ETASSUM32220 - Schedule 3 SAYE Option Scheme: Eligibility of individuals to participate: The employment requirement: Prohibited from participating

Paragraph 10(1) makes it clear that options may only be granted to current directors or employees of the company concerned or, in a group scheme, of a constituent company.

Similarly, no one may be allowed to exercise an option unless he or she is a current director or employee of the company concerned or of a constituent company, except that options may be exercised after cessation of employment in the circumstances covered by paragraphs 34 or 37(1) and 37(6), or at the bonus date in circumstances covered by paragraph 36.

Scheme rules must fully reflect the requirements of paragraph 10(1), both when the option is granted and when the option is being exercised.