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Glorious Property
150
Annual Report 2011
Notes to the Consolidated Financial Statements
(Continued)
31 December 2011
39 Share Option Schemes
(Continued)
(b) SHARE OPTION SCHEME
(Continued)
The total number of shares which may be issued upon exercise of all options granted under the Share Option
Scheme must not, in aggregate, exceed 10% of the issued share capital of the Company at the date of approval
of the share option scheme. The 10% limit may be refreshed with the approval by ordinary resolution of the
Company’s shareholders. The maximum number of shares which may be issued upon exercise of all outstanding
options granted, and yet to be exercised, under the Share Option Scheme must not exceed 30% of the Company’s
issued share capital.
The total number of shares issued and to be issued upon exercise of all options granted under the Share Option
Scheme to each participant (including both exercised, cancelled and outstanding options) in any 12-month
period shall not exceed 1% of the total number of issued shares of the Company. If shares issued and to be issued
upon exercise of all options granted under the Share Option Scheme (including options exercised, cancelled and
outstanding) to a participant who is a substantial shareholder or an independent non-executive director of the
Company in any 12-month period, (i) represent in aggregate more than 0.1% of the total number of shares in issue
and (ii) have an aggregate value, based on the closing price of the shares of the Company at the date of each grant,
in excess of HK$5,000,000, the proposed grant of option must be approved by the Company’s shareholders by poll
in a general meeting.
The exercise period of any option granted under the Share Option Scheme shall not be longer than 10 years from
the date of grant of the relevant option. The Board has the authority to determine the minimum period for which an
option must be held before it can vest.
As at 31 December 2011, no share options have been granted under the Share Option Scheme (2010: Nil).