This excerpt taken from the ICI 6-K filed Mar 21, 2007.
1994 Share Option Scheme
The last options granted under this scheme were in 2003. Share options outstanding under the 1994 Share Option Scheme were granted subject to performance conditions over a three-year period, which are retested each year until the 10 year terms of the grants are reached. Earnings per Share was used as the performance condition. The prices at which options were granted under the scheme must not be less than the nominal value of an Ordinary Share nor less than the average of the middle market quotation of an ICI Ordinary Share on the London Stock Exchange on the five business days immediately preceding the date on which the option is offered. Grants under the 1994 Stock Appreciation Rights Plan are made on the same terms as the 1994 Share Option Scheme. For US participants the awards are made as SARs denominated in ADRs.