CS LoxInfo Public Company Limited Annual Report 2010
63
* Director monthly compensation and meeting fees for the period from January to December 2010, and accrued annual remuneration which would be paid in March 2011. ** Due to the acute and severe illness of Dr. Sillapaporn Srijunpetch in May 2010, the Board approved in the Meeting No. 5/2010 on August 10, 2010 to compassionate Baht 403,216.48 for his medical expense unclaimable elsewhere.
2. Monetary Remuneration for the Executives Total monetary remuneration for the Executives for the year ended December 31, 2010, comprising of salary, bonus, provident fund, and other fringe benefits, was Baht 13,407,300 (excluding the Executive Chairman who receives remuneration from Thaicom Plc., the indirect shareholder of the Company).
3. Other Remunerations 3.1 Other Remuneration for the Board members Apart from the monetary remuneration for the independent directors and external directors, the Company provided fringe benefits (non-monetary remuneration) to the Chairman of the Board, an independent director, in the form of car and fuel. 3.2 Employee Stock Option Program (ESOP) The Company has a program to issue and offer warrants for the Company’s ordinary shares to the directors and employees to motivate and reward for performance and contribution which should benefit the Company in the long run. Under an ongoing program, the Company will issue and offer such warrants continually for five-year period subject to shareholders’ approval in each year. At the end of 2010, the Company has issued and offered four programs, the details of which are as follow: Descriptions
Program 4
Program 5
Offering Size Offering Price Warrant Term Exercise Ratio*
8,354,300
8,354,400
Bt 0 Not more than 5 years from the Issuance and Subscription Date 1 unit of warrant 1 unit of warrant per 1.74831 common share per 1.52347 common share
Exercise Price* (Baht per share) Issuance and Subscription Date The director and management of the Company and its subsidiaries receiving of the warrants
1. Mr. Anant Kaewruamvongs 2. Mr. Anuwat Sanguansappayakorn 3. Dr. Somchai Kittichaikoolkit 4. Mr. Surachart Kukasamerat
2.048 31-May-06
2.349 30-May-07
No. of Warrant allocated (Units)
% of No. of Warrant issued
No. of Warrant allocated (Units)
% of No. of Warrant issued
1,002,500 417,700 417,700 835,400
12 5 5 10
2,690,100 917,400 540,000 -
32.20 10.98 6.46 -
* The Company has adjusted the warrant right as a result of 2010 dividend payment for first 6 months being at a rate exceeding 50% of net income after corporate income tax under the conditions specified in the prospectus. The latest right adjustment on both the exercise ratio and exercise price was on August 20, 2010.