The EMI Option Agreement or Scheme rules must include the following terms: The date of grant. That the option is granted under the EMI legislation. The number or maximum number of shares over which the option is granted. The price (if any) that the employee must pay on the exercise of the option or a mechanism for determining the price. When and how the option can be exercised. Any performance or other conditions that must be met by the employee. Any restrictions on the shares, such as a risk of forfeiture.