Meaning of “award of shares", “participant" etc.U.K.
3(1)For the purposes of this Schedule an award of shares is made under a plan on each occasion when in accordance with the plan—
(a)matching or free shares are appropriated to employees, or
(b)partnership shares are acquired on behalf of employees.
(2)For the purposes of this Schedule an individual participates in an award of free, matching or partnership shares under the plan if shares (“the individual award”) included in that award are—
(a)in the case of an award of free or matching shares, appropriated to him, or
(b)in the case of an award of partnership shares, acquired on his behalf,
and references to shares awarded to an individual are to free or matching shares appropriated to him, or partnership shares acquired on his behalf, under the plan.
(3)In this Schedule “participant”, in relation to a plan, means an individual to whom shares have been awarded under the plan.