Haier 2010 Annual Report Download - page 59

HAIER ELECTRONICS GROUP CO., LTD 海爾電器集團有限公司
REPORT OF THE DIRECTORS 董事會報告書
Annual Report 2010 二零一零年年報 57
DIRECTORS’ RIGHTS TO ACQUIRE SHARES IN OR
DEBENTURES OF THE COMPANY (Cont’d)
Share option scheme (Cont’d)
Notes:
1. The vesting period of the share options is from the date of grant
until the commencement of the exercise period.
2. The exercise price of the share options is subject to adjustment(s)
in the case of rights or bonus share issues, or other similar changes
in the share capital of the Company.
3. The weighted average closing price of the Company’s shares
immediately before the exercise dates of the share options was
HK$7.48 per share. The closing price of the Company’s shares
immediately before the date on which the options were granted
during the year was HK$4.71 per share.
The directors have estimated the values of the share options granted
during the year, calculated using the binomial option pricing model as
at the date of grant of the options, to be RMB43,380,000.
The binomial option pricing model is a generally accepted method of
valuing options. The significant assumptions used in the calculation of
the values of the share options were dividend yield, historical volatility,
risk-free rate, contractual life of options and exercise multiple. The
measurement dates used in the valuation calculations were the dates
on which the options were granted.
The values of share options calculated using the binomial model are
subject to certain fundamental limitations, due to the subjective nature
of and uncertainty relating to a number of assumptions of the expected
future performance input to the model, and certain inherent limitations
of the model itself. The value of an option varies with different variables
of certain subjective assumptions. Any change to the variables used may
materially affect the estimation of the fair value of an option.
Save as the options granted to the director, at no time during the year
were rights to acquire benefits by means of the acquisition of shares in
or debentures of the Company granted to any director or their respective
spouses or minor children, or were any such rights exercised by them;
or was the Company, its holding company, or any of its subsidiaries or
fellow subsidiaries a party to any arrangement to enable the directors
to acquire such rights in any other body corporate.
董事購置本公司股份或債權證之權利
(續)
購股權計劃 (續)
附註：
1. 購股權歸屬期間為自授出日期起至行使期開始
日期止。
2. 倘進行供股或發行紅股或本公司股本出現其他
類似變動，則購股權的行權價須予以調整。
3. 於緊 接購 股權 行使 日期前本公司股份收市價
加權平均數為每股7.48港元。年內於緊接授出
購股權日期前本公司股份收市價為每股4.71港
元。
董 事 使 用 二 項 式 期 權 定 價 模 式， 對 年 內 授 出 的
購股權於其授出日期的價值作出估計為人民幣
43,380,000元。
二項式期權定價模型乃評估購股權價值之公認方
法。 用 於計算 購 股權價 值 之重要假 設 為股息 收 益
率、歷史波幅、無風險利率、購股權合約年期及行
使價 數。用於 估 算之計 量 日期為 購 股 權授出 日
期。
由於模型之預計未來表現數據之多項假設帶主觀性
質及存 在 不明朗 因 素， 及 模型本身 有 若干內 在 限
制，使用二項式期權定價模型計算之購股權價值或
會受若干基本限制所規限。購股權價值會因若干主
觀假設 下 之不同 可 變 因素而 有 所不同。 任何所 用
可變因素之轉變均可能對購股權公平值估計有重大
影響。
除授予董事之購股權外，於年內任何時間概無任何
本公司董事或彼等各自之配偍或未成年子女獲授予
或行使可透過購入本公司股份或債權證而獲益之權
利，而本公司、其控股公司、其任何附屬公司或同
系附屬公司概無訂立任何安排，致本公司董事可
購入任何其他法人團體之該等權利。