Could you give us an example of the kind of expansion strategy decision that needs careful thought from an, an incentives perspective?

Sure.

So one example relates to the choice between engaging a UK employee directly versus using what we call an employer of record.

So for a bit of context, an employer of record, or an EOR arrangement, um, is one where the obligation to comply with UK employment law and to actually operate UK payroll and do all the sort of associated tax deductions is delegated for a fee to the, the EOR or the employer of record.

And it's a fairly common route followed by overseas companies to ease the initial administrative headache of the first few UK hires, particularly where there's no broader commercial purpose to establishing a UK permanent establishment or a subsidiary.

However, I would always check with the EOR before promising any equity component to a remuneration package for a new UK hire.

That's because certain forms of equity incentive arrangements are not viable where the company's UK workforce is employed indirectly via the EOR as opposed to directly by the company.

So do you think equity incentive plan design really just comes down to picking whatever is the most tax-favorable arrangement available?