Common use of Operation of the Scheme Clause in Contracts

Operation of the Scheme. (a) As soon as reasonable following approval by the Board of an amount, if any, available for the purposes of the Scheme: (i) The Board shall determine which employees of the Company are Eligible Employees as defined in Rule 1 and forthwith inform the Trustee accordingly; (ii) The Company shall inform each Eligible Employee of his Individual Entitlement and invite him to participate in the Scheme by completing within fourteen (14) days a form of acceptance for this purpose; (iii) Any Eligible Employee who wishes to participate in the Scheme shall contract with the Company in accordance with the terms of Rule 8 (b) below. Failure to comply with this requirement shall preclude such Eligible Employee from participating in the Scheme; (iv) The Company shall, in accordance with such requirements as the Trustee may from time to time specify, prepare and make available to the Trustee the name and address and the Individual Entitlement and Individual Share Allocation of each Eligible Employee who has elected to participate in the Scheme. (b) On or before each Appropriation Date the Company shall make available to the Trustee in respect of each Eligible Employee who has contracted to participate such sum as the Eligible Employee has elected to have appropriated to him under the Scheme on condition that such sum is applied by the Trustee in the acquisition (by purchase, subscription or otherwise) of Shares before the expiry of the period of nine (9) months after the immediately preceding Announcement Date or such longer period as the Revenue Commissioners may allow.