitgesproken. 
      De voorzitter heeft geen bezwaar tegen afgifte door de griffier van een afschrift van de uitspraak in geanonimiseerde vorm.