ETASSUM45140 - Schedule 4 Company Share Option Plan (CSOP): Exchange of share 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 26(2),

1. the acquiring company obtaining control of the scheme company by a general offer (paragraph 26(2)(a)),
2. the acquiring company obtaining control of the scheme company by a compromise or arrangement (paragraph 26(2)(b)),
3. the acquiring company obtaining control of the scheme company as a result of a non-UK company reorganisation (paragraph 26(2)(ba)),
4. the acquiring company becoming bound or entitled to acquire shares in the scheme company (paragraph 26(2)(c)),

• to take place within the periods specified in paragraphs 26(3)(a), (b), (ba) & (c) - see ETASSUM45150, ETASSUM45160, ETASSUM45180 & ETASSUM45170.

The “scheme company” is the company whose shares may be acquired by the exercise of share options obtained under the scheme (paragraph 26(1)).