HSBC 2006 Annual Report Download - page 274

HSBC HOLDINGS PLC
Report of the Directors: Governance (continued)
Employees > Subsidiary company share plans
272
HSBC France
shares of €5
Date of
award
Exercise
price (€)
Exercisable
from
Exercisable
until
Options at
1 January
2006
Options
exercised
during year1
Options
lapsed
during year
Options at
31 December
20061
9 May 1996 35.52 9 May 1998 9 May 2006 44,500 44,500 – –
7 May 1997 37.05 7 Jun 2000 7 May 2007 162,000 96,000 – 66,000
29 Apr 1998 73.50 7 Jun 2000 29 Apr 2008 285,244 93,090 – 192,154
7 Apr 1999 81.71 7 Jun 2000 7 Apr 2009 475,502 91,900 – 383,602
12 Apr 2000 142.50 1 Jan 2002 12 Apr 2010 765,750 119,625 – 646,125
1 Following exercise of the options, the HSBC France shares will be exchanged for HSBC Holdings ordinary shares in the same ratio as
for the acquisition of HSBC France (13 HSBC Holdings ordinary shares for each HSBC France share). At 31 December 2006, The
HSBC Holdings Employee Benefit Trust 2001 (No. 1) held 15,316,328 HSBC Holdings ordinary shares which may be exchanged for
HSBC France shares arising from the exercise of these options.
HSBC Private Bank France
shares of €2
Date of
award
Exercise
price (€)
Exercisable
from
Exercisable
until
Options at
1 January
2006
Options
exercised
during year1
Options
lapsed
during year
Options at
31 December
20061
21 Dec 1999 10.84 21 Dec 2000 21 Dec 2009 91,150 34,020 – 57,130
9 Mar 2000 12.44 27 Jun 2004 31 Dec 2010 82,160 54,534 – 27,626
15 May 2001 20.80 15 May 2002 15 May 2011 229,275 74,250 – 155,025
1 Oct 2002 22.22 2 Oct 2005 1 Oct 2012 195,075 32,000 – 163,075
1 Following exercise of the options, the HSBC Private Bank France shares will be exchanged for HSBC Holdings ordinary shares in the
ratio of 1.83 HSBC Holdings ordinary shares for each HSBC Private Bank France share. At 31 December 2006, The CCF Employee
Benefit Trust 2001 held 1,085,323 HSBC Holdings ordinary shares which may be exchanged for HSBC Private Bank France shares
arising from the exercise of these options.
HSBC Finance and its subsidiaries
Following the acquisition of HSBC Finance in 2003,
all outstanding options and equity-based awards over
HSBC Finance common shares were converted into
rights to receive HSBC Holdings ordinary shares in
the same ratio as the share exchange offer for the
acquisition of HSBC Finance (2.675 HSBC
Holdings ordinary shares for each HSBC Finance
common share) and the exercise prices per share
were adjusted accordingly. No further options will
be granted under any of these plans.
All outstanding options and other equity-based
awards over HSBC Finance common shares granted
before 14 November 2002, being the date the
transaction was announced, vested on completion of
the acquisition. Options and equity-based awards
granted on or after 14 November 2002 will be
exercisable on their original terms, save that they
have been adjusted to reflect the exchange ratio.
The following are details of options and equity-
based awards to acquire shares in HSBC Holdings.
At 31 December 2006, the HSBC (Household)
Employee Benefit Trust 2003 and the HSBC
(Household) Employee Benefit Trust 2003 (No.2)
held 8,670,335 HSBC Holdings ordinary shares and
198,665 American Depositary Shares (‘ADSs’), each
of which represents five HSBC Holdings ordinary
shares, which may be used to satisfy the exercise of
employee share options.