Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Plans definition

What does Plans mean? Describes the set of design and technical documents for a project. In practice, parties use Plans to mean the drawings and related information that describe the works and are relied upon for design, planning, procurement and construction. The term is not generally defined by statute or case law; its scope is fixed by the contract or licence. Plans means all plans, drawings, models, specifications, reports, design documents and any other materials provided by the Licensor for the purposes of the Project, in hard copy or electronic form, including (without limitation) CAD/BIM models, federated models, schedules, surveys, calculations, method statements, datasheets and...

UK share plans: amending performance conditions in EMI, CSOP, SAYE and SIP: contractual, tax, rollover/change of control, governance and disclosure issues

Published by a LexisNexis Share Incentives expert

Practice notes

What are performance conditions and why might they need amending?

A performance condition is a pre-determined requirement that must be met before an award holder can realise value from an option or award, and is therefore usually tied to vesting or, where relevant, the exercisability of the option. These conditions may cover a range of measures, most commonly:

overall performance of the company
results of a particular division or business unit (ie the area in which the employee works)
the individual performance of the employee award holder
the performance of a specific team (whether a project team or a permanent team)

Performance conditions can be set on an absolute or relative basis. For instance, company performance measures might be absolute (assessed against the company’s own targets) or relative (benchmarked against a peer group or a market index such as the FTSE 100). For further information on the purpose of performance conditions and guidance on drafting them, see Practice Note: Using performance conditions in employee incentive plans. There are certain circumstances...

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Dan Sharman

Shoosmiths

• Dan specialises in advising on all types of employee incentive arrangements, ranging from share options, share ownership (particularly growth shares), cash-based schemes and employee benefit trusts.• In addition to handling share options work, he also advises clients on all areas of employment tax, including employment related securities, internationally mobile employees and the tax efficient structuring of bonuses and termination payments.• Dan is dual qualified as both a solicitor and a chartered tax adviser....

Michael Carter

Osborne Clarke

Michael heads Osborne Clarke's UK Incentives team and has more than 20 years' experience of working with listed, private and global companies. He advises on all aspects of employee remuneration, with a particular focus on the design, drafting and implementation of share and cash incentive plans for both executives and all employees. Michael is ranked as a leading lawyer in his field in Chambers & Partners and was also listed as a 'Best Client Partner 2014' in a survey of FTSE 100 General Counsel for client service and satisfaction. Michael joined Osborne Clarke in November 2016 from Addleshaw Goddard, where he was head of their employee incentives group and, prior to that, a partner and head of the executive compensation practice at a Big Four accountancy firm. 'Michael is very approachable, obviously knowledgeable and attentive [and] feels like a member of our team.'...

Web page updated on 22/05/2026

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