Share Options
The ASL Employee Share Option Scheme 2012 (the “2012 Scheme”) was approved and
adopted by the shareholders at an Extraordinary General Meeting of the Company held on 25
October 2012. The 2012 Scheme replaced the ASL Employee Share Option Scheme (the “2003
Scheme”) adopted by the shareholders at an Extraordinary General Meeting of the Company
held on 23 January 2003. The 2012 Scheme is administered by the Remuneration Committee
(the “Committee”) comprising three independent Directors, Christopher Chong Meng Tak,
Andre Yeap Poh Leong and Tan Sek Khee.
Details of the 2012 Scheme are set out in the circular dated 8 October 2012 which is available
for inspection at the registered office of the Company.
Other information regarding the 2012 Scheme is set out below:
(i)
Exercise Price
The exercise price for each share in respect of which an option is exercisable shall be fixed
by the Committee in its absolute discretion at:
(a)
the Market Price; or
(b) a price which is set at a discount to the Market Price, the quantum of such discount
to be determined by the Committee in its absolute discretion, provided that the
maximum discount which may be given in respect of any option shall not exceed
20% of the Market Price and is approved by the shareholders in a general meeting
in a separate resolution in respect of that option.
“Market Price” is defined as the average of the last dealt prices for a share, as determined
by reference to the daily official list or other publication published by the Singapore
Exchange Securities Trading Limited (the “SGX-ST”) for five consecutive market days
immediately preceding the date on which an offer to grant an option is made (the “Offer
Date”) rounded up to the nearest whole cent in the event of fractional prices.
(ii) Option Exercise Period
Options granted with the exercise price set at Market Price are exercisable at any time,
after the first anniversary of the date of grant of that option and expiring on, in the case of
options granted to Non-Executive Directors and/or Associated Company Employees, the
day preceding the fifth anniversary of the relevant date of grant and for other than Non-
Executive Directors and/or Associated Company Employees, the day preceding the tenth
anniversary of the relevant date of grant.
Options granted with the exercise price set at a discount to the Market Price are exercisable
at any time, after the second anniversary of the date of grant and expiring on, in the case
of options granted to Non-Executive Directors and/or Associated Company Employees,
the day preceding the fifth anniversary of the relevant date of grant and for other than
Non-Executive Directors and/or Associated Company Employees, the day preceding the
tenth anniversary of the relevant date of grant.
DIRECTORS’
REPORT
ASL Marine Holdings Ltd. /Annual Report 2015
61
