SCHEDULES
SCHEDULE 2Approved share incentive plans
Part 1Introduction
Meaning of “award of shares”, “participant” etc.
5
1
For the purposes of the SIP code an “award of shares” is made under a SIP on each occasion when in accordance with the plan—
a
free or matching shares are appropriated to employees, or
b
partnership shares are acquired on behalf of employees.
2
Accordingly, references to shares awarded to an individual under a SIP are to—
a
free or matching shares appropriated to the individual, or
b
partnership shares acquired on the individual’s behalf,
under the plan.
3
For the purposes of the SIP code an individual participates in an award of free, matching or partnership shares under a SIP if shares included in that award are—
a
in the case of an award of free or matching shares, appropriated to the individual, or
b
in the case of an award of partnership shares, acquired on the individual’s behalf.
4
In the SIP code, in relation to a SIP, “participant” means an individual to whom shares have been awarded under the plan.