Schedule 3 SAYE option schemes: Linkage to Savings (Arrangement): Required links
Paragraphs 24, 25 and 30 provide the required links between a Schedule 3 SAYE share option and the related SAYE savings contract:
Paragraph 24 links the funding of the exercise of an option to repayments of amounts saved under the related savings contract.
Paragraph 25 links the aggregate exercise price (and so the number of shares) to the amount of the expected savings repayment from the related savings contract.
Paragraph 30 links the time for exercise to the bonus date of the related savings contract.
Paragraph 24 prohibits options being exercised with monies from sources other than the related savings arrangement. The scheme rules must provide that scheme shares are paid for with monies not exceeding the amount of repayments made and interest paid under a certified Schedule 3 SAYE savings arrangement which has been approved by HMRC for the purposes of Schedule 3.
Paragraph 24 does not say that the option cannot be over fewer shares than the SAYE repayment will pay for. That is covered in paragraph 25 which requires the aggregate exercise price to be equal to the expected savings repayment. Paragraph 26 specifies what is to be included in the expected savings repayment for this purpose.