This excerpt taken from the SYT 20-F filed Mar 16, 2005.
Syngenta Long-Term Incentive Plan (Stock Options)
In 2000, the Syngenta Long-Term Incentive Plan (Stock Options) was implemented to provide selected members of the Board of Directors, senior executives and key management employees of Syngenta with an opportunity to obtain the right to purchase shares of Syngenta (American Depositary Shares for United States participants). Currently there are approximately 650 participants in the Long-Term Incentive plan. The grant of stock options for Syngenta shares is at the discretion of the Compensation Committee, whose members are appointed by the Board of Directors of Syngenta. In 2004 a total number of 1,062,643 stock options were granted at an exercise price of CHF 89.30. After a three-year vesting period, options can be exercised to purchase shares within a period of 10 years (11 years for certain Swiss participants) from the date of grant. The total number of stock options including the equivalent number of options for American Depositary Shares outstanding at December 31, 2004 is as follows:
The exercise price is equal to the weighted average share price on the Swiss stock exchange (SWX) for the five business days preceding the grant date, as determined by the Compensation Committee. All options were granted at an exercise price greater than the market price of the Syngenta shares at the grant date.