Singapore Airlines 2006 Annual Report Download - page 64
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62
Singapore Airlines Annual Report 05/06
4 Directors’ Contractual Benefi ts
Except as disclosed in the fi nancial statements, since the end of the previous fi nancial year, no director of the Company
has received or become entitled to receive a benefi t by reason of a contract made by the Company or a related company with
the director, or with a fi rm of which the director is a member, or with a company which the director has a substantial
fi nancial interest.
5 Options on Shares in the Company
The Singapore Airlines Limited Employee Share Option Plan (“the Plan”), which comprises the Senior Executive Share Option
Scheme and the Employee Share Option Scheme for senior executives and all other employees respectively, was approved by
shareholders on 8 March 2000.
Under the Plan, all options to be issued will have a term no longer than 10 years from the date of grant. The exercise price of
the option will be the average of the closing prices of the Company’s ordinary shares on the Singapore Exchange Securities
Trading Limited (“SGX-ST”) for the fi ve market days immediately preceding the date of grant.
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.
With effect from 1 April 2006, the Board of Directors of the Company has consolidated the Board Compensation & Organisation
Committee together with the Board Labour Relations Committee to form the Board Compensation & Industrial Relations
Committee. At the date of this report, the Board Compensation & Industrial Relations Committee which administers the Plan
comprises the following directors:
Stephen Lee Ching Yen – Chairman
Fock Siew Wah
Sir Brian Pitman
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 fi nancial 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 13,293,461 unissued shares in the Company at an exercise price of $11.28 per share.
REPORT BY THE BOARD OF DIRECTORS