Jordan: employee share-option plans
Jordan Securities Commission Instructions for Conferring Share Options on Public Shareholding Companies’ Employees, issued by virtue of the Board of Commissioners decision No 465/2008 issued on 28 August 2008, stipulates the conditions for conferring share-option plans on employees.
In essence, share options refer to contracts in which public companies commit to giving employees the right to purchase shares issued by that company at a pre-determined price on or before a specified date. Such options are generally given as part of the employee’s remuneration package or by way of incentive.
As per the Share Option Instructions, a company that intends to grant its employees such an option must first obtain the approval of its general assembly. The plan proposed must include all the relevant information including the duration of the programs, the names of the relevant employees, the number of shares each employee is entitled to purchase, as well as the price at which the shares are to be offered. Said information shall be translated into the contracts to be entered into between the company and the relevant employees…
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