Growth · Template 15 of 40
Use it when giving employees tax-advantaged options.
Plus a schedule of the commercial details and signature blocks where the document needs them.
The first part of the template, as it reads in Word. Blanks are shown as lines; the drafting notes sit in the margin of the file.
EMI SHARE OPTION PLAN
Adopted by the board of directors of ____________________ LTD (the “Company”) on ____________________.
1. Definitions
“Articles”: the Company’s articles of association from time to time.
“Board”: the board of directors of the Company, or a committee it appoints.
“Business Day”: a day other than a Saturday, Sunday or public holiday in England.
“Eligible Employee”: an employee of the Company or any of its subsidiaries who satisfies the working-time requirement in Schedule 5 to ITEPA, and who is not excluded by the “material interest” rule in that Schedule (broadly, someone who owns, or could acquire, more than 30% of the Company’s ordinary share capital).
“Exit”: (a) a sale of all or substantially all of the issued shares in the Company, (b) a sale of all or substantially all of its business and assets, or (c) a listing of the Company’s shares on a recognised investment exchange.
“Exercise Price”: the price per Share payable on exercise, stated in the Option Agreement, being no less than the market value of a Share on the Grant Date as agreed with HMRC.
“Grant Date”: the date on which an Option is granted.
Word template
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