Page 78 - ar2013.pdf

DIRECTORS’ REPORT
For the Ànancial year ended 31 December 2013
76
COSCO Corporation (Singapore) Limited
F i nanc i a l Statement s
Share options
(a) COSCO Group Employees’ Share Option Scheme 2002
The COSCO Group Employees’ Share Option Scheme 2002 (the “Scheme 2002”) was approved by members of the
Company at an Extraordinary General Meeting on 8 May 2002.
Under the Scheme 2002, share options to subscribe for the ordinary shares of the Company are granted to
directors, key management personnel and employees. The exercise price of the granted options is determined
at the average of the closing prices of the Company’s ordinary shares as quoted on the Singapore Exchange for
the five market days immediately preceding the date of the grant. The options may be exercised in full or in part
in respect of 1,000 shares or a multiple thereof, on the payment of the exercise price. The Group has no legal or
constructive obligation to repurchase or settle the options in cash.
Options issued to directors and employees who have been in the service of the Company, subsidiary or associated
company, or the holding company for at least one year on or prior to the date of the grant, may be exercised twelve
months after the date of grant but before the end of one hundred and twenty months. For employees and directors
who are in the service of the associated company and non-executive directors, the options shall expire at the end of
sixty months. Options issued at a discount to market price, may only be exercised two years after the date of the
grant.
Options issued to directors and employees who have been in the service of the Company, subsidiary or associated
company, or the holding company for at least six months but less than one year on or prior to the date of grant,
may be exercised twenty-four months after the date of the grant but before the end of one hundred and twenty
months. For employees and directors who are in the service of the associated company and non-executive
directors, the options shall expire at the end of sixty months. Options issued at a discount to market price, may only
be exercised three years after the date of the grant.
Particulars of the options granted pursuant to the Scheme 2002 in 2006, 2007 and 2008 known as “2006 Options”,
“2007 Options” and “2008 Options” respectively were set out in the Directors’ Report for the financial years ended
31 December 2006, 31 December 2007 and 31 December 2008 respectively.
The Remuneration Committee administering the Scheme 2002 comprises the following directors:
Er Kwong Wah (Chairman)
Wu Zi Heng
Tom Yee Lat Shing
Wang Kai Yuen
Ang Swee Tian
Details of the options granted to directors of the Company are as follows:
Name of directors
Aggregate
granted since
commencement
of Scheme
2002 to
31.12.2013
Aggregate
exercised since
commencement
of Scheme
2002 to
31.12.2013
Aggregate
lapsed since
commencement
of Scheme
2002 to
31.12.2013
Aggregate
outstanding
as at
31.12.2013
Tom Yee Lat Shing 2,200,000 1,900,000 300,000 –
Wang Kai Yuen 2,200,000 1,900,000 300,000 –
Er Kwong Wah 2,200,000 1,600,000 600,000 –
6,600,000 5,400,000 1,200,000 –