Singapore Airlines 2016 Annual Report Download - page 90

4 Equity Compensation Plans of the Company (continued)
(i) ESOP
Details of the ESOP are disclosed in Note 5 to the financial statements.
At the end of the financial year, options to take up 21,113,197 unissued shares in the Company were outstanding:
Number of options to subscribe for unissued ordinary shares
Balance at Balance at Exercise
Date of grant 1.4.2015 Cancelled Exercised 31.3.2016 price* Exercisable Period
1.7.2005 2,459,630 (986,568) (1,473,062) – $8.02 1.7.2006 – 30.6.2015
3.7.2006 4,777,805 (86,160) (892,416) 3,799,229 $9.34 3.7.2007 – 2.7.2016
2.7.2007 9,388,087 (361,475) – 9,026,612 $15.46 2.7.2008 – 1.7.2017
1.7.2008 8,607,507 (320,151) – 8,287,356 $12.07 1.7.2009 – 30.6.2018
25,233,029 (1,754,354) (2,365,478)** 21,113,197
* Following approval by the Company’s shareholders of the declaration of a special dividend of $0.50 per share on 31 July 2007, the Board Compensation &
Industrial Relations Committee approved a reduction of $0.50 in the exercise prices of the share options outstanding on 2 August 2007. The said Committee
approved another $1.71 reduction in the exercise prices of the share options outstanding on 28 August 2009 following approval by the Company’s shareholders
of the dividend in specie of SATS shares on 31 July 2009. The said Committee approved another reduction of $0.80 in the exercise prices of the share options
outstanding on 18 August 2011 and a further $0.25 reduction in the exercise prices outstanding on 14 August 2014 aer the approvals by the Company’s
shareholders of the declaration of a special dividend of $0.80 and $0.25 per share on 29 July 2011 and 30 July 2014 respectively. The exercise prices reflected here
are the exercise prices aer such adjustments.
** Out of these, no new shares were issued during the financial year ended 31 March 2016 as all options exercised were satisfied by way of transfer of treasury shares.
The details of options granted to and exercised by a Director of the Company are as follows:
Name of participant
Options
granted during
financial year
under review
Aggregate options
granted since
commencement of
scheme to end of
financial year
under review
Aggregate options
exercised since
commencement of
scheme to end of
financial year
under review Options lapsed
Aggregate options
outstanding at end
of financial year
under review
Goh Choon Phong – 444,075 444,075 – –
No options have been granted to controlling shareholders or their associates, or parent group directors or 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.
No options have been granted during the financial year as the last grant of the share options under the ESOP was made in July 2008. The
ESOP expired on 7 March 2010. The termination of the ESOP does not aect options which have been granted and accepted in accordance
with the ESOP.
(ii) RSP/RSP 2014 and PSP/PSP 2014
Details of the RSP/RSP 2014 and PSP/PSP 2014 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. The duration of both the RSP and PSP was 10
years, from 28 July 2005 to 27 July 2015.
At the Extraordinary General Meeting held on 30 July 2014, shareholders approved the adoption of the RSP 2014 and PSP 2014 to replace
the RSP and PSP, which were terminated following the adoption of the RSP 2014 and PSP 2014. The termination of the RSP and PSP was
without prejudice to the rights of holders of awards outstanding under the RSP and PSP as at the date of such termination. The duration
of the RSP 2014 and PSP 2014 is 10 years each, commencing 30 July 2014.
Directors’ Statement
Singapore Airlines88
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