Page 29 - 00_See Hup Seng_Cover.indd

SEE HUP SENG LIMITED
Annual Report 2012
27
Report of the Directors
31 DECEMBER 2012
4 Directors’ Contractual Benefits
Since the end of the previous financial year, no director of the Company has received or become entitled to
receive a benefit by reason of a contract made by the Company or a related corporation with the director, or
with a firm in which the director is a member, or with a company in which the director has a substantial financial
interest except as disclosed in the financial statements and except that certain directors have employment
relationship with the Company and subsidiaries, and have received remuneration in that capacity.
5 Share Options
The See Hup Seng Employee Share Option Scheme
The See Hup Seng Employee Share Option Scheme (the “Scheme”) was approved and adopted by the members
of the Company at an Extraordinary General Meeting held on 8 October 2008.
The Scheme provides a means to recruit and retain quality employees with talent that will assist the Group to
realise its strategic and long-term business goals.
The Remuneration Committee (the “Committee”) of the Company has been designated as the committee
responsible for the administration of the Scheme. The selection of the participants in the Scheme and the grant
of options are to be determined by the Committee at its absolute discretion. The Remuneration Committee
comprises of the following members:
Wu Yu Liang (Chairman)
Foo Meng Kee
Teo Choon Kow, William
The principal terms of the Scheme are:
(i) Scheme Size and Duration
The aggregate number of shares over which the Committee may grant options on any date, when
added to the number of shares issued and issuable in respect of all options granted under the Scheme,
shall not exceed ten per cent (10%) (“Maximum Limit”) of the issued shares of the Company on the day
immediately preceding the date of grant of the option. Any shares which are held as treasury shares will
be disregarded for the purpose of computing the Maximum Limit.
The Scheme shall continue to be in force at the discretion of the Committee, subject to a maximum
period of ten (10) years, commencing on the adoption date. Subject to compliance with any applicable
laws and regulations in Singapore, the Scheme may be continued beyond the above stipulated period
with the approval of the shareholders by ordinary resolution at a general meeting and of any relevant
authorities which may then be required.
The Scheme may also be terminated at any time by the Committee or by resolution of the shareholders
at a general meeting subject to all other relevant approvals which may be required and if the Scheme is
so terminated, no further options shall be offered by the Company hereunder.
The termination, discontinuance or expiry of the Scheme shall be without prejudice to the rights accrued
to options which have been granted and accepted, whether such options have been exercised (whether
fully or partially) or not.