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This legal template serves as a comprehensive guide for employers operating in the UK who wish to implement a Time and Performance Based EMI (Enterprise Management Incentive) Option Plan. An EMI option plan is a type of employee share scheme that allows businesses to incentivize and reward their employees by providing them with the opportunity to acquire shares in the company at a pre-determined price.

This template outlines the necessary legal framework, procedures, and requirements that an employer must follow in order to establish and administer a Time and Performance Based EMI Option Plan within the bounds of UK law. It includes detailed explanations of the eligibility criteria for both companies and employees, the structure of the plan, and the associated tax implications.

The document provides guidance on the establishment of performance criteria, such as financial targets or key performance indicators, which need to be met by employees in order for them to exercise their options and acquire shares. It emphasizes the importance of compliance with all relevant regulations, including those outlined in the UK Companies Act and HMRC guidelines.

Additionally, the template assists employers in drafting appropriate legal agreements and contracts required for the implementation of the option plan. These include option agreements, share option plans, and any necessary provisions for the adjustment or termination of options.

Overall, this legal template serves as a comprehensive resource for employers seeking to establish an EMI Option Plan with time and performance-based criteria, ensuring compliance with UK law and optimizing employee motivation and engagement through equity participation.