ETASSUM43320 - Schedule 4 Company Share Option Plan (CSOP): Shares to be used: Open market test

Paragraph 20 was repealed on 6 April 2023: Unexercised options granted prior to 6 April 2023 will benefit from the changes to the share class requirement.

Options granted prior to 6 April 2023:
For companies with more than one class of shares, if the scheme shares are not 바카라 사이트渆mployee-control바카라 사이트� shares, they must satisfy the 바카라 사이트渙pen market test바카라 사이트� in paragraph 20(3)(a). This means that the majority of the shares of the scheme class must be held by what can be summarised as 바카라 사이트渙utsiders바카라 사이트�, specifically:

  • persons who did not acquire their shares 바카라 사이트渁s a director or employee바카라 사이트� of any company (paragraph 20(3)(a)) (ETASSUM43330),
  • persons who acquired their shares in pursuance of an offer to the public (paragraph 20(3)(a)),
  • trustees - but excluding the shares they hold on behalf of persons who acquired their interests in the shares 바카라 사이트渁s a director or employee바카라 사이트� and not in pursuance of an offer to the public (paragraph 20(3)(b)),