WILLAS-ARRAY ELECTRONICS (HOLDINGS) LIMITED
150
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED MARCH 31, 2016
29. SHARE-BASED PAYMENTS
Equity-settled share option scheme
The Company adopted the Willas-Array Electronics Employee Share Option Scheme II (“ESOS II”)
on June 11, 2001 to grant share options to eligible employees, including the executive directors of
the Company and its subsidiaries.
The Company also adopted the Willas-Array Electronics Employee Share Option Scheme III (“ESOS
III”) by an ordinary resolution of the shareholders in a special general meeting of the Company held
on July 30, 2013.
The above share option schemes are administered by a committee (“ESOS Committee”) which has
been authorised to determine the terms and conditions of the grant of the options.
The options under ESOS II grant the right to the holder to subscribe for new ordinary shares of the
Company at a discount to market price of the share (subject to a maximum discount of 20%) or at
a price equal to the average of the closing prices of the shares on the SGX-ST on the five trading
days immediately preceding the date of the grant of the options. The number of shares in respect
of which options may be granted under ESOS II, when aggregated with those granted under any
other share option schemes of the Company and the time being in force, shall not exceed 15% of
the issued share capital of the Company on the date preceding the date of the relevant grant.
Under ESOS II, the period for the exercise of an option will commence, except in certain special
circumstances, after the first anniversary of the date of grant and will expire on the tenth
anniversary of such date of grant in the case of an option granted with the exercise price set at
the market price; and after the second anniversary of the date of grant and will expire on the tenth
anniversary of such date of grant in the case of an option granted with the exercise price set at a
discount to the market price.
