Paragraph 8
(1)
The scheme must ensure that an individual is not eligible to be granted share options under the scheme at a particular time unless the individual is then a full-time director or a qualifying employee of—
(a)
the scheme organiser, or
(b)
in the case of a group scheme, a constituent company.
(2)
A “qualifying employee”, in relation to a company, means an employee of the company other than one who is a director of—
(a)
the company, or
(b)
in the case of a group scheme, a constituent company.