SCHEDULES

SCHEDULE 2Approved share incentive plans

Part 6Partnership shares

Maximum amount of deductions

46

1

The amount of partnership share money deducted from an employee’s salary must not exceed—

a

£125 in any month, or

b

where the salary is not paid at monthly intervals, such amount as bears to £125 the same proportion as the pay interval in question bears to one month.

2

The amount of partnership share money deducted from an employee’s salary must not exceed 10% of the employee’s salary.

  • “10% of the employee’s salary” means—

    1. a

      if the plan does not provide for an accumulation period, 10% of the salary payment from which the deduction is made;

    2. b

      if the plan provides for an accumulation period, 10% of the total of the employee’s salary payments over that period.

3

The plan may authorise the company to specify lower limits than those specified in sub-paragraphs (1) and (2).

4

If it does so, different limits may be specified in relation to different awards of shares.

5

Any amount deducted in excess of that allowed by sub-paragraph (1) or (2), or any lower limit in the plan, must be paid over to the employee as soon as practicable.