ETASSUM36050 - Schedule 3 SAYE option schemes: Exchange of options: When a rollover of options can take place
Scheme rules must only permit exchanges of options:
- to be triggered by the occurrence of the events specified in paragraph 38(2):
- the acquiring company obtaining control of the company whose shares are used in the scheme by a general offer (paragraph 38(2)(a)),
- the acquiring company obtaining control of the company whose shares are used in the scheme by a compromise or arrangement (paragraph 38(2)(b)),
- the acquiring company obtaining control of the company whose shares are used in the scheme as a result of a non-UK company reorganisation arrangement (paragraph 38(2)(ba));
- the acquiring company becoming bound or entitled to acquire shares in the company whose shares are used in the scheme (paragraph 38(2)(c)),
- the exchange must take place within the periods specified in paragraphs 38(3)(a), (b), (ba) & (c), (ETASSUM36060, ETASSUM36070, ETASSUM36080 & ETASSUM36090).