How can the nominal value for newly issued shares be funded for the purposes of an employee shareholder agreement?

Where an employee acquires newly issued shares under an employee shareholder agreement, this raises practical difficulties, as:

1. •

   it is a legislative requirement that the shares must be fully paid up and that the employee must give no consideration for the acquisition of his employee shareholder shares, other than entering into the employee shareholder agreement, but

2. •

   under UK company law, a company is not permitted to allot newly issued shares for less than their nominal value, and this must be paid up in money or money's worth

Clearly, if the company is established outside the UK, it may not be subject to the requirement that nominal value must be paid in order for shares to be issued,