Strength & Stability - ECS Holdings Limited

17 Equity Compensation Benefits
The ECS Share Option Scheme II (“Scheme II”) was approved and adopted by its members at an Extraordinary General Meeting
held on 13 December 2000. Scheme II provides an opportunity for employees and directors, including non-executive directors,
of the Group who have contributed significantly to the growth and performance of the Group to participate in the equity of the
Company.
The above scheme is administered by the Compensation Committee (the “Committee”) which comprises the following directors:-
Koh Soo Keong (Chairman)
Leong Horn Kee
Tan Hup Foi
Information regarding the scheme is set out below:-
Scheme II
(a)
The exercise price of the options exercisable pursuant to Scheme II is set either at:
- a price equal to the average of the last dealt price for the three consecutive trading days immediately preceding the grant
of the option; or
- a discount to the market price not exceeding 20% of the market price in respect of that option.
(b)
(c)
Options granted are exercisable at any time after the first anniversary of the grant date and in the case of options with exercise
price set at a discount, at any time after the second anniversary of date of grant. Options granted to employees and executive
directors are exercisable up to the tenth anniversary of date of grant and those granted to non-executive directors are exercisable
up to the fifth anniversary of the date of grant.
The scheme will continue to be in force at the discretion of the Committee, subject to a maximum period of 10 years
commencing 13 December 2000.
At 31 December 2008, details of the options granted under the Company’s option schemes for unissued ordinary shares of the
Company were as follows:-
Date of
grant of
options
Exercise
price
Options
outstanding
1 Jan 2008
Options
exercised
Options
forfeited
or lapsed
Options
outstanding
31 Dec 2008
Options
vested
1 Jan 2008
Options
vested
31 Dec 2008
Exercise
period
Scheme II:
2002 $0.72 110,000 - (110,000) - 110,000 -
11/03/2003 to
10/03/2012
Notes to the
Financial Statements
These notes form an integral part of the financial statements.
Annual Report 2008
p.
77