1996 Annual report PDF 36.77MB - Cairn Energy PLC

Report of the Remuneration Committee (continued)An analysis of options held by Directors, where the exercise prices of the optionsare below the current market price at 14 March 1997, is as follows:1988 SchememEi*ur-E WBB-l P O J W &Yr*od H U M2.30 60.W2.08 40.W 5.W3.13 5.m3.08 30.m1.68 6.m1.50 20,0330.27 12.WO0.57 27.wO 30,WO 15.m0.66 50.W0.78 55,WO 50,WO 50.030Service contractsThe service contracts of the full time Executive Directors have an unexpired periouof two years. These service contracts were entered into in December 1993. It iscurrent practice to restrict notice periods to 12 months or less in all but the mostexceptional circumstances. H M Grossart has a service contract entered into on1 August 1996. The unexpired term of his contract is twelve months.None of the Non-Executive Directors has a service contract. The re-appointmentof any Non-Executive Director beyond a second term is subject to review bythe Board.N Lessels CBEChairman of theRemuneration Committee1996 SchemeAt 14 March 1997, there was no change in the number of options heldMr Gammdl holds 184,108 warrants to subscribe for ordinary shares at a priceof £2.355 per share. The warrants are exercisable in whole or in part during theperiod 1 April 1993 until 30 March 1998.The market price of one Caim share at 31 December 1996 was 417p. During 1996,the range of the high and low market price of Caim shares was 114p - 41 7p.