SCHEDULES
SCHEDULE 3Approved SAYE option schemes
Part 6Requirements etc. relating to share options
Requirements as to price for acquisition of shares
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1
The price at which shares may be acquired by the exercise of a share option granted under the scheme—
a
must be stated at the time when the option is granted, and
b
must not be manifestly less than 80% of the market value of shares of the same class at that time.
This is subject to sub-paragraphs (2) and (3).
2
F1An officer of Revenue and Customs and the scheme organiser may agree in writing that sub-paragraph (1)(b) is to apply as if the reference to the time when the option is granted were to an earlier time or times stated in the agreement.
3
The scheme may provide for one or more of the following—
a
the price at which shares may be acquired by the exercise of a share option granted under the scheme,
b
the number of shares which may be so acquired, or
c
the description of shares which may be so acquired,
to be varied so far as necessary to take account of a variation in the share capital of which the shares form part.
4
But the scheme must provide that no such variation is to be made without the prior approval of F1an officer of Revenue and Customs .