Section 226E(4)

If a payment for loss of office is made in contravention of section 226C to a director of a quoted company ... in connection with a transfer of shares in the company, or in a subsidiary of the company, resulting from a takeover bid— subsection (2) does not apply, the payment is held by the recipient on trust for persons who have sold their shares as a result of the offer made, and the expenses incurred by the recipient in distributing that sum amongst those persons shall be borne by the recipient and not retained out of that sum.

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Source: legislation.gov.uk · retrieved 2026-09-04