Jurisdiction(s):
United Kingdom

Key definition

Unapproved option definition

What does Unapproved option mean? An unapproved option (also called a non tax‑advantaged share option) is a share option granted to an employee, director or consultant outside any tax‑advantaged share scheme. It gives a right to acquire shares at a set price but without the reliefs available under HMRC tax‑advantaged plans (EMI, CSOP, SAYE, SIP) or, in Ireland, Revenue‑approved arrangements (such as APSS/SAYE or KEEP). The term is not defined in legislation; it is a widely used descriptor in corporate, employment and incentives practice. Key features are flexibility and speed: there are no statutory limits on eligibility, grant size, pricing or performance conditions. Unapproved options...

Unapproved Share Option Deed (Incorporating Plan Rules) with Tax and NICs Indemnities, s431 ITEPA 2003 Elections, Takeover Provisions and Shareholders’ Agreement Adherence (England and Wales)

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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)
[ insert name of Option Holder ] (Option Holder)
[ [ insert name of Grantor (if different from Company) ] (Grantor) ]

BACKGROUND

[ As at the date of this Agreement, the Company has agreed to grant the Option Holder an Option to acquire Shares on the terms set out in this Agreement and in line with the Rules of the [ insert name of Unapproved option plan ] (Rules). OR The Company and the Grantor intend that, as at the date of this Agreement, the Option Holder is to be granted an Option to acquire Shares on the terms stated in this Agreement and in accordance with the rules of the [ insert name of unapproved option plan ] (Rules). ]
[ The Company will fulfil any exercise of the Option by transferring, or procuring the transfer of, Shares or by issuing new Shares. ]...

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Web page updated on 22/05/2026

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