Company Share Option Plan

This Plan is a tax efficient option plan approved by the UK Inland Revenue. The principal features are:-

A maximum of £30,000 (grant value) of subsisting options can be held by an employee at any one time. An employee may only carry out one tax efficient exercise in any three year period. On the exercise of an option there is no income tax or national insurance liability. On the sale of the shares the employee is liable to capital gains tax on the difference between the sale proceeds and the aggregate exercise price.

The employee can set-off his capital gains tax allowance against any taxable gain. Shareholder approval is required.