ETASSUM43280 | Schedule 4 Company Share Option Plan (CSOP): Shares to be used: Not-redeemable shares

Whether share capital is redeemable or not is a question to be determined by reference to the conditions and rights attaching to the shares concerned (as reflected by the Articles of Association) and is not affected by any agreement for the re-purchase of shares from a shareholder. The Companies Act clearly distinguishes between the power to issue redeemable Shares (Section 684 Companies Act 2006) and the power of a company to purchase its own shares (Section 690).