[F1424ExceptionsU.K.
Employment-related securities are not restricted securities or a restricted interest in securities by reason only that any one or more of the following is the case—
(a)the employment-related securities (or the securities in which they are an interest) are unpaid or partly paid shares which may be forfeited for non-payment of calls and there is no restriction on the meeting of calls by the person by whom they are held,
(b)that person may be required to offer for sale or transfer the employment-related securities on the employee ceasing, as a result of misconduct, to be employed by the employer or a person connected with the employer, or
(c)the employment-related securities (or the securities in which they are an interest) may be redeemed on payment of any amount.]
Textual Amendments
F1Pt. 7 Ch. 2 substituted (1.9.2003 with effect in accordance with Sch. 22 para. 3(2)-(4) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 3(1); S.I. 2003/1997, art. 2