SYT » Topics » Employee Share Option Savings Plan

This excerpt taken from the SYT 20-F filed Mar 16, 2005.
Employee Share Option Savings Plan

In November 2002, a Share Option Savings Plan was introduced for all UK employees. Options are granted at an exercise price which represents a 15% discount to the market price on the Swiss stock exchange (SWX) before the offer. Options are exercisable over a six month period following either the third or the fifth anniversary of the grant date, depending on the choice made by the employee on applying to join the scheme, but may be exercised earlier in particular circumstances including redundancy and retirement. Vesting of options is conditional on employees remaining in service for at least three years and making monthly payments into the savings plan.

F-49






The following table sets out activity under this plan during 2004, 2003 and 2002.


  Exercise
price GBP
  Outstanding
at January 1
  Granted   Exercised   Forfeited     Outstanding
at December 31
  Exercisable   Remaining
life (years)

Year to December 31, 2002                
  32.21     257,712       257,712     3

Total for year to                
     December 31, 2002       257,712       257,712    

Year to December 31, 2003                
  32.2   257,712       (19,700 )   238,012     2
  29.3     69,059       69,059     3

Total for year to                
     December 31, 2003     257,712   69,059     (19,700 )   307,071    

Year to December 31, 2004                
  32.2   238,012     (2,925 )   (22,317 )   212,770   1,670   1
  29.3   69,059       (4,787 )   64,272     2

Total for year to                
     December 31, 2004     307,071     (2,925 )   (27,104 )   277,042    


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