Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Unapproved share option definition

What does Unapproved share option mean? An unapproved share option is a share option granted outside a tax‑advantaged or Revenue/HMRC‑approved share option scheme, typically used to incentivise employees, directors or consultants with maximum flexibility over eligibility, vesting and performance conditions. The term is descriptive rather than a defined term in legislation, but in the UK it is used in the context of employment‑related securities under Part 7 ITEPA 2003; usage is broadly consistent across England & Wales, Scotland and Northern Ireland, and aligned in Ireland. Key features and tax treatment: - United Kingdom: on exercise, the spread (market value less exercise price) is generally subject to income...

Standalone unapproved share option deed for non‑employees, with Exit, Takeover, Listing and PISCES provisions (England and Wales)

Published by a LexisNexis Share Incentives expert

Precedents

This Agreement is entered into on [ insert date of execution of the Share Option agreement ]

Parties

[ insert name of company whose shares are being granted under option ] (company number [ insert registered number of company ]) whose registered office is at [ insert registered address of company ] (the Company) [ and ];
[ insert name of option holder ] of [ insert address of option holder ] (the Option Holder) [ ; and ]
[ [ insert name of grantor (if different from company) ] of [ insert address of grantor ] (the Grantor ). ]

Background

[ As at the date of this Agreement, the Company has agreed to grant the Option Holder an Option to obtain Shares on the terms contained in this Agreement. OR As at the date of this Agreement, the Company and the Grantor intend that the Option Holder shall be granted an Option to obtain Shares on the terms set out in this Agreement. ]
[ The Company will discharge the exercise of the Option by transferring, or arranging the transfer of, Shares, or by issuing new Shares. ]

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Web page updated on 27/05/2026

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