I can't name the company, but this isn't limited to the UK. It's found in other countries too. Maybe there's too much history/tradition/peer-pressure/competition in the States for this kind of arrangement to fly.
I'd immediately bolt for the door if someone demanded such a structure on me.
Smaller Norwegian companies which offer shares to employees often have a "if you quit within 5 years, the company is allowed to buy all your shares back at the price they were when you received them" clause, or something similar. Obviously you'll only get sub-par or naïve people with such a policy.
I'd immediately bolt for the door if someone demanded such a structure on me.