The following Share Incentives Q&A provides comprehensive and up to date legal information covering:
It is best practice to keep information about share entitlement separate from any employment contract. This approach is designed to support the argument that the grantor or employee will not be liable for any loss caused to an option holder in consequence of an option lapsing (or becoming exercisable to a lesser extent) as a result of the termination or change of terms to their employment contract. As a result of the option details being contained in a totally separate agreement, the idea is that it is harder to connect the option rights to the employment rights (ie it helps prevent the employee from being able to pursue a ‘back-door’ employment claim for com
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This Practice Note discusses Term Loan B (TLB) facilities which frequently appear as a tranche of senior facilities in syndicated loans in leveraged financings. TLBs are an established feature in the US market and increasingly used in the European lending market for institutional investors.This
What is rescission of a contract?The remedy of rescission is available to a party whose consent, in entering into a contract, has been invalidated in some way:•the effect of rescinding a contract is to extinguish it and restore the parties to their pre-contractual positions•the main grounds of
Fraud by false representationFraud by false representation applies to a broader range of conduct than the offences under the preceding legislation (the Theft Act 1968 (TA 1968)). No gain or loss need actually be made, and no deception need operate on the mind of the deceived for the Fraud Act 2006
Definition of automatismAn act is done in a state of automatism if it is done by the body without control by the mind, (eg it is a spasm or a reflex), or if it is done by a person who is not conscious of what they are doing. The act may be described as involuntary, but will not be regarded as such
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