content_image/189606.jpg content_image/189605.jpg
(Expressed in thousands of United States dollars) 

## 14. Share Options 

The shareholders of the Company approved an Executive Stock Option Plan on October 24, 1991, under which certain employees, officers and directors may be granted options to purchase Class A Ordinary Shares of the Company. 

The exercise price per share in respect of options is equal to the fair market value of the Class A Ordinary Shares on the date of grant. Each option is for a term not exceeding ten years, and will become exercisable on a cumulative basis at the end of each year following the date of grant. The maximum number of Class A Ordinary Shares under option shall be fixed and approved by the shareholders of the Company from time to time and is currently set at 1,220,100. Options are forfeited if they are not exercised prior to their respective expiry date or upon termination of employment prior to the completion of the vesting period. 

## Share Options 

<img src='content_image/189606.jpg'>

The position with respect to outstanding unexercised options as at December 31, 2011 was as follows: 

## Share Options 

<img src='content_image/189605.jpg'>

Under the fair value method, the compensation expense was $0.05 million for the year ended December 31, 2011 (December 31, 2010: $0.05 million), resulting in a corresponding increase of the contributed surplus. 

