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In addition the Company also operates an unapproved share option scheme, the Sinclair Pharma plc Unapproved Share Option Scheme. The Committee may grant options under the 2003 EMI Scheme and the Unapproved Share Option Scheme to any number of employees. In order to be qualifying, an employee must: not own 30% or more of the issued share capital of the Company; and be employed by the Group for at least 25 hours a week, or, if less, for at least 75% of his working hydrocodone drug class time. Non-executive Directors and/or consultants to the Group will not be qualifying employees. Performance Conditions Pursuant to Rule 3.3 of the 2003 EMI scheme, the exercisability of a Directors share option is dependent upon the satisfaction of a performance condition. Set out in the table below is the performance conditions that apply to hydrocodone apap 5 500 mg the options granted under the Scheme on 1 June 2005. FTSE All Share Index Percentage of Shares comprised in Option which hydrocodone drug class become exercisable Below 20% out-performance 0% 20% out-performance 20% Between 21% and 49% out-performance Pro-rata between 21% and hydrocodone drug class 49% on a straight line basis 50% out-performance 50% Between 51% and 124% out-performance Pro-rata between 51% and 99% on a straight line basis 125% out-performance and above 100% Directors' Remuneration Report (cont.) Options may be granted at any time other than during a close period or other than at any time when a grant would be in breach of any laws or regulations. No option may be granted after the tenth anniversary of the date of commencement of the 2003 EMI Scheme.
No option xanax stay in your body may be assigned or transferred in any way, although the executors or personal representatives of a deceased option holder may in certain circumstances exercise options held by him. No consideration hydrocodone drug class is payable for the grant of an option.
The acquisition price payable for each ordinary share on exercise of an option will be determined by the Committee but will be an amount which is not less than the market value of an ordinary share at the date of grant.
Performance conditions are measured over the three year vesting period. If performance conditions have been met, share options can be exercised over the next seven years.
No options were granted to the executive Directors during the year to 30 June 2006. During the year to 30 June 2005, Dr MJ Flynn and Mr JAP Randall were both granted 105,819 share options from the EMI approved scheme together with 185,165 and 69,311 share options respectively from the EMI unapproved scheme. Sinclair Pharma plc 2003 Executive Incentive Plan The Company has also established the Sinclair Pharma plc 2003 Executive Incentive Plan (EIP) pursuant to a resolution of the Board passed on 18 November 2003. The EIP is intended to allow the Company to make performance share awards and grant options, drug screening for tramadol make restricted share awards, award stock appreciation rights and cash based long-term incentives, or a combination thereof to senior executives and key employees. The Committee made no awards from the EIP during the year or in the previous year.
A performance share award is a promise to deliver ordinary shares at the end of the performance period subject to the satisfaction of the performance conditions. The right will vest automatically and does not require any action by the award holder. An option right is a right to acquire Ordinary shares, which is exercisable at the end of the performance period subject to the satisfaction of the performance conditions.
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