22(1)The price at which shares may be acquired by the exercise of a share option granted under the scheme—U.K.
(a)must be stated at the time when the option is granted, and
(b)must not be manifestly less than the market value of shares of the same class at that time.
This is subject to sub-paragraphs (2) and (3).
(2)[F1An officer of Revenue and Customs] and the scheme organiser may agree in writing that sub-paragraph (1)(b) is to apply as if the reference to the time when the option is granted were to an earlier time or times stated in the agreement.
(3)The scheme may provide for one or more of the following—
(a)the price at which shares may be acquired by the exercise of a share option granted under the scheme,
(b)the number of shares which may be so acquired, or
(c)the description of shares which may be so acquired,
to be varied so far as necessary to take account of a variation in the share capital of which the shares form part.
(4)But the scheme must provide that no such variation is to be made without the prior approval of [F1an officer of Revenue and Customs].
[F2(5)At the time a share option is granted—
(a)it must be stated whether or not the shares which may be acquired by the exercise of the option may be subject to any restriction, and
(b)if so, the details of the restriction must also be stated.
(6)For the purposes of this paragraph the market value of shares subject to a restriction is to be determined as if they were not subject to the restriction.]
Textual Amendments
F1Words in Act substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 102(1); S.I. 2005/1126, art. 2(2)(h)
F2Sch. 4 para. 22(5)(6) inserted (with effect in accordance with Sch. 2 para. 77 of the amending Act) by Finance Act 2013 (c. 29), Sch. 2 para. 72