Paragraph 7

The total value of shares in the relevant company in respect of which unexercised qualifying options exist must not exceed—

A share option cannot be a qualifying option if the F2applicable limit in sub-paragraph (1) is already exceeded at the time when it is granted.

If the grant of a share option causes that limit to be exceeded, the option cannot be a qualifying option so far as it relates to the excess.

If the grant of two or more options at the same time causes that limit to be exceeded, sub-paragraph (5) applies F3(but see sub-paragraph (5A)).

For the purpose of determining which part of each option relates to the excess, the amount of the excess is to be divided pro rata among the options according to the value of the shares in respect of which each option was granted.

If—

the share options in respect of which the employer company is a specified Northern Ireland company are, for the purposes of this paragraph, to be treated as having been granted before the other share options.

Paragraph 5(6) to (8) (determination of value of shares) apply for the purposes of this paragraph as they apply for the purposes of paragraph 5.