HSBC is to introduce a new international all-employee share plan in the third quarter of 2013.
Its Interim report 2013, published on 5 August, stated that the new plan would replace its previous global plan, HSBC Holdings Savings-Related Share Option Plan: International.
It will continue to offer its UK employees a sharesave scheme, which allows employees to contribute up to £250 a month from net pay, with which they can buy shares after three or five years.
Under the previous international plan, one-year options were available which are exercisable within three months following the first anniversary of the start of the savings contract. Three or five-year options are exercisable within six months following the third or fifth anniversary of the beginning of the relevant savings contract.
Under the previous international plan, the option exercise price has been 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 20%, except for the one-year options awarded under a US sub-plan where a 15% discount was applied.
Where applicable, the US dollar, Hong Kong dollar and Euro exercise prices were converted from the sterling exercise price at the applicable exchange rate on the working day preceding the relevant invitation date.
HSBC is not yet able to provide any additional detail about the new global share plan.