188体育

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.