,,ii  #aaith ,,congress  #b;d ,session  
,s4 #efae  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,september #cj1
 #bjbf,mrs4 ,moody introduced the       
following bill2 which was read twice and
 referred to the ,committee on ,health1 
,education1 ,labor1 and ,pensions  ,a   
,,bill  ,to amend the ,fair ,labor      
,standards ,act of #aich to protect     
worker access to employer equity1 and   
for other purposes4  #a4 ,short title   
,this ,act may be cited as the ,valuing 
,employee ,stock ,today ,act or the     
,,vest ,act4  #b4 ,findings ,congress   
finds the following3 7#a7 ,the ,worker  
,economic ,opportunity ,act 7,public    
,law #ajf-bjb71 enacted on ,may #ah1    
#bjjj1 amended section #g7;e7 of the    
,fair ,labor ,standards ,act of #aich   
7#bi ,u4,s4,c4 #bjg7;e77 by adding a new
 paragraph 7#h7 to such section #g7;e7  
to exempt any value or income derived   
from employer-provided grants or rights 
provided pursuant to a stock option1    
stock appreciation right1 or bona fide  

employee stock purchase program from the
 determination of an employee's regular 
rate for purposes of calculating such   
employee's overtime compensation4  7#b7 
,the lack of explicit mention of        
restricted stock units in paragraph 7#h7
 of section #g7;e7 of the ,fair ,labor  
,standards ,act of #aich 7#bi ,u4,s4,c4 
#bjg7;e771 as added by the ,worker      
,economic ,opportunity ,act 7,public    
,law #ajf-bjb71 was not an intentional  
exclusion from such paragraph 7#h71 but 
a reflection that this type of equity   
award was not commonly used as of the   
date of enactment of the ,worker        
,economic ,opportunity ,act 7,public    
,law #ajf-bjb74  7#c7 ,congress clearly 
established in the ,joint ,statement of 
,legislative ,intent accompanying the   
,worker ,economic ,opportunity ,act     
7,public ,law #ajf-bjb7 that such ,act  
was designed to be broad and flexible   
enough to accommodate a wide variety of 
employee equity programs and to be      
flexible and forward-looking and        

interpreted consistent with its purpose 
to encourage employers to provide       
opportunities for equity participation  
to employees4  7#d7 ,in the years since 
#bjjj1 restricted stock units have      
become a highly common form of equity   
for both salaried and hourly employees  
that1 consistent with the ,joint        
,statement of ,legislative ,intent      
accompanying the ,worker ,economic      
,opportunity ,act 7,public ,law         
#ajf-bjb71 allow employees to share in  
the future success of their companies   
through a mechanism that may not        
otherwise be available to rank-and-file 
workers4  7#e7 ,restricted stock units  
should qualify for the exemption from   
regular rate determinations under       
paragraph 7#h7 of section #g7;e7 of the 
,fair ,labor ,standards ,act of #aich   
7#bi ,u4,s4,c4 #bjg7;e77#h77 because    
such paragraph would have explicitly    
mentioned restricted stock units as     
qualifying for such exemption had       
restricted stock units been a common    

form of employer-provided equity        
compensation as of the date of enactment
 of the ,worker ,economic ,opportunity  
,act 7,public ,law #ajf-bjb74  #c4      
,clarification of the employer equity   
exemption from regular rate             
determinations  7a7 ,clarification      
,section #g7;e77#h7 of the ,fair ,labor 
,standards ,act of #aich 7#bi ,u4,s4,c4 
#bjg7;e77#h77 is amended-- 7#a7 in the  
matter preceding subparagraph 7,a71 by  
striking or bona fide employee stock    
purchase program and inserting bona fide
 employee stock purchase program1 or    
restricted stock unit program2 and  7#b7
 in subparagraph 7,c71 by striking      
exercise and inserting exercise or      
acceptance4  7b7 ,effective date2       
liability of employers  7#a7 ,effective 
date ,the amendments made by this       
section shall take effect on the date   
that is #ij days after the date of      
enactment of this ,act4  7#b7 ,liability
 of employers ,no employer shall be     
liable under the ,fair ,labor ,standards

 ,act of #aich 7#bi ,u4,s4,c4 #bja et   
seq471 as amended by subsection 7a71 for
 any failure to include in an employee's
 regular rate 7as defined for purposes  
of such ,act7 any income or value       
derived from employer-provided grants or
 rights obtained pursuant to any        
restricted stock unit program if-- 7,a7 
the grants or rights were obtained      
before the effective date described in  
paragraph 7#a72  7,b7 the grants or     
rights were obtained within the         
#ab-month period beginning on the       
effective date described in paragraph   
7#a71 so long as such program was in    
existence on the date of enactment of   
this ,act and will require shareholder  
approval to modify such program to      
comply with section #g7;e77#h7 of the   
,fair ,labor ,standards ,act of #aich   
7#bi ,u4,s4,c4 #bjg7;e77#h771 as amended
 by subsection 7a72 or  7,c7 such       
program is provided under a collective  
bargaining agreement that is in effect  
on the effective date described in      

paragraph 7#a74