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EMI Share Options

Currently investigating how to go about setting up an EMI Share Scheme. I've understood what is needed but I need clarification on one small matter.

Shares must be ordinary and fully paid up.

When do they need to be fully paid up? Upon exercise or grant?

I assume it's upon exercise because how would you go about fulfilling this requirement on grant as the shares are not yet in issue??

(Sorry if this is a stupid question but my mind is trying to come up with all sorts of complications!!)


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On exercise

The point is that the employer is giving the employee a potential benefit in being able to acquire shares at today's price at a time when they are (hopefully) worth more. It would be going too far to allow the employee to acquire the shares and defer payment yet further by issuing part- or nil-paid shares.

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