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STAMFORD LAND CORPORATION LTD
Directors’ Report
4 Contractual Benefits of Directors
Since the beginning of the fnancial year, except as disclosed in notes 5 and 10 to the fnancial
statements, no director of the Company has received or become entitled to receive a beneft
which is required to be disclosed under section 201(8) of the Singapore Companies Act,
Chapter 50, by reason of a contract made by the Company or a related corporation with the
director or with a frm of which he is a member, or with a company in which he has a substantial
fnancial interest.
5 Options to Take Up Unissued Shares
Share Options
The Stamford Land Corporation Ltd Share Option Plan (“Option Plan”) was approved at
the Company’s Extraordinary General Meeting held on 30 August 2002. The Company’s
Remuneration Committee, comprising Tan Chin Nam (Chairman), Wong Hung Khim and
Mark Anthony James Vaile, administers the Option Plan.
Each share option entitles the director or employee of the Company to subscribe for one new
ordinary share of no par value each in the Company. The options are granted in consideration
of $1 for each offer accepted. The employees to whom the options have been granted do not
have the right to participate by virtue of the options in a share issue of any other company
in the Group. Options granted are cancelled when the option holder ceases to be in full time
employment of the Company or any corporation in the Group subject to certain exceptions at
the discretion of the Company.
The options may be exercised after one year except under certain circumstances. The shares
under option may be exercised in full or in 1,000 shares or a multiple thereof on the payment
of the subscription price. The subscription price is determined at market price or based on the
average of the last dealt price of the shares for the three market days preceding the day of offer
of share options under the Option Plan. The Remuneration Committee may, at its discretion, fx
the subscription price at a discount up to 20% of market price.
Since the commencement of the Option Plan, no options have been granted.