41.3 DBSH Share Plan
Under the DBSH Share Plan the Share Plan, the Company’s ordinary shares may be granted to Group executives who hold
such rank as may be determined by the Committee appointed to administer the Share Plan from time to time. The awards
could be performance-based andor time-based. Where time-based awards are granted, they will only vest after
the satisfactory completion of time-based service conditions. Participants are awarded shares of the Company, their
equivalent cash value or a combination of both as part of their deferred bonus at the discretion of the Committee.
A time-based award comprises two elements, namely, the main award and the retention also known as “kicker” award. The
shares comprised in the retention award constitute twenty percent of the shares comprised in the main award. Effective
2010, the deferral period for unvested shares was extended from a 3-year period to a 4-year period showing a more
prudent risk management arrangement. Under the new vesting schedule, thirty-three percent of the shares comprised in the
main award will vest two years after the date of grant. A further thirty-three percent of the shares comprised in the main
award will vest three years after the date of grant. The remainder thirty-four percent of the shares comprised in the
main award, together with the shares comprised in the retention award, will vest four years after the date of grant. For
time-based awards, the fair value of the shares awarded are computed based on the market price of the ordinary shares at
the time of the award and is amortised through the income statement over the vesting period. At each balance sheet date,
the Group revises its estimates of the number of shares expected to vest based on non-market vesting conditions and
the corresponding adjustments are made to the income statement and Share Plan reserves.
The following table sets out the movement of the unissued ordinary shares of the Company under outstanding options, the weighted average exercise prices and expiration dates.
2011 2010
Unissued number of Weighted
Unissued number of Weighted
ordinary shares average
ordinary shares average
under outstanding exercise
under outstanding exercise
options price
options price
Balance at 1 January 11,417,819
12.58 14,920,398
13.26 Movements during the year:
– Exercised 1,667,402
11.38 1,362,039
11.66 – Forfeited Expired
4,021,897 14.53
2,140,540 17.91
Balance at 31 December 5,728,520
11.56 11,417,819
12.58 Additional information:
Weighted average remaining contractual life of options outstanding at 31 December
1.51 years 1.77 years
Range of exercise price of options outstanding at 31 December
8.84 to 12.81 8.84 to 15.05
In 2011, 1,667,402 options 2010: 1,362,039 were exercised at their contractual exercise prices. During the year, the corresponding weighted average market price of the Company’s shares was 14.10 2010: 14.36.
Number of Number of
Exercise unissued
unissued price per
DBSH Options ordinary shares
During the year ordinary shares
share Expiry date
Forfeited 31 December
1 January 2011 Exercised
Expired 2011
March 2001 3,266,807
10,000 3,256,807
– 15.05
15 March 2011 August 2001
119,987 112,929
7,058 –
11.00 01 August 2011
March 2002 2,468,690
621,759 331,307
1,515,624 12.53
28 March 2012 August 2002
136,333 56,640
7,058 72,635
10.43 16 August 2012
December 2002 11,763
– –
11,763 9.75
18 December 2012 February 2003
2,030,364 458,723
51,402 1,520,239
8.84 24 February 2013
March 2004 2,264,918
252,339 242,263
1,770,316 12.53
02 March 2014 March 2005
1,118,957 155,012
126,002 837,943
12.81 01 March 2015
11,417,819 1,667,402
4,021,897 5,728,520
123 DBS Annual Report 2011
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2011
The following table sets out the movement of time-based awards granted in the current and previous financial years
pursuant to the Share Plan and their fair values at grant date.
Number of shares 2011 grant
2010 grant
Balance at 1 January 2011 Not applicable
4,131,647
Granted in 2011 5,319,354 Not applicable
Vested in 2011 –
31,469
Forfeited in 2011 95,259
95,345
Balance at 31 December 2011 5,224,095
4,004,833
Weighted average fair value per share at grant date
14.40 14.28
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