Australian Capital Territory Current Acts Australian Capital Territory Current Acts(1) The employer can elect to treat as the relevant day either the date when the share or option is granted to the employee or the vesting date.
(2) For this division, a share or option is granted to a person if—
(a) someone else transfers the share or option to the person (other than, for a share, by issuing the share to that person); or
(b) for a share—someone else allots the share to the person; or
(c) for an option—someone else confers the option on, or otherwise creates the option in, the person; or
(d) the person otherwise acquires a legal interest in the share or option from someone else; or
(e) the person acquires a beneficial interest in the share or option from someone else.
(3) To remove any doubt, if an employee acquires a right to be granted a share or option, or another material benefit, at the employer's election, the share or option is not granted until the employer elects to grant the share or option.
(4) For this division, the vesting date in relation to a share is whichever of the following happens first:
(a) the date when the share vests in the employee (that is, when any conditions applying to the grant of the share have been met and the employee's legal or beneficial interest in the share cannot be rescinded);
(b) the date at the end of the period of 7 years from the date when the share is granted to the employee.
(5) For this division, the vesting date in relation to an option is whichever of the following happens first:
(a) the date when the share to which the option relates is granted to the employee;
(b) the date when the employee exercises a right under the option to have the share the subject of the option transferred to, allotted to or vested in the employee;
(c) the date at the end of the period of 7 years from the date when the option is granted to the employee.