SCHEDULES

SCHEDULE 3Approved SAYE option schemes

Part 4Shares to which schemes can apply

Requirements relating to shares that may be subject to share options: introduction

17

(1)

An SAYE option scheme must meet the requirements of—

  • paragraph 18 (shares must be ordinary shares of certain companies),

  • paragraph 19 (requirements as to listing),

  • paragraph 20 (shares must be fully paid up and not redeemable),

  • paragraph 21 (only certain kinds of restrictions allowed), and

  • paragraph 22 (requirements as to other shareholdings).

(2)

In this Part “eligible shares” means shares which may be acquired by the exercise of share options under the scheme.