This excerpt taken from the ICI 6-K filed Mar 21, 2007.
UK Savings-related Share Option Scheme (UK Sharesave)
Under the UK Sharesave scheme, the price at which options were granted could not be less than the greater of the nominal value of an Ordinary Share, or 80% of the average market value of an Ordinary Share on the three business days preceding the day on which the offer of options was made. The options may normally be exercised within a period of six months, after a vesting period of three or five years, depending on the length of the option period chosen by the employee. The total purchase cost in respect of options granted under the UK Sharesave Scheme is deducted from salary over a period of three or five years at the choice of the employee, and vest subject to employees meeting minimum service requirements. Grants are no longer made under this scheme.
The grants to non-US participants under both the 1994 Share Option Scheme and the 2004 Executive Share Option Plan have been referred to collectively in the following tables as Senior Staff and grants to US participants as SARP.
7 Share-based payments (continued)