ETASSUM35120 - Schedule 3 SAYE option schemes: Requirements relating to share options 鈥� The exercise price: Price to be stated

Paragraph 28(1) requires the exercise price to be stated 鈥渁t the time when the option is granted鈥�. The price should be stated in absolute monetary terms (i.e. x pence per share).

The monthly savings contribution can then be set so that:

  • the aggregate exercise price, which must equate to the repayment expected under the savings contract (paragraph 25), is known at the date of grant, and
  • the number of shares under the option can be fixed.

It is acceptable for an option exercise price to be stated in a currency other than sterling. Further information about the use of foreign currency shares in Schedule 3 SAYE option schemes is at ETASSUM34230.