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83
SIA Annual Report 03/04
Notes to the Financial Statements
31 March 2004
13 Share Capital (in $ million) (continued)
Share option plans
The Singapore Airlines Limited Employee Share Option Plan (“SIA ESOP”), the Singapore Airport Terminal Services
Limited Employee Share Option Plan (“SATS ESOP”) and the SIA Engineering Company Limited Employee Share Option
Plan (“SIAEC ESOP”), which comprise the Senior Executive Share Option Scheme and the Employee Share Option
Scheme for senior executives and all other employees respectively, were approved by shareholders on 8 March 2000,
20 March 2000 and 9 February 2000 respectively.
Options are granted for a term no longer than 10 years from the date of grant. The exercise price of the options will be
the average of the closing prices of the respective companies' ordinary shares on the SGX-ST for the five market days
immediately preceding the date of grant.
Under the Employee Share Option Schemes, options will vest two years after the date of grant. Under the Senior
Executive Share Option Schemes, options will vest:
(a) one year after the date of grant for 25% of the ordinary shares subject to the options;
(b) two years after the date of grant for an additional 25% of the ordinary shares subject to the options;
(c) three years after the date of grant for an additional 25% of the ordinary shares subject to the options; and
(d) four years after the date of grant for the remaining 25% of the ordinary shares subject to the options.
Information with respect to the number of options granted under the respective Employee Share Option Plans is as
follows:
SIA ESOP SATS ESOP SIAEC ESOP
2004 2003 2004 2003 2004 2003
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Outstanding at 1 April 51,826,922 38,569,920 61,799,200 47,310,700 60,301,000 44,578,400
Granted 12,922,820 13,787,922 14,168,900 15,239,500 7,526,300 16,594,800
Exercised* – (1,000) (6,005,475) – (4,194,900) (437,000)
Cancelled (1,277,915) (529,920) (1,051,325) (751,000) (995,300) (435,200)
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Outstanding at 31 March 63,471,827 51,826,922 68,911,300 61,799,200 62,637,100 60,301,000
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Exercisable at 31 March 34,383,579 22,641,036 39,256,575 31,095,500 38,252,435 27,867,861
* Proceeds received from share options exercised during the year were:
SIA ESOP SATS ESOP SIAEC ESOP
2003-04 2002-03 2003-04 2002-03 2003-04 2002-03
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Aggregate proceeds
from shares issued
(in thousand $) – 12.0 9,327.0 – 5,968.6 866.7
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Details of share options granted during the financial year:
SIA ESOP SATS ESOP SIAEC ESOP
2003-04 2002-03 2003-04 2002-03 2003-04 2002-03
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Expiry date 30.6.2013 30.6.2012 30.6.2013 30.6.2012 30.6.2013 30.6.2012
Exercise price ($) 10.34 12.82 1.77 1.90 1.75 2.38