HSBC 2006 Annual Report Download - page 276

HSBC HOLDINGS PLC
Report of the Directors: Governance (continued)
Employees > Subsidiary company share plans / Employee compensation
274
Beneficial Corporation: BenShares Equity Participation Plan
HSBC Holdings ordinary shares of US$0.50
Date of
award
Exercise
price (US$)
Exercisable
from
Exercisable
until
Options at
1 January
2006
Options
exercised
during year1
Options
lapsed
during year
Options at
31 December
2006
31 Jan 1997 9.87 31 Jan 1998 31 Jan 2007 36,391 15,457 821 20,113
15 Nov 1997 11.04 15 Nov 1998 15 Nov 2007 48,719 12,312 821 35,586
1 The weighted average closing price of the shares immediately before the dates on which options were exercised was £9.73.
Renaissance Holdings, Inc: Amended and Restated 1997 Incentive Plan
HSBC Holdings ordinary shares of US$0.50
Date of
award
Exercise
price (US$)
Exercisable
from
Exercisable
until
Options at
1 January
2006
Options
exercised
during year
Options
lapsed
during year
Options at
31 December
2006
31 Oct 1997 1.25 31 Oct 1998 31 Oct 2007 1,325 – – 1,325
1 Jan 1998 1.25 1 Jan 1999 1 Jan 2008 1,424 – – 1,424
1 Oct 1998 1.74 1 Oct 1999 1 Oct 2008 803 – – 803
1 Jan 1999 2.24 1 Jan 2000 1 Jan 2009 5,024 – – 5,024
Bank of Bermuda plans
Following the acquisition of Bank of Bermuda in
2004, all outstanding options over Bank of Bermuda
shares were converted into rights to receive HSBC
Holdings ordinary shares based on the consideration
of US$40 for each Bank of Bermuda share and the
average closing price of HSBC Holdings ordinary
shares, derived from the London Stock Exchange
Daily Official List, for the five business days
preceding the closing date of the acquisition. No
further options will be granted under any of these
plans.
All outstanding options over Bank of Bermuda
shares vested on completion of the acquisition. The
following are details of options to acquire shares in
HSBC Holdings. At 31 December 2006, the HSBC
(Bank of Bermuda) Employee Benefit Trust 2004
held 2,266,949 HSBC Holdings ordinary shares
which may be used to satisfy the exercise of these
options.
Bank of Bermuda: Executive Share Option Plan 1997
HSBC Holdings ordinary shares of US$0.50
Date of
award
Exercise
price (US$)
Exercisable
from
Exercisable
until
Options at
1 January
2006
Options
exercised
during year1
Options
lapsed
during year
Options at
31 December
2006
1 Jul 1998 9.61 1 Jul 1999 1 Jul 2008 67,813 – – 67,813
23 Feb 1999 7.40 23 Feb 2000 23 Feb 2009 11,684 – – 11,684
3 Aug 1999 7.10 3 Aug 2000 3 Aug 2009 9,331 – – 9,331
4 Feb 2000 7.21 4 Feb 2001 4 Feb 2010 57,136 16,951 – 40,185
1 Jun 2000 7.04 1 Jun 2001 1 Jun 2010 61,649 – – 61,649
31 Jul 2000 10.11 31 Jul 2001 31 Jul 2010 46,239 18,495 – 27,744
11 Jan 2001 14.27 11 Jan 2002 11 Jan 2011 161,829 – – 161,829
1 The weighted average closing price of the shares immediately before the dates on which options were exercised was £9.61.