37(1)The option must take the form of a written agreement between the person granting the option and the employee which meets the following requirements.U.K.
(2)The agreement must state—
(a)the date on which the option is granted;
(b)that it is granted under the provisions of this Schedule;
(c)the number, or maximum number, of shares that may be acquired;
(d)the price (if any) payable by the employee to acquire them, or the method by which that price is to be determined; and
(e)when and how the option may be exercised.
(3)The agreement must set out any conditions, such as performance conditions, affecting the terms or extent of the employee’s entitlement.
F1(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F2(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Sch. 5 para. 37(4) omitted (with effect in accordance with s. 17(5)-(9) of the amending Act) by virtue of Finance (No. 2) Act 2023 (c. 30), s. 17(2)
F2Sch. 5 para. 37(5) omitted (with effect in accordance with s. 17(5)-(9) of the amending Act) by virtue of Finance (No. 2) Act 2023 (c. 30), s. 17(2)