SCHEDULES

SCHEDULE 21Approved share plans and schemes

Part 2SAYE option schemes

Exercise of options: scheme-related employment ends because of change of control or transfer

11

1

Paragraph 34 (exercise of options: scheme-related employment ends) is amended as follows.

2

In sub-paragraph (2)(a), after “1996” insert “ or ER(NI)O 1996 ”.

3

In sub-paragraph (5)—

a

for “provide that,” substitute “ make provision about the time when the options may be exercised ”, and

b

omit the words following paragraph (b).

4

After that sub-paragraph insert—

5A

If the scheme makes provision by virtue of sub-paragraph (5), the provision must be either—

a

that the options may be exercised within 6 months after the termination date, or

b

that the options may be exercised within 6 months after the date (if any) when P ceases to hold the employment which (before the termination date) was the scheme-related employment for a reason within sub-paragraph (2)(a) or (b).