SCHEDULES
SCHEDULE 2Approved share incentive plans
Part 9Trustees
Duty to give notice of award of shares etc.
75
1
The trust instrument must make the following provision regarding notices.
2
It must provide that, as soon as practicable after any free or matching shares have been awarded to an employee, the trustees must give the employee notice of the award—
a
specifying the number and description of those shares,
b
stating their market value on the date on which they were awarded to the employee, and
c
stating the holding period applicable to them.
3
It must provide that, as soon as practicable after any partnership shares have been awarded to an employee, the trustees must give the employee notice of the award—
a
specifying the number and description of those shares,
b
stating the amount of partnership share money applied by the trustees in acquiring the shares on behalf of the employee, and
c
stating their market value on the acquisition date (as defined by paragraph 50(4) or, if there is an accumulation period, by paragraph 52(5)).
4
It must provide that, as soon as practicable after any dividend shares have been acquired on behalf of a participant, the trustees must give the participant notice of the acquisition—
a
specifying the number and description of those shares,
b
stating their market value on the acquisition date (as defined by paragraph 66(4)),
c
stating the holding period applicable to them, and
d
informing the participant of any amount carried forward under paragraph 68 (reinvestment: amounts to be carried forward).
5
It must provide that, where any foreign cash dividend is received in respect of plan shares held on behalf of a participant, the trustees must give the participant notice of the amount of any foreign tax deducted from the dividend before it was paid.
6
In sub-paragraph (5) “foreign cash dividend” means a cash dividend paid in respect of plan shares in a company not resident in the United Kingdom.