Contract
購股權計劃
x公司根據股東於一九九五年五月 二十三日採納及批准之僱員購股權計劃，授予本公司及其任何附屬公司之董事、行政人員及僱員購股權。在不影響根據該購股權計劃已授出而尚未行使之購股權之權利及利益情況下，該計劃已於二零零二年一月二十四日終止。
本公司在二零零二年一月二十四日之股東特別大會上，股東通過普通決議案採納及批准新購股權計劃（「2002購股權計劃」）。2002購股權計劃之摘要如下：
(1) 目的
以鼓勵及獎勵對本集團作出貢獻或將可作出貢獻選定之合資格人士。
(2) 合資格人士
(i) (a) 任何董事或擬委任董事（不論是執行或非執行，包括任何獨立非執行董事）；僱員或擬聘請之僱員（不論是全職或兼職），或
(b) 其時借調之任何人，
屬於本集團任何成員或任何控股股東或由控股股東控制之任何公司；或
(ii) 持有本集團任何成員或任何控股股東或任何控股股東控制公 司 所 發 行 之 任 何 證 券 之 持有人；或
(iii) (a) 任何業務或合作夥伴、特許經營權受讓人、承包商、代理或代表，
SHARE OPTION SCHEME
Share options are granted to directors, executives and employees of the Company and any subsidiaries under the Employee Share Option Scheme adopted and approved by shareholders on May 23, 1995. This scheme has been terminated on January 24, 2002 without prejudice to the rights and benefits of and attached to those options granted thereunder which are outstanding as at that date.
At the special general meeting of the Company held on January 24, 2002, an ordinary resolution was duly passed under which a new Share Option Scheme (“2002 Option Scheme”) was adopted and approved by the shareholders. A summary of the 2002 Option Scheme is as follows:
(1) Purpose
As incentives or rewards for the contribution or potential contribution to the Group from the selected eligible persons.
(2) Eligible persons 91
(i) (a) any director or proposed director (whether executive or non-executive, including any independent non- executive director), employee or proposed employee (whether full time or part time) of, or
(b) any individual for the time being seconded to work for,
any member of the Group or any controlling shareholder or any company controlled by a controlling shareholder; or
(ii) any holder of any securities issued by any member of the Group or any controlling shareholder or any company controlled by a controlling shareholder; or
(iii) (a) any business or joint venture partner, franchisee, contractor, agent or representative of,
購股權計劃（續）
(2) 合資格人士（續）
(b) 任何人士或個體提供研究、發展或其他技術支援或任何諮詢、顧問、專業或其他服務，
(c) 任何貨品或服務供應商，
(d) 任何客戶，或
(e) 任何業主及租客（包括分租租客），
乃本集團任何成員或任何控股股東或由控股股東控制之任何公司；
並就2002購股權計劃而言，將包括
92 由一位或多位隸屬以上任何合資格人士所控制之任何公司。
(3) 股份數目上限
可 發 行 之 股 份 數 目 上 限 為 143,602,851股，約相等於在本報告日本公司已發行股份之10%。
(4) 每位合資格人士可獲授權益上限
每位合資格人士在任何十二個月內
（直至授出購股權當日止），根據 2002購股權計劃及本公司任何其他購股權計劃獲授之購股權（包括已註銷、已行使及尚未行使之購股權）予以行使時，所發行及將發行之股份上限不得超過本公司已發行股份之1%。
SHARE OPTION SCHEME (continued)
(2) Eligible persons (continued)
(b) any person or entity that provides research, development or other technological support or any advisory, consultancy, professional or other services to,
(c) any supplier of goods or services to,
(d) any customer of, or
(e) any landlord or tenant (including any sub-tenant) of,
any member of the Group or any controlling shareholder or a company controlled by a controlling shareholder;
and, for the purposes of the 2002 Option Scheme, shall include any company controlled by one or more persons belonging to any of the above classes of eligible persons.
(3) Maximum number of shares
The maximum number of shares available for issue is 143,602,851, representing approximately 10 percent of the issued share capital of the Company as at the date of this report.
(4) Maximum entitlement of each eligible person
The maximum number of shares issued and to be issued upon exercise of options granted under the 2002 Option Scheme and any other share option schemes of the Company to any eligible person (including cancelled, exercised and outstanding options), in any 12-month period up to the date of grant shall not exceed one percent of the shares in issue.
