Covering letter to EMI option holders (options granted pursuant to standalone EMI option agreements)


Published by a ½Û×ÓÊÓƵ Share Incentives expert
Precedents

Covering letter to EMI option holders (options granted pursuant to standalone EMI option agreements)


Published by a ½Û×ÓÊÓƵ Share Incentives expert

Precedents
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[insert date of letter]

[insert name of employee]

[insert address of employee]

Dear [insert name of employee]

[insert name of Company] (the Company)

I am delighted to notify you that the Directors of the Company have approved the grant of an enterprise management incentives (EMI) option (Option) to you. I enclose a copy of the option agreement which needs to be executed by you and the Company in order for the grant of the Option to take effect.

The Option will entitle you to acquire [insert maximum number and class of Shares which can be exercised pursuant to the Option agreement] shares in the Company (Shares) at a price of [insert Exercise price of shares] per Share [if there is an ‘Exit’ event of the Company (which is broadly a takeover of the Company[, an asset sale or a Listing of its shares]) AND/OR after the specified time periods contained in the agreement have elapsed]. If you leave employment with the Company’s group before this,

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Jurisdiction(s):
United Kingdom
Key definition:
Directors definition
What does Directors mean?

A director of a company is responsible for the day-to-day management of that company. The directors make decisions on behalf of the company in order that it can carry on its business.

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