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SNN » Topics » Leaving for other reasons

These excerpts taken from the SNN 20-F filed Mar 16, 2005.

Leaving for other reasons

 

10.8  If an Optionholder gives or receives notice to terminate his office or employment with any member of the Group or ceases to hold office or employment within the Group for any reason other than those set out in rules 10.7 and 10.9, then an Option granted to him may only be exercised (if at all) in relation to such proportion of the Option Shares, and within such period, as the Committee shall (with the consent of the Grantor, where appropriate) determine and notify to the Optionholder and shall otherwise lapse and cease to be exercisable SAVE THAT:

 

  (a) unless such determinations have been made by the Committee and notified to the Optionholder within the period of 3 months beginning with the date on which the Optionholder so ceases (or, if earlier, gives or receives notice of such cessation) then such Option may not be exercised and shall be deemed to have lapsed and ceased to be exercisable as from the date of such cessation or, if earlier, the date on which notice of such termination was given or received; and

 

  (b) in relation to a Performance Option, unless the Committee is of the opinion that the Performance Target is then likely to be met in full, such proportion of the Option Shares shall not exceed such proportion of the Performance Period as fell before the date of such cessation.

 

11

Leaving for other reasons

 

9.8 If an Optionholder gives or receives notice to terminate his office or employment with any member of the Group or any Associated Company or ceases to hold office or employment within the Group or any Associated Company for any reason other than those set out in Rules 9.7 or 9.9 then, subject to Rules 9.10 and 16, an Option granted to him may only be exercised (if at all) in relation to such proportion of the Option Shares, and (subject to Rule 9.1) within such period, as the Committee shall (with the consent of the Grantor, if appropriate) determine and notify to the Optionholder and shall otherwise lapse and cease to be exercisable SAVE THAT:-

 

  (a) unless such determinations have been made by the Committee within the period of three months beginning with the date on which the Optionholder so ceases (or, if earlier, gives or is given notice of such cessation) then such Option may not be exercised and shall be deemed to have lapsed and ceased to be exercisable as from the date of such cessation or, if earlier, the date on which notice of such termination was given or received; and

 

  (b) in relation to a Performance Option, unless the Committee is of the opinion that the Performance Target is then likely to be met in full, such proportion of the Option Shares shall not exceed such proportion of the Performance Period as fell before the date of such cessation.

 

EXCERPTS ON THIS PAGE:

20-F (2 sections)
Mar 16, 2005

RELATED TOPICS for SNN:

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