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44(1)The plan must provide for qualifying employees to enter into agreements with the company (“company A”) under which—U.K.
(a)the employee authorises the employer company to deduct part of the employee’s salary for the purchase of partnership shares, and
(b)company A undertakes to arrange for partnership shares to be awarded to the employee in accordance with the plan.
(2)Such agreements are referred to in the SIP code as “partnership share agreements”.
(3)In sub-paragraph (1) “the employer company” means the company by reference to which the employee meets the employment requirement in relation to the plan.