This Practice Note provides a summary of the main issues that arise on a corporate transaction in relation to the company which has granted Enterprise management incentive (EMI) options. It addresses the need to consider whether there are any issues that could prevent the options from qualifying as EMI options or that could have given rise to disqualifying events, and the factors to be borne in mind when reviewing the EMI documentation. It also covers potential valuation issues that may arise, the identity and status of EMI option holders and the potential use of discretion in respect of options. Finally this Practice Note sets out considerations relating to the possible use of cashless exercise with EMI options and issues that may arise in transactions when the buyer is located in the US. This Practice Note is produced in partnership with Claire Prentice and Natalie Paddock of Travers Smith.