These pages reproduce internal policy documents, which may change from time to time and which apply to UK employees only.
Where there is a difference between these pages and the policy documents on Confluence, the policy documents shall prevail.
We want all iwocans to share in our commercial success, so we have an attractive share options scheme in place. Each year we allocate all iwocans share options, on the current scheme this is based on a % of your salary, so that you can buy company shares at a predetermined price (‘strike price’) after you have fully vested - which is 12 months after the grant.
Why do we allocate Share Options to the team?
We want to give you a kicker on top of your cash salary that enables you to participate directly in our financial success. We also want to provide you with an additional incentive to remain at iwoca for a long time, so this scheme is designed in a way that it gains in value the longer you stay.
What’s an Option?
It's called an option because you have the option to buy iwoca shares later, subject to vesting terms, at the exercise price provided at the time they were granted. Let's take an example:
Say you are granted share options today with an exercise price of £1 per ordinary share (note this price as an illustrative example, to keep the maths simple!)
Overtime iwoca gains in value so that an ordinary share is then worth £20
But you will still be able to buy the ordinary share upon exercise of your options for £1 per share
So this would give you a gain of £19 (pre-tax)
Why are we giving out options and not actual shares?
We aren’t allocating shares (which are effectively options at a £0 strike price) because we want you to benefit from any *increase* in value from the date of the grant. So if you contribute to the increase in iwoca’s value, then you benefit from an increase in the value of your options.
This document does not constitute any agreement between iwoca and any future employee nor is it a guarantee of any future admission to the ESOP, as this is subject to change at the companies discretion.
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