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| Step | Action | Responsibility |
|---|---|---|
| 1 | Company holds initial discussions internally and with advisors | COMPANY |
| 2 | Legal advisors report; Recommendations to the Board | ADVISORS |
| 3 | Board meeting | COMPANY |
| 4 | Instructions to legal advisors to proceed | COMPANY |
| 5 | Rules of scheme drafted by legal advisors | ADVISORS |
| 6 | Articles of Association and any Shareholder Agreement reviewed by legal advisors | ADVISORS |
| 7 | Remuneration committee provisional approval | ADVISORS |
| 8 | Investment Protection Committee approval* | ADVISORS |
| 9 | Planning of communication campaign and strategy | COMPANY |
| 10 | Drafting of shareholder circular* | COMPANY |
| 11 | Board gives final approval for scheme | COMPANY |
| 12 | Explanatory booklets and communications material printed | COMPANY |
| 13 | Shareholder circular printed* | COMPANY |
| 14 | Shareholder circular mailed* [21 days before AGM] | COMPANY |
| 15 | Shareholder circular and rules of scheme lodged with Stock Exchange* [no later than day of circular despatch] | COMPANY |
| 16 | Shareholder meeting to approve scheme* | COMPANY |
| 17 | Shareholder meeting to approve necessary changes to Articles** | COMPANY |
| 18 | Final HMRC approval | ADVISORS |
| 19 | Board meeting to determine allocation of options | ADVISORS |
| 20 | Option price set [to be agreed with inland revenue if private company] | COMPANY |
| 21 | Options granted to eligible employees [within 42 days of publishing results] | COMPANY |
| 22 | Issue of option certificates | COMPANY |
| * = Listed companies only
** = for some private companies only |
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