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59
SIA Annual Report 03/04
Report by the Board of Directors
5 Options on Shares in the Company (continued)
Under the Employee Share Option Scheme, options will vest two years after the date of grant. Under the Senior
Executive Share Option Scheme, 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.
At the date of this report, the Board Compensation and Organization Committee which administers the Plan comprises
the following directors:
Koh Boon Hwee – Chairman
Fock Siew Wah
Lim Boon Heng
Sir Brian Pitman (appointed to the Committee on 10 October 2003)
No options have been granted to controlling shareholders or their associates, or parent group employees.
No employee has received 5% or more of the total number of options available under the Plan.
The options granted by the Company do not entitle the holders of the options, by virtue of such holding, to any rights
to participate in any share issue of any other company.
During the financial year, in consideration of the payment of $1.00 for each offer accepted, offers of options were
granted pursuant to the Plan in respect of 12,922,820 unissued shares of $0.50 each in the Company at an exercise
price of $10.34 per share.
At the end of the financial year, options to take up 63,471,827 unissued shares of $0.50 each in the Company were
outstanding:
Number of options to subscribe for
unissued ordinary shares of $0.50 each
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Balance at
1.4.2003/later Balance at Exercise
Date of grant date of grant Cancelled Exercised 31.3.2004 price Exercisable period
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
28.3.2000 13,126,430 (284,220) – 12,842,210 $15.34 28.3.2001 – 27.3.2010
3.7.2000 11,868,350 (227,880) – 11,640,470 $16.65 3.7.2001 – 2.7.2010
2.7.2001 13,173,990 (283,405) – 12,890,585 $11.96 2.7.2002 – 1.7.2011
1.7.2002 13,658,152 (301,625) – 13,356,527 $12.82 1.7.2003 – 30.6.2012
1.7.2003 12,922,820 (180,785) – 12,742,035 $10.34 1.7.2004 – 30.6.2013
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
64,749,742 (1,277,915) – 63,471,827
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––