Singapore Airlines 2008 Annual Report Download - page 74
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Singapore Airlines Annual Report 2007-08
72
5 Options on Shares in the Company
(i) Employee Share Option Plan
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 adopted at the Extraordinary General Meeting of the Company held on 8 March 2000 and modified at the
Extraordinary General Meetings of the Company held on 14 July 2001 and 26 July 2003, respectively.
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 five 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.
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
David Michael Gonski
James Koh Cher Siang
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 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 12,324,345 unissued shares in the Company at an exercise price of
$18.72 per share, which was later reduced to $18.22 per share following the approval of a special dividend of $0.50
on 31 July 2007.
REPORT BY THE BOARD OF DIRECTORS