SCHEDULE 8
Part II General requirements
Participation on same terms
9
(1)
The requirement of this paragraph is—
(a)
that every employee who is invited to participate in an award must be invited to participate on the same terms, and
(b)
that those who do participate must actually do so on the same terms.
(2)
The requirement of this paragraph is infringed by the awarding of free shares by reference to factors other than those mentioned in sub-paragraph (3).
(3)
The requirement of this paragraph is not infringed by the awarding of free shares by reference to an employee’s—
(a)
remuneration,
(b)
length of service, or
(c)
hours worked.
This is subject to sub-paragraph (4).
(4)
Where the awarding of free shares is by reference to more than one of the factors mentioned in sub-paragraph (3) the requirement of this paragraph is infringed unless—
(a)
each factor gives rise to a separate entitlement related to the level of remuneration, length of service or (as the case may be) hours worked, and
(b)
the total entitlement is the sum of those separate entitlements.
(5)
In the case of an award of free shares which provides for performance allowances, this paragraph has effect as provided in paragraph 29 (performance allowances: method one) or, as the case may be, paragraph 30 (performance allowances: method two).
For this purpose “performance allowance” has the meaning given in paragraph 25(1).