EMI Share Scheme

Does anyone know much about this scheme?
I understand the general principles, e.g. issue the employee shares and then the employee sells those shares within 10 years of grant.
However the thing I don't understand is who does the employee sell those shares to?
Does the main owner buy them back out of his own personal funds? Or does the company buy the shares back? Or does the employee sell them to a 3rd party (although this would probably be prevented in the shareholder's agreement)?
Does anyone have any experience of this?
I understand the general principles, e.g. issue the employee shares and then the employee sells those shares within 10 years of grant.
However the thing I don't understand is who does the employee sell those shares to?
Does the main owner buy them back out of his own personal funds? Or does the company buy the shares back? Or does the employee sell them to a 3rd party (although this would probably be prevented in the shareholder's agreement)?
Does anyone have any experience of this?
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Comments
I expect for the scheme to be attractive for the employee is that there is an expectation that either the company will be bought or become public (and shares MV to increase). For EMI shares it means that the employee needs to sell their shares within a certain period (on top of my head 90 days?) for the shares to remain tax efficient.
I was referring to disqualifying events, in my example the company would lose its independence if it was being bought and the employee would have to dispose of the shares within 90 days for the tax treatment to remain advantageous.