Annual Report 2016
51
REPORT OF THE DIRECTORS
19. DIRECTORS’ RECEIPT AND ENTITLEMENT TO CONTRACTUAL BENEFITS
Since the beginning of the Year, no Director 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 of which he is a member, or with a company in which he has a substantial financial interest
except for salaries, bonuses and other benefits as disclosed in the attached consolidated financial
statements.
20. BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT
The biographical details of the Directors and senior management of the Group are set out on pages
18 to 22 of this annual report.
21. OPTIONS TO TAKE UP UNISSUED SHARES
The Company on June 11, 2001 adopted the Willas-Array Electronics Employee Share Option
Scheme II (“ESOS II”) and on July 30, 2013 adopted the Willas-Array Electronics Employee Share
Option Scheme III (“ESOS III”) to grant share options to eligible employees, including the Executive
Directors of the Group.
Under ESOS II, an option can be exercised, except in certain special circumstances:
(1)
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
(2)
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.
The vesting period of ESOS II is two years from and including the date of grant.
ESOS II expired on June 10, 2011 and the unexercised options granted under ESOS II will continue
to be valid and exercisable subject to the provisions of ESOS II within their respective exercise
periods.
