Singapore Airlines 2009 Annual Report Download - page 131
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129
13 Share Capital (in $ million) (continued)
During the fi nancial year, the Company issued 213,643 shares (2007-08: 22,717,093) upon exercise of
options granted under the Employee Share Option Plan.
In the previous fi nancial year, the Company cancelled 84,309,846 shares at the price of $18.46 per share
pursuant to a capital reduction exercise under Section 78G of the Singapore Companies Act. In addition,
1,093,530 shares were issued under a top-up offer of new shares at the price of $18.46 per share following
the capital reduction. The offer was given to shareholders to round up their holding of shares after the
capital reduction to the nearest multiple of 200 shares.
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 fi ve 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.
There are no cash settlement alternatives.