購股權計劃（續）
(5) 購股權行使期
購股權可根據2002購股權計劃條款之規定，於董事授出購股權時，決定授出之購股權當日或其後日子開始行使，直至董事授出購股權時已決定之日期營業時間結束時屆滿（惟於任何情況下，由授出購股權當日起計不可超過十年，而接受提供之購股權當日亦以授出購股權之日期計）。
(6) 接受提供之購股權
購股權獲授人必須於本公司提供授出購股權日期起三十天內（包括提供購股權當日）接受有關之提供。於接受提供授予之購股權時，須繳付 1.00港元。
(7) 釐定購股權行使價之基準
行使購股權時須予支付之每股股份之購股權價將由董事決定，惟購股權價須至少為下列兩者中之較高者：
(i) 於授出日期之股份收市價；及
(ii) 授出日期前五個營業日之平均收市價，
惟每股股份之購股權價在任何情況下不可低於一股股份之面值。
(8) 2002購股權計劃尚餘之有效期
2 0 0 2 購股權計劃維持生效直至二零一二年一月二十四日屆滿。
SHARE OPTION SCHEME (continued)
(5) Time of exercise of option
An option may be exercised in accordance with the terms of the 2002 Option Scheme at any time during a period commencing on such date on or after the date on which the option is granted as the directors may determine in granting the option and expiring at the close of business on such date as the directors may determine in granting the option but in any event shall not exceed ten years from the date of grant (which is the date of offer of grant if the offer for the grant of the option is accepted).
(6) Acceptance of offers
An offer for the grant of options must be accepted within 30 days inclusive of the day on which such offer was made. The amount payable on acceptance of the offer for the grant of an option is HK$1.00.
(7) Basis of determining the option exercise price 93
The option price per share payable on the exercise of an option is to be determined by the directors provided always that it shall be at least the higher of:
(i) the closing price of the shares on the date of offer; and
(ii) the average closing price of the shares for the five business days immediately preceding the date of offer,
provided that the option exercise price per share shall in no event be less than the nominal amount of a share.
(8) The remaining life of the 2002 Option Scheme
The 2002 Option Scheme will remain in force until January 24, 2012.
購股權之變動
本年度內，本公司購股權之變動情況載於下表：
MOVEMENT OF SHARE OPTIONS
Following table discloses movements in the Company’s share options during the year:
於二零零一年 | 於二零零一年 | ||||
一月一日 | 本年度授予 | 本年度行使 | 本年度失效 | 十二月三十一日 | |
合資格人士 | 之購股權 Options held at January 1, | 之購股權 Options granted | 之購股權 Options exercised | 之購股權 Options lapsed | 之購股權 Options held at December 31, |
Eligible Persons | 2001 | during year | during year | during year | 2001 |
xxx | 1,400,000 | – | 1,400,000 | – | – |
Xxx Xxxx Xxxx, Xxxxx | 15,000,000 | – | – | – | 15,000,000 |
董事 Director | 10,000,000 | – | – | – | 10,000,000 |
xxx | 800,000 | – | – | – | 800,000 |
Xxxx Xxxx Xxxxxx, Xxxxxxx | 300,000 | – | – | – | 300,000 |
董事 | 300,000 | – | – | – | 300,000 |
Director | 300,000 | – | – | – | 300,000 |
xxx | 468,000 | – | – | – | 468,000 |
Xxx Xxxxx Xx, Xxxxxxx | 472,000 | – | – | – | 472,000 |
董事 | 300,000 | – | – | – | 300,000 |
Director | 300,000 | – | – | – | 300,000 |
300,000 | – | – | – | 300,000 | |
xxx | 548,000 | – | – | – | 548,000 |
Xxxx Xxx Xxxxx, Paul | – | 200,000 | – | – | 200,000 |
董事 Director | |||||
連續合約僱員 | 130,000 | – | 130,000 | – | – |
Continuous contract | 248,000 | – | 100,000 | 148,000 | – |
employees | 1,336,000 | – | 56,000 | 52,000 | 1,228,000 |
3,120,000 | – | 320,000 | – | 2,800,000 | |
1,544,000 | – | 188,000 | – | 1,356,000 | |
5,020,000 | – | 2,608,000 | – | 2,412,000 | |
300,000 | – | – | – | 300,000 | |
300,000 | – | – | – | 300,000 | |
300,000 | – | – | – | 300,000 |
94
行使價 Exercise price | 授予日期 Grant date | 有效期 Vesting period | 行使期 Exercise period |
港元 | （月/日/年） | （月/日/年） | （月/日/年） |
HK$ | (MM/DD/YYYY) | (MM/DD/YYYY) | (MM/DD/YYYY) |
2.220 | 05/25/1993 | 05/25/1993 — 05/24/1995 | 05/25/1995 — 05/23/2001 |
2.600 | 08/24/1995 | 08/24/1995 — 02/23/1996 | 02/24/1996 — 05/28/2005 |
2.830 | 05/07/1996 | 05/07/1996 — 05/06/1999 | 05/07/1999 — 05/28/2005 |
2.150 | 05/30/1995 | 05/30/1995 — 05/29/1998 | 05/30/1998 — 05/28/2005 |
4.460 | 07/08/2000 | 07/08/2000 — 07/07/2001 | 07/08/2001 — 05/28/2005 |
4.460 | 07/08/2000 | 07/08/2000 — 07/07/2002 | 07/08/2002 — 05/28/2005 |
4.460 | 07/08/2000 | 07/08/2000 — 07/07/2003 | 07/08/2003 — 05/28/2005 |
0.878 | 12/05/1997 | 12/05/1997 — 12/04/1999 | 12/05/1999 — 05/28/2005 |
0.878 | 12/05/1997 | 12/05/1997 — 12/04/2000 | 12/05/2000 — 05/28/2005 |
4.460 | 07/08/2000 | 07/08/2000 — 07/07/2001 | 07/08/2001 — 05/28/2005 |
4.460 | 07/08/2000 | 07/08/2000 — 07/07/2002 | 07/08/2002 — 05/28/2005 |
4.460 | 07/08/2000 | 07/08/2000 — 07/07/2003 | 07/08/2003 — 05/28/2005 |
0.878 | 12/05/1997 | 12/05/1997 — 12/04/2000 | 12/05/2000 — 05/28/2005 |
3.384 | 04/26/2001 | 04/26/2001 — 04/25/2004 | 04/26/2004 — 05/28/2005 |
2.220 | 05/25/1993 | 05/25/1993 — 05/24/1995 | 05/25/1995 — 05/23/2001 |
1.865 | 09/28/1994 | 09/28/1994 — 09/27/1997 | 09/28/1997 — 05/23/2001 |
2.150 | 05/30/1995 | 05/30/1995 — 05/29/1998 | 05/30/1998 — 05/28/2005 |
3.190 | 03/04/1996 | 03/04/1996 — 09/03/1996 | 09/04/1996 — 05/28/2005 |
0.878 | 12/05/1997 | 12/05/1997 — 12/04/1999 | 12/05/1999 — 05/28/2005 |
0.878 | 12/05/1997 | 12/05/1997 — 12/04/2000 | 12/05/2000 — 05/28/2005 |
0.692 | 02/24/1999 | 02/24/1999 — 02/23/2000 | 02/24/2000 — 05/28/2005 |
0.692 | 02/24/1999 | 02/24/1999 — 02/23/2001 | 02/24/2001 — 05/28/2005 |
0.692 | 02/24/1999 | 02/24/1999 — 02/23/2002 | 02/24/2002 — 05/28/2005 |
95
購股權之變動（續） MOVEMENT OF SHARE OPTIONS (continued)
於二零零一年 | 於二零零一年 | ||||
一月一日 | 本年度授予 | 本年度行使 | 本年度失效 | 十二月三十一日 | |
合資格人士 | 之購股權 Options held at January 1, | 之購股權 Options granted | 之購股權 Options exercised | 之購股權 Options lapsed | 之購股權 Options held at December 31, |
Eligible Persons | 2001 | during year | during year | during year | 2001 |
連續合約僱員 544,000 | – | 544,000 | – | – |
Continuous contract 544,000 | – | – | 136,000 | 408,000 |
employees 240,000 | – | – | – | 240,000 |
240,000 | – | – | – | 240,000 |
240,000 | – | – | – | 240,000 |
240,000 | – | – | – | 240,000 |
240,000 | – | – | – | 240,000 |
700,000 | – | – | 300,000 | 400,000 |
600,000 | – | – | 300,000 | 300,000 |
600,000 | – | – | 300,000 | 300,000 |
– | 4,740,000 | – | 270,000 | 4,470,000 |
– | 5,474,000 | – | – | 5,474,000 |
96
附註：
1. 緊隨購股權授出日前之股份收市價 如下：
Notes:
1. The closing prices of the shares immediately before the date on which options were granted are as follows:
緊隨購股權授出日前之股份收市價
Closing price of share immediately
授出日期 Date of Grant before the date of grant
港元
HK$
二零零一年二月七日 February 7, 2001 4.650
二零零一年四月二十六日 April 26, 2001 4.175
二零零一年八月三十一日 August 31, 2001 3.850
2. 有關xxx先生及僱員連續性合約已行使之購股權於緊隨行使日前之加權平均股份收市價分別為4.225 港元及 4.218港元
2. The weighted average closing prices of the shares immediately before the dates of exercise are HK$4.225 and HK$4.218 respectively regarding the options exercised by Mr. Xxx Xxxx Xxxx, Xxxxx and the Employees Continuous Contract
行使價 Exercise price | 授予日期 Grant date | 有效期 Vesting period | 行使期 Exercise period |
港元 | （月/日/年） | （月/日/年） | （月/日/年） |
HK$ | (MM/DD/YYYY) | (MM/DD/YYYY) | (MM/DD/YYYY) |
0.770 | 03/05/1999 | 03/05/1999 — 03/04/2001 | 03/05/2001 — 05/28/2005 |
0.770 | 03/05/1999 | 03/05/1999 — 03/04/2002 | 03/05/2002 — 05/28/2005 |
2.320 | 07/17/1999 | 07/17/1999 — 07/31/2000 | 08/01/2000 — 05/28/2005 |
2.320 | 07/17/1999 | 07/17/1999 — 07/31/2001 | 08/01/2001 — 05/28/2005 |
2.320 | 07/17/1999 | 07/17/1999 — 07/31/2002 | 08/01/2002 — 05/28/2005 |
2.320 | 07/17/1999 | 07/17/1999 — 07/31/2003 | 08/01/2003 — 05/28/2005 |
2.320 | 07/17/1999 | 07/17/1999 — 07/31/2004 | 08/01/2004 — 05/28/2005 |
4.460 | 07/08/2000 | 07/08/2000 — 07/07/2001 | 07/08/2001 — 05/28/2005 |
4.460 | 07/08/2000 | 07/08/2000 — 07/07/2002 | 07/08/2002 — 05/28/2005 |
4.460 | 07/08/2000 | 07/08/2000 — 07/07/2003 | 07/08/2003 — 05/28/2005 |
3.728 | 02/07/2001 | 02/07/2001 — 02/06/2004 | 02/07/2004 — 05/28/2005 |
3.108 | 08/31/2001 | 08/31/2001 — 08/30/2003 | 08/31/2003 — 05/28/2005 |
97
購股權之股值
購股權授予時，在財務報表上並不會確認，但只會於其行使時才確認。於 二零零一年財政年度購股權授予之每股加權平均合理價值為1.78港元。該加權平均合理價值乃採用xxx‧x爾斯期權定價模式，並於授出日採用以下之假設數據計算：
無風險利率 ： 4.2%至5.1%（於授出
日之三年期外匯基金債券的大約孳息）
預期股息 ： 歷 史 股 息 每 股 為
15.25港仙至18.25港仙預期波幅 ： 歷史波幅介乎53%至
66%
預期有效期 ： 介乎3.7年至4.3年
xxx‧xx斯期權定價模式的設計旨
98 在評估並無授出限制且可以自由轉讓之公開買賣期權之合理價值。而且，該期權定價模式亦須視乎若干高度主觀假設數據，包括預期股價波幅。任何主觀假設數據倘出現任何變動均會對購股權之合理價值造成重大影響。
VALUATION OF SHARE OPTIONS
The share options granted are not recognised in the financial statements until they are exercised. The weighted average fair value per share option granted during the fiscal year 2001 is HK$1.78. The weighted average fair value of each option granted is estimated on the date of the grant using the Black-Scholes option pricing model with the following assumptions:
Risk-free interest rate : 4.2 percent to 5.1 percent, being the
approximate yield of 3-year Exchange Fund Note on the grant date
Expected dividend : historical dividends of 15.25 HK cents
to 18.25 HK cents per share Expected volatility : 53 percent to 66 percent based on
historical volatility
Expected life : 3.7 to 4.3 years
The Black-Scholes option pricing model is developed to estimate the fair value of publicly traded options that have no vesting restrictions and are fully transferable. In addition, such option pricing model requires input of highly subjective assumptions, including the expected stock price volatility. Any changes in the subjective input assumptions may materially affect the estimation of the fair value of an option.