Partnership Share Agreement Sample Clauses

Partnership Share Agreement. 5.2.1 Eligible Employees may only buy Partnership Shares if they have entered into an agreement with the Company (a “Partnership Share Agreement”) in such a form as is specified by the Board and in accordance with the terms of this Rule 5.2. 5.2.2 Under the terms of the Partnership Share Agreement the Eligible Employee shall authorise the Company to deduct part of his pre-tax Salary for the purchase of Partnership Shares and the Company shall undertake to arrange for Partnership Shares to be awarded to the Eligible Employee in accordance with the Plan. 5.2.3 The Partnership Share Agreement shall be given effect by deductions from an employee’s Salary. The Partnership Share Agreement will specify:- (a) the amounts to be deducted from the Eligible Employee’s pre-tax Salary (such amounts to be known as “Partnership Share Money”). This can be expressed as a percentage of the Eligible Employee’s Salary; and (b) at what intervals such deductions are to be made. The Eligible Employee’s “employer company” (i.e. the company by reference to which he is eligible to participate in the Plan) is required to calculate the amounts and intervals of the deduction having regard to the limits in Rule 5.1. The Eligible Employee and the Company can agree to vary these amounts or intervals provided however that the limits in Rule 5.1 must not be exceeded. 5.2.4 The Partnership Share Agreement must contain a notice in such form as is prescribed by regulations made by the Board of HMRC at the relevant time containing prescribed information as to the possible effect of deductions on an individual’s entitlement to social security benefits, statutory sick pay and statutory maternity pay. 5.2.5 Partnership Share Money deducted in accordance with a Partnership Share Agreement shall be paid to the Trustee as soon as practicable and held on behalf of the relevant Eligible Employee until such time as it is applied by the Trustee in acquiring Partnership Shares on the Eligible Employee’s behalf (and this includes the Trustee appropriating to the Eligible Employee Shares that it already holds). The Trustee must hold the money in an account (interest bearing or otherwise) with a person falling within s.991(2)(b) of the Income Tax ▇▇▇ ▇▇▇▇, a building society or a firm falling within s.991(2)(c) of the Income Tax ▇▇▇ ▇▇▇▇. If the Partnership Share Money is held in an interest bearing account the Trustee must account to the relevant employee for that interest. The Trustee shall be under no obl...