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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 | 'Beauty Parade' to appoint ShareSave Carrier [This may be a one or two presentation stage process involving initial presentations of say four ShareSave Carriers, short listing to two, followed by a visit to the Carriers offices to look at admin, etc before appointment] | COMPANY |
| 6 | Appointment of ShareSave Carrier | COMPANY |
| 7 | Rules of scheme drafted by legal advisors | ADVISORS |
| 8 | Articles of Association and any Shareholder Agreement reviewed by legal advisors | ADVISORS |
| 9 | HMRC provisional approval* | ADVISORS |
| 10 | Remuneration Committee approval* | ADVISORS |
| 11 | Planning of communication campaign and strategy | COMPANY |
| 12 | Drafting of shareholder circular* | COMPANY |
| 13 | Board gives final approval for scheme | COMPANY |
| 14 | Printing of shareholder circular* | COMPANY |
| 15 | Shareholder circular and rules of scheme lodged with Stock Exchange*[no later than day of circular despatch] | COMPANY |
| 16 | Shareholders circular mailed [21 clear days before AGM]* | COMPANY |
| 17 | Shareholder meeting to approve scheme* | COMPANY |
| 18 | Shareholder meeting to approve necessary changes to Articles* | COMPANY |
| 19 | Final HMRC approval | ADVISORS |
| 20 | Option price set [Over one or three consecutive business days or agreed with Inland Revenue if profitable company]; Communicated to eligible employees (via poster, invitation, letter, intranet etc) | COMPANY |
| 21 | Invitation booklet and application form issued to eligible employees [next business day after option price set and within 42 days of Inland Revenue approval] | SHARESAVE CARRIER |
| 22 | Invitation period [no less than 14 days; usually between 14 and 21 days] | COMPANY |
| 23 | Invitation closing date | COMPANY |
| 24 | Scaling down exercise if applications exceed available shares | SHARESAVE CARRIER |
| 25 | Options granted [within 30 days of options price setting day (or first of three days); 42 days if scaling necessary] | COMPANY |
| 26 | Issue of option certificate and 'welcome' letter from carrier to participants | SHARESAVE CARRIER |
| 27 | Weekly/monthly deductions commence | COMPANY |
| * = Listed companies only | ||
