HSBC 2003 Annual Report Download - page 194

HSBC HOLDINGS PLC
Report of the Directors (continued)
192
the employee may elect to have the savings (plus
interest) repaid in cash. The options are exercisable
within six months following the third or fifth
anniversary of the commencement of the relevant
savings contract. In the case of redundancy,
retirement on grounds of injury or ill health,
retirement at normal retirement age or over, the
transfer of the employing business to another party,
or a change of control of the employing company,
options may be exercised before completion of the
relevant savings contract.
Under the HSBC Holdings Savings-Related
Share Option Plan and the HSBC Holdings Savings-
Related Share Option Plan: Overseas Section the
option exercise price is determined by reference to
the average market value of the ordinary shares on
the five business days immediately preceding the
invitation date, then applying a discount of 20 per
cent. The all-employee share plans will terminate on
26 May 2010 unless the Directors resolve to
terminate the plans at an earlier date.
HSBC Holdings Savings-Related Share Option Plan
HSBC Holdings ordinary shares of US$0.50 each
Date of
award
Exercise
price (£)
Exercisable
from1Exercisable
until2
Options at
1 January
2003
Options
awarded
during
year
Options
exercised
during
year3
Options
lapsed
during
year
Options at
31 December
2003
9 Apr 1997 4.5206 1 Aug 2002 31 Jan 2003 227,409 – 197,671 29,738 –
6 Apr 1998 5.2212 1 Aug 2003 31 Jan 2004 8,736,570 – 8,406,291 144,114 186,165
1 Apr 1999 5.3980 1 Aug 2004 31 Jan 2005 11,535,187 – 319,429 617,076 10,598,682
10 Apr 2000 6.0299 1 Aug 2005 31 Jan 2006 14,145,104 – 233,203 2,748,077 11,163,824
11 Apr 2001 6.7536 1 Aug 2004 31 Jan 2005 3,471,866 – 59,625 1,541,388 1,870,853
11 Apr 2001 6.7536 1 Aug 2006 31 Jan 2007 8,310,144 – 32,048 4,106,665 4,171,431
2 May 2002 6.3224 1 Aug 2005 31 Jan 2006 3,183,586 – 23,481 1,418,386 1,741,719
2 May 2002 6.3224 1 Aug 2007 31 Jan 2008 7,380,267 – 13,589 2,730,534 4,636,144
23 Apr 2003 5.3496 1 Aug 2006 31 Jan 2007 – 9,464,33941,505 406,161 9,056,673
23 Apr 2003 5.3496 1 Aug 2008 31 Jan 2009 – 14,375,05241,173 299,388 14,074,491
1May be advanced to an earlier date in certain circumstances, e.g. retirement.
2May be extended to a later date in certain circumstances, e.g. on the death of a participant the executors may exercise the option up to
six months beyond the normal exercise period.
3The weighted average closing price of the shares immediately before the dates on which options were exercised was £7.70.
4The closing price per share on 22 April 2003 was £6.79.
HSBC Holdings Savings-Related Share Option Plan: Overseas Section
HSBC Holdings ordinary shares of US$0.50 each
Date of
award
Exercise
price (£)
Exercisable
from1Exercisable
until2
Options at
1 January
2003
Options
awarded
during
year
Options
exercised
during
year3
Options
lapsed
during
year
Options at
31 December
2003
9 Apr 1997 4.5206 1 Aug 2002 31 Jan 2003 84,417 – 82,129 2,288 –
6 Apr 1998 5.2212 1 Aug 2003 31 Jan 2004 3,187,395 – 3,059,376 49,785 78,234
1 Apr 1999 5.3980 1 Aug 2004 31 Jan 2005 11,836,581 – 211,480 682,565 10,942,536
10 Apr 2000 6.0299 1 Aug 2005 31 Jan 2006 24,582,865 – 357,866 7,602,821 16,622,178
11 Apr 2001 6.7536 1 Aug 2004 31 Jan 2005 9,426,806 – 83,609 3,570,119 5,773,078
11 Apr 2001 6.7536 1 Aug 2006 31 Jan 2007 2,934,534 – 12,417 1,462,880 1,459,237
2 May 2002 6.3224 1 Aug 2005 31 Jan 2006 6,195,939 – 21,660 2,780,617 3,393,662
2 May 2002 6.3224 1 Aug 2007 31 Jan 2008 2,404,887 – 4,324 1,175,866 1,224,697
23 Apr 2003 5.3496 1 Aug 2006 31 Jan 2007 – 10,4594– – 10,459
23 Apr 2003 5.3496 1 Aug 2008 31 Jan 2009 – 10,4884– – 10,488
8 May 2003 5.3496 1 Aug 2006 31 Jan 2007 – 17,868,56151,198 434,785 17,432,578
8 May 2003 5.3496 1 Aug 2008 31 Jan 2009 – 6,584,0335– 83,735 6,500,298
1May be advanced to an earlier date in certain circumstances, e.g. retirement.
2May be extended to a later date in certain circumstances, e.g. on the death of a participant, the executors may exercise the option up
to six months beyond the normal exercise period.
3The weighted average closing price of the shares immediately before the dates on which options were exercised was £7.67.
4The closing price per share on 22 April 2003 was £6.79.
5The closing price per share on 7 May 2003 was £7.10.