Singapore Airlines 2010 Annual Report Download - page 76
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SINGAPORE AIRLINES
74
5 Equity Compensation Plans of the Company (continued)
(i) Employee Share Option Plan (“ESOP”) (continued)
No options have been granted to controlling shareholders or their associates, or parent group employees.
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.
The last grant of the share options under the ESOP was made in July 2008.
(ii) Restricted Share Plan (“RSP”) and Performance Share Plan (“PSP”)
Details of the RSP and PSP are disclosed in Note 5 to the financial statements.
The RSP and PSP were approved by the shareholders of the Company on 28 July 2005.
Under the RSP and PSP, a base number of conditional share awards (“Base Award”) is granted to eligible participants
annually. Depending on the achievement of pre-determined targets over a two-year performance period for the
RSP and a three-year performance period for the PSP, the Board Compensation & Industrial Relations Committee
will determine an achievement factor which will then be applied to the Base Award to determine the final number
of RSP shares and PSP shares to be awarded at the end of the respective performance periods (“Final Award”).
The achievement factor could range from 0% to 150% for the RSP and from 0% to 200% for the PSP.
Half of the RSP Final Awards of fully paid ordinary shares will be released to the participants upon vesting.
The balance will be released equally over the subsequent two years with fulfilment of service requirements.
All the PSP Final Awards of fully paid ordinary shares will be released to the participants at the end of the
three-year performance period.
No awards have been granted to controlling shareholders or their associates, or parent group employees under
the RSP and PSP.
Pursuant to the dividend in specie of shares in SATS, RSP Base Awards and Final Awards granted from 2006 to
2009 as well as PSP Base Awards granted from 2007 to 2009, have been increased by 12% to adjust for the
drop in value of the share awards. The adjustments have been verified by Ernst & Young LLP, the auditors of the
Company, and approved by the Board Compensation & Industrial Relations Committee.
No employee has received 5% or more of the total number of options/awards granted under the ESOP, RSP and PSP.
report by the board of directors