SCHEDULES
SCHEDULE 21

Approved share plans and schemes
Part 2

SAYE 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).
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