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3. ELIGIBILITY OF PARTICIPANTS
APPENDIX B
3.1 The following persons shall be eligible to participate in the Scheme, at the absolute discretion
of the Committee:-
(a) full-time Employees who have attained the age of 21 years; and
(b) Non-Executive Directors.
3.2 Participants who are eligible and selected by the Committee to participate in the Scheme shall
not, unless with the prior approval of the Committee in its absolute discretion, be eligible to
participate in other share option schemes implemented by the Company, its subsidiaries or its
parent company.
3.3 The selection of the Participants and the number of Ordinary Shares in respect of which
Options are to be offered to selected Participants shall be determined by the Committee, in its
absolute discretion, taking into account criteria such as performance of the Participant, provided
that the aggregate number of Ordinary Shares which may be offered by way of grant of Options
to Non-Executive Directors under the Scheme shall not exceed five per cent of the total number
of Ordinary Shares available under the Scheme.
4. EXERCISE PRICE
4.1 Subject to any adjustment pursuant to Rule 9, the Exercise Price to be paid for each Ordinary
Share on exercise of an Option shall be the price determined by the Committee in its absolute
discretion to be the Fair Market Value of the Ordinary Share as at the Date of Grant of that
Option. In determining the Fair Market Value of an Ordinary Share for these purposes, the
Committee shall be at liberty to take into consideration such criteria as the Committee may in
its absolute discretion, deem appropriate, including (but not limited to) any valuation of the
Ordinary Shares obtained from an independent merchant bank. A certificate issued by a duly
authorised officer of the Company as to the Fair Market Value of the Ordinary Share shall be
conclusive and binding on all Participants.
4.2 The Exercise Price in respect of an Option shall, in no event, be less than the nominal value
of the Ordinary Share.
5. GRANT AND ACCEPTANCE OF OPTIONS
5.1 The Committee may, subject as provided in Rule 11, grant Options at any time.
5.2 The Letter of Offer to grant an Option shall be in, or substantially in, the form set out in
Schedule A, subject to such modification as the Committee may from time to time determine.
5.3 An Option shall be personal to the person to whom it is granted and shall not be transferred
(other than to a Participant’s personal representative on the death of that Participant), charged,
assigned, pledged or otherwise disposed of, in whole or in part, except with the prior approval
of the Committee.
5.4 The grant of an Option shall be accepted by the Grantee within 14 days from the Date of
Grant of that Option and, in any event, not later than 5.00 p.m. on the 14th day from such
Date of Grant by completing, signing and returning the Acceptance Form in or substantially in
the form set out in Schedule B, subject to such modification as the Committee may from time
to time determine, accompanied by payment of S$1.00 as consideration.
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