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ANNUAL REPORT 2013 49
DIRECTORS’ INTERESTS IN SHARES OR DEBENTURES (continued)
By virtue of Section 7 of the Companies Act (Cap. 50), Wee ChoYaw, Wee Ee Lim andWee Ee-chao, who by virtue
of their interest of not less than 20% in the issued capital of the Company, are also deemed to have an interest in
the shares of the various subsidiary companies held by the Company.
DIRECTORS’ CONTRACTUAL BENEFITS
Since the end of the previous fnancial year, no Director has received or has become entitled to receive benefts
required to be disclosed by Section 201(8) of the Companies Act, 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 except those disclosed in Note 22 to the fnancial statements.
SHARE OPTIONS
Haw Par Corporation Group 2002 Share Option Scheme
The 2002 Scheme was approved by members of the Company at an Extraordinary General Meeting held on 22
May 2002. The extension of the duration of the 2002 Scheme for a further period of 5 years to 2017 was approved
by members of the Company at the Annual General Meeting held on 20 April 2011. The 2002 Scheme is granted
to key executives personnel and directors (including non-executive directors) of the Company and the maximum
life-span of exercising the options is 10 years. The exercise price of the options is determined at the average of the
last dealt price of the Company’s ordinary shares as quoted on the Singapore Exchange Securities Trading Limited
for fve market days immediately preceding the date of the grant. The options are exercisable beginning on the
frst anniversary from the date when the options are granted or the second anniversary if the options are granted
at a discount to the market price. Once the options are vested, they are exercisable for a period of four years. The
options may be exercised in full or in part in respect of 1,000 shares or any multiple thereof, on the payment of
the exercise price. The Group has no legal or constructive obligation to repurchase or settle the options in cash.
The share option scheme size shall not exceed 15% of the total number of issued shares of the Company on the
day preceding grant date and exercise prices are allowed to be set at discounts of up to 20% to their market price.
The number of unissued ordinary shares of the Company covered by the options in relation to the 2002 Scheme
outstanding at the end of the fnancial year was as follows:
Number of shares covered by the options
Date of grant Balance at 31.12.2013 Exercise price Exercise period
2.3.2009 30,000 $3.71 2.3.2010 – 1.3.2014
1.3.2010 44,000 $5.86 1.3.2011 – 28.2.2015
1.3.2011 150,000 $6.09 1.3.2012 – 29.2.2016
1.3.2012 141,000 $5.95 1.3.2013 – 28.2.2017
4.3.2013 424,000 $7.27 4.3.2014 – 3.3.2018
789,000
In 2013, options to subscribe for 438,000 unissued shares in the Company at the exercise price of $7.27 per share
were granted and 424,000 accepted under the 2002 Scheme. Options in respect of 4,446,000 have been granted
and accepted since the adoption of the scheme on 22 May 2002. No options have been granted at a discount to
the market price of shares of the Company.
During the fnancial year, options to subscribe for 26,000 unissued shares were cancelled, expired and not accepted
and 609,000 shares were issued by virtue of the exercise of options. The market price on the dates of exercise
ranged from $6.07 to $7.79.
DIRECTORS’ REPORT (CONTINUED)
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013