On 16 July 2020, the European Court of Justice (“ECJ”) ruled that the EU Commission’s 2016 decision regarding the adequacy of data protection in the United States and the EU-US Privacy Shield (“Privacy Shield”)* are invalid. As a result, companies in the EU and United States relying on the Privacy Shield program are scrambling to determine the impact on their operations.  Many US companies grant share-based awards to employees of their subsidiaries in the EU…