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.