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http://www.straitstimes.com/breaking...eited-20130719

By Christopher Tan Senior Transport Correspondent
A SIZEABLE chunk of former SMRT chief executive Saw Phaik Hwa's share entitlement has been forfeited, the listed rail operