THE EXEMPT SHARE OPTION TRUST - OPERATION

The Employee Exempt Share Trust Diagram

STEPS

  1. Employer makes contributions to the ESOT Plan Trustee or allocates new issues of shares to the ESOT Plan Trustee.
  2. The ESOT makes offers of Options on non-discriminatory terms to at least 75% of permanent Employees nominated by the Employer of shares.
  3. The ESOT Plan Trustee allocates the Options to the Participating Employees.
  4. The allocation of Options by the ESOT enables the Participating Employees, to receive the full benefit of the Options.

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