In Dixon v GlobalData PLC [2025] EWHC 2156 (Ch), the High Court held that an employee whose share options had been treated as lapsed under their terms upon the termination...
In Dixon v GlobalData PLC [2025] EWHC 2156 (Ch), the High Court held that an employee whose share options had been treated as lapsed under their terms upon the termination of the employee's employment was able to enforce a contractual commitment made by the employer outside of the scheme that the options would not lapse.
Despite the employer's CEO giving the employee an assurance that discretion would be exercised to ensure the option would not lapse on the employee's termination of employment, which was reflected in the employee's settlement agreement, the board of directors of the group's parent company that operated the scheme did not in fact take any steps to exercise its discretion to extend the option, and the parent company subsequently took the position that the option had lapsed under the terms of the scheme.
The High Court, however, held that the employee was entitled to rely on the promise made to them in the settlement agreement under the doctrine of proprietary estoppel, and as such would be entitled to a remedy which would be determined by the court at a future hearing.
In making its decision, the High Court also determined that the parent company was not able to rely on a clause in the share scheme that prevented claims for "compensation for the loss of any right or benefit . . . under...
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