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ICI » Topics » Schedule 3 The ICI Share Appreciation Rights Plan 2004

This excerpt taken from the ICI 20-F filed Apr 1, 2005.

Schedule 3
The ICI Share Appreciation Rights Plan 2004

This Schedule 2 contains the rules of the ICI Share Appreciation Rights Plan 2004 (the “SAR Plan”). The rules of the ICI Executive Share Option Plan (excluding Schedules 1 and 2) will as amended by this Schedule 2, apply to SARs granted under the SAR Plan. Under the SAR Plan, the Committee may make grants which shall be designated as Share Appreciation Rights (“SARs”) at the Date of Grant.

1 SAR
   
  Where an Option is granted on an SAR under the SAR Plan the Optionholder will not have any right to acquire Shares but shall be granted a right to receive cash calculated as set out below.
   
2 Exercise
   
  Following the exercise of an SAR, the holder shall not be required to pay the Option Price but shall (subject to any withholding under Rule 11.8) receive a cash amount equal to the amount by which the Market Value of the number of Shares in respect of which the SAR is exercised exceeds the Option Price, specified at the Date of Grant. The cash amount will be paid as soon as practicable following exercise of the SAR, either through payroll or directly, as the Committee may determine. No Shares will be issued or transferred pursuant to an SAR.
   
3 Market Value
   
  For these purposes, Market Value shall have the same meaning as that in Rule 3.1.
   
4 Rule Changes
   
  The Rules of the ICI Executive Share Option Plan 2004 shall be varied to reflect the provisions of paragraph 1 of this Schedule 3.

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