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Illustration: Sarah Grillo/Axios

The U.S. Securities and Exchange Commission has proposed rule changes that would make it possible for gig companies to give equity to their workers as part of their compensation if they meet certain requirements.

Why it matters: This is something gig companies including Uber and Airbnb have asked the SEC to do over the years as a way to share their companies' upside with these non-employees.

Details: The five-year pilot program would allow gig companies to issue equity as long as it's no more than 15% of a worker's compensation during a 12-month period, and no more than $75,000 in value during a 36-month period (based on the share price when it's issued).

  • Individuals cannot negotiate whether they want equity or cash in exchange for their services.
  • The company has to reasonably try to prevent gig workers from reselling the equity.
  • These requirements also apply to public companies, except for the prohibition on stock reselling.
  • Between the lines: While the document doesn't mention home-sharing hosts (like those on Airbnb), it does specify that marketplaces for the permanent sale of real estate, "as opposed to the temporary rental of real estate," would not qualify. Airbnb, which is in its pre-IPO quiet period, declined to comment.

Yes, but: Commissioners Allison Lee and Caroline Crenshaw opposed the proposal in a joint statement, arguing that the commission is making this exception for gig companies but not for other alternative workers such as freelancers, temporary help agency workers, and on-call workers despite mentioning them in its discussion of the modern work landscape.

What's next: The proposal is open to public comment for the next 60 days, after which the SEC will assess whether to move forward.

Go deeper

Instacart to provide $25 stipend to shoppers who get COVID-19 vaccine

Illustration: Sarah Grillo

Grocery delivery company Instacart says it will provide a $25 stipend to its workers who take time off to get vaccinated for COVID-19 in the U.S. and Canada starting on February.

Why it matters: Some companies in retail and services are beginning to announce incentives to get their workforces vaccinated sooner rather than later — both for the workers' safety and the companies' own bottom lines.

European Super League faces collapse after English soccer teams quit

Fans of Chelsea Football Club protest the European Super League outside Stamford Bridge soccer stadium in London, England. Photo: Rob Pinney/Getty Images

The European Super League announced in a statement Tuesday night it's "proposing a new competition" and considering the next steps after all six English soccer clubs pulled out of the breakaway tournament.

Why it matters: The announcement that 12 of the richest clubs in England, Spain and Italy would start a new league was met with backlash from fans, soccer stars and politicians. The British government had threatened to pass legislation to stop it from going ahead.

Corporate America finds downside to politics

Illustration: Annelise Capossela/Axios

Corporate America is finding it can get messy when it steps into politics.

Why it matters: Urged on by shareholders, employees and its own company creeds, Big Business is taking increasing stands on controversial political issues during recent months — and now it's beginning to see the fallout.