Permitted restrictions: pre-emption conditions
33(1)If the requirements of this paragraph are met, eligible shares may be subject to provision requiring shares—
(a)that were awarded to an employee under the plan, and
(b)that are held by an employee or a permitted transferee,
to be offered for sale on the employee ceasing to be in relevant employment.
(2)For the purposes of sub-paragraph (1)(b) a “permitted transferee” means a person to whom, under the articles of association of the company, the employee is permitted to transfer the shares.
(3)The requirements of this paragraph are that under the articles of association of the company—
(a)the same provision applies to all employees of the company or, in the case of a parent company, to all employees of that company or any company of which that company has control,
(b)the shares are required to be offered for sale at a specified consideration, and
(c)anyone disposing of shares of the same class (whether or not as an employee) is required to offer the shares for sale on no better terms.