HSBC 2001 Annual Report Download - page 135

133
shares of US$0.50 each on 4 March 2002).
Particulars of options held by Directors of HSBC
Holdings are set out on pages 152 and 153.
All-Employee share plans
The HSBC Holdings Savings-Related Share Option
Plan, HSBC Holdings Savings-Related Share Option
Plan: Overseas Section, and previously the HSBC
Holdings Savings-Related Share Option Scheme:
USA Section, are all-employee share plans under
which eligible HSBC employees (those with six
months continuous service from July to December of
the year preceding the date of grant) are granted
options (at nil consideration) to acquire HSBC
Holdings ordinary shares of US$0.50 each.
Employees may make monthly contributions up to
£250 (or equivalent) over a period of three or five
years which may be used, on the third or fifth
anniversary of completion of the relevant savings
contract, to exercise the options; alternatively the
employee may elect to have the savings (plus
interest) repaid in cash. The options are exercisable
within six months following the third or fifth
anniversary of the commencement of the relevant
savings contract. In the case of redundancy,
retirement on grounds of injury or ill health,
retirement at age 50 or over, the transfer of
employing business to another party, or a change of
control of employing company, options may be
exercised before completion of the relevant savings
contract.
Under the HSBC Holdings Savings-Related
Share Option Plan and the HSBC Holdings Savings-
Related Share Option Plan: Overseas Section the
option exercise price is determined by reference to
the average market value of the ordinary shares on
the five business days immediately preceding the
invitation date, then applying a discount of up to 20
per cent. The Plans will terminate on 26 May 2010
unless the Directors resolve to terminate the Plans at
an earlier date.
HSBC Holdings Savings-Related Share Option Plan
HSBC Holdings ordinary shares of US$0.50 each
Date of award
Exercise
price (£)
Exercisable
from
Exercisable
until
Options at
1 January
2001
Options
awarded
during year1
Options
exercised
during year 2
Options
lapsed
during year
Options at
31 December
2001
10 Apr 1995 1.8060 1 Aug 2000 31 Jan 2001 174,885  144,502 30,383 
3 Apr 1996 3.0590 1 Aug 2001 31 Jan 2002 8,401,212  8,280,796 47,897 72,519
9 Apr 1997 4.5206 1 Aug 2002 31 Jan 2003 9,105,269  153,839 229,941 8,721,489
6 Apr 1998 5.2212 1 Aug 2003 31 Jan 2004 10,126,329  98,112 418,521 9,609,696
1 Apr 1999 5.3980 1 Aug 2004 31 Jan 2005 13,404,231  95,889 627,143 12,681,199
10 Apr 2000 6.0299 1 Aug 2005 31 Jan 2006 17,017,874  45,156 1,097,009 15,875,709
11 Apr 2001 6.7536 1 Aug 2004 31 Jan 2005  4,508,903 1,798 255,189 4,251,916
11 Apr 2001 6.7536 1 Aug 2006 31 Jan 2007  9,420,599 411 199,078 9,221,110
1The closing price per share on 10 April 2001 was £8.42.
2The weighted average closing price of the securities immediately before the dates on which options were exercised was £8.175.