ETASSUM35400 | Schedule 3 SAYE option schemes: Requirements relating to share options: Exercise rights: Relevant TUPE transfer
From HM Revenue & Customs · Employee Tax Advantaged Share Scheme User Manual
Option exercise can be triggered by a transfer within the meaning of the Transfer of Undertakings (Protection of Employment) Regulations 2006, (paragraph 34(2)(c)).
Following changes introduced by FA13, a section 476 liability does not arise on exercise in these circumstances.