Tax-Approved Executive/Company Share Option Scheme

A discretionary scheme

The company grants share options to selected employees to purchase shares in the company at market value at the time of grant. The employees can exercise their options between the third and the tenth anniversaries of the date of grant. The increase in the value of the shares from date of grant to date of exercise is income tax-free on the condition that the initial market value of the option does not exceed £30,000.