Notes to the Financial Statements
(Cont’d)
For the year ended 30 April 2015
(In Singapore Dollars)
65
STAMFORD TYRES CORPORATION LIMITED
BUILDING ON OUR EXTENSIVE NETWORK
7.
Salaries and employee benefits (cont’d)
Employee share option plans
The Group has granted share options to eligible employees under its STC Share Option Scheme 2001 that
was approved by the members of the Company at an Extraordinary General Meeting held on 22 June
2001 (the “Scheme”). No share options were granted to employees during 2015 and 2014.
The Scheme is open to full-time confirmed employees, executive and non-executive directors, but not
controlling shareholders or their associates of the Company, and entitles the option holders to exercise
their options and subscribe for new ordinary shares in the Company either at the market price or at a
price set at a discount not exceeding 20% of the market price. Market price is equal to the average last
dealt price of the share for 3 consecutive trading days immediately preceding the offer date. Options
granted with the exercise price set at market price may be exercised after the third anniversary of the
offer date. Executive options granted under the Scheme are exercisable for a period of 10 years whereas
non-executive options are exercisable for a period of 5 years. The share options under the Scheme are
exercisable after a vesting period of 3 years. Share options outstanding as at 30 April 2015 will expire on
16 August 2015.
The total number of shares in respect of which options may be offered on any offering date, when added
to the number of shares issued or issuable in respect of option under this Scheme shall not exceed 15% of
the issued share capital of the Company on the day preceding that offering date.
Information with respect to the total number of outstanding options granted under the Scheme is as
follows:
Group
2015
2014
Number of
options
Weighted
average
exercise
price in the
financial year
Number of
options
Weighted
average
exercise
price in the
financial year
($)
($)
Outstanding at beginning of year
780,000
0.430
805,000
0.430
Forfeited during the year
(30,000)
0.430
(25,000)
0.430
Exercised during the year
–
0.430
–
0.430
Outstanding at end of year
750,000
0.430
780,000
0.430
Exercisable at end of year
750,000
0.430
780,000
0.430
