# Income Tax (Earnings and Pensions) Act 2003, Paragraph 37

Extent: E+W+S+N.I.

(1) The option must take the form of a written agreement between the person granting the option and the employee which meets the following requirements.
(2) The agreement must state—
(a) the date on which the option is granted;
(b) that it is granted under the provisions of this Schedule;
(c) the number, or maximum number, of shares that may be acquired;
(d) the price (if any) payable by the employee to acquire them, or the method by which that price is to be determined; and
(e) when and how the option may be exercised.
(3) The agreement must set out any conditions, such as performance conditions, affecting the terms or extent of the employee’s entitlement.
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Source: https://www.legislation.gov.uk/ukpga/2003/1/schedule/5/paragraph/37 (the official version)
Page: https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-5/paragraph-37
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.