Paragraph 8 Meaning of “long term incentive scheme”
(1)
In this Schedule “long term incentive scheme” means an agreement or arrangement—
(a)
under which money or other assets may become receivable by a director, and
(b)
which includes one or more qualifying conditions with respect to service or performance which cannot be fulfilled within a single financial year.
(2)
For this purpose the following must be disregarded—
(a)
bonuses the amount of which falls to be determined by reference to service or performance within a single financial year;
(b)
compensation for loss of office, payments for breach of contract and other termination payments; and
(c)
retirement benefits.