July 1, 2020

EMI options: amends to commitment of working time and disqualifying events

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The new clause amends the rules relating to commitment of working time and disqualifying events for enterprise management incentives (EMI) options. The amendments are intended to ensure that:

  • when calculating an employee's "committed time" before granting an EMI option, any time when the employee is not required to work for reasons connected with Covid-19 is counted as working time; and
  • a disqualifying event does not occur in relation to an individual as regarding an EMI Option as a result of the individual taking leave, being furloughed or working reduced hours because of Covid-19.

The modifications will have effect in relation to the period from 19 March 2020 to 5 April 2021.

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