Schedule 3 SAYE option schemes: Exchange of options: Appropriate period
Paragraph 38(3) requires that the ‘agreement’ to the option exchange is made within the following time periods:
- The period of 6 months following the time a company which made the general offer obtains control and the offer has become unconditional.
- The period of 6 months following the time the court sanctions a compromise or arrangement under Section 899 of the Companies Act 2006.
- The period of 6 months beginning with the date on which a non-UK company reorganisation arrangement becomes binding on the shareholders covered by it.
- The period during which the acquiring company remains bound or entitled to acquire the shares of dissenting minority shareholders under sections 979–982 or 983-985 of the Companies Act 2006.
Where scheme rules contain rollover provisions the period in which ‘agreement’ is to be made should be defined in accordance with the above.