Annual Report 2019

Report of the Directors 86 CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED (b) Notwithstanding (iii)(4)(a) above, the Board may grant options to any Eligible Person or Eligible Persons causing the limit under (iii)(4) (a) above in relation to such Eligible Person to be exceeded, but only with the approval of the shareholders of the Company in general meeting (with such Eligible Person and his associates abstaining from voting), and subject always to (iii)(5) below. (5) 30% maximum limit The number of shares which may be issued upon exercise of all outstanding options granted and not yet exercised under the Share Option Scheme to Eligible Persons must not exceed 30% of the shares in issue from time to time. (iv) Option period Subject to certain provisions, an option under the Share Option Scheme which is vested and has not lapsed may be exercised at any time up to the expiry of 10 years (or less, as the case may be) from the date of grant of the option. The exercise of the options may be subject to any conditions imposed by the Board at the time of offer. The rules of the Share Option Scheme do not contain specific provisions for the minimum period which an option must be held before exercise or performance targets applicable to the options. (v) Payment for option Option-holders are not required to pay for grant of an option. (vi) Subscription price The subscription price for the shares in respect of which options are granted shall not be less than the higher of (i) the closing price of the shares as stated in the Stock Exchange’s daily quotations sheet on the date of grant; (ii) the average closing price of the shares as stated in the Stock Exchange’s daily quotations sheets for the 5 trading days immediately preceding the date of grant; and (iii) the nominal value of the shares. (vii) The remaining life of the Share Option Scheme The life of the Share Option Scheme is 10 years commencing on the Adoption Date and ending on 8 December 2021. (viii) Shares available for issue under the Share Option Scheme As at 15 April 2020, the total number of shares available for issue under the Share Option Scheme was 247,441,123 shares, which represent approximately 7.17% of the total issued shares of the Company as at the same date. (ix) Shares options outstanding, granted, exercised, lapsed or cancelled No share options were outstanding, granted, exercised, lapsed or cancelled under the Share Option Scheme during the financial year from 1 January to 31 December 2019.