SCHEDULES

SCHEDULE 3Approved SAYE option schemes

Part 6Requirements etc. relating to share options

Time for exercising options: general

30

1

The scheme must ensure that share options granted under it must not be capable of being exercised—

a

before the bonus date, or

b

later than 6 months after that date.

2

However, in sub-paragraph (1)—

a

paragraph (a) is subject to paragraphs 32 to 34 and 37 (exercise of options in the event of death, reaching the specified age without retiring, scheme-related employment ending or certain events occurring in relation to the company), and

b

paragraph (b) is subject to paragraph 32.

3

In the SAYE code “the bonus date” means the date on which repayments under F1the approved savings arrangement are due.

4

For this purpose repayments are to be regarded as due as follows—

a

if the repayments are to be taken as including the maximum bonus (see paragraph 26(2)), on the earliest date on which that bonus is payable, and

b

in any other case, on the earliest date on which a bonus is payable.