UOB Annual Report 2002 - United Overseas Bank

Directors’ Report
for the financial year ended 31 December 2002
Share Options of the Bank (continued)
(d) (iii) Since the commencement of the Schemes, no participant received 5% or more of the total options available under the
Schemes and no options were granted to controlling shareholders (or their associates). Since the commencement of the
Schemes, no options were granted to directors of the Bank except for Mr Ernest Wong Yuen Weng, who received options
since the commencement of the Schemes up to 31 December 1999 as follows:
Aggregate Number of Shares under
Option since the Commencement of the
UOB Executives’ Share Option Scheme
Options Granted during and the UOB 1999 Share Option Number of Shares under
the Financial Year Scheme up to 31 December 2002 Option Outstanding as at
Granted Exercised Lapsed 31.12.2002 1.1.2002
Nil 741,000 588,000 153,000 – –
Mr Ernest Wong Yuen Weng did not receive any options after 31 December 1999.
(iv) The holders of the Bank’s options have no right to participate, by virtue of the options, in any share issue of any other
company.
(e)
Save as disclosed in this report, no shares of the Bank were issued during the year to which this report relates by virtue of the
exercise of options granted pursuant to the Schemes, whether granted before or during the financial year.
(f)
Unissued ordinary shares of $1 each under option at 31 December 2002 comprise the following:
Year in which Options
Price Per Share
were Granted Under Payable in Full Upon Date of Expiration Number of
the Schemes Application of Option Shares
$
1998 3.14 14 June 2003 10,000
1999 14.70 27 December 2004 1,211,000
2000 12.90 11 December 2005 1,179,000
2,400,000
Share Options of the Bank’s Subsidiary, Overseas Union Trust Limited (“OUT”)
(a) The OUT Share Option Scheme (the scheme as amended or modified from time to time hereinafter called the “OUT Scheme”)
was approved by the members of OUT at an Extraordinary General Meeting held on 11 May 1995.
(b)
Options under the OUT Scheme were granted to officers of OUT in the corporate grade of Assistant Manager (or an equivalent
rank) and above, and an executive director of OUT. Particulars of the share options granted under this scheme have been set out
in the directors’ report for the year ended 31 December 2001.
(c)
On 1 April 2000, replacement options (hereinafter called the “Replacement Options”) were granted pursuant to the
OUT Scheme (as amended) to holders of outstanding options granted under the OUT Scheme and who, on that date, satisfied
the eligibility criteria specified in Regulation 6 of the Regulations of the OUT Scheme. Particulars of the Replacement Options
granted under this scheme have been set out in the directors’ report for the year ended 31 December 2001.
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