The standard rule (see ¶470-280) is that options must not be capable of being exercised before the SAYE scheme bonus date. However, this rule could prejudice a participant's rights in the scheme in a takeover situation.
The facility described above (¶470-320 ), to ‘roll over’ rights into options over new shares, if the scheme rules permit, is one of the means designed to overcome this problem.
In addition, in a ‘takeover’ situation, or on a voluntary winding up, the scheme rules may provide for participants in the scheme to exercise their existing options notwithstanding the exercise would be early according to the standard rule (i.e. before the bonus date).