International Save As You Earn explained

Companies generally grant International SAYE plans to be in line with the UK HMRC rules, meaning the participant can generally save the equivalent of between £5 and £250 per month in their local currency. Again, to closely align with the UK plan, they generally can not save more than the equivalent of £250 per month for any open SAYE plans.

A SAYE plan offers a monthly savings contract to the employee, over a 3 or 5, where the participant can use the savings, in sterling or local currency, accumulated over the fixed chosen period, to acquire shares in the company at a fixed price, the option price, determined at the start of the savings contract.

The option price is effectively the market value of a share at the time of grant (there are several ways to determine the market value) and the company generally discounts this price by up to 20%, although not in all jurisdictions. The shares granted must be equal in class to the company’s fully paid shares listed on a recognised stock exchange.

At maturity of the savings contract, converted back to sterling if saved in local currency, the participant has 6 months to use the savings and bonus to either:

• Exercise the option to acquire some or all of the shares at the option price; or
• Take the cash.

The participant can only exercise the option once but if cash is elected, the option can still be exercised within the 6 month period following maturity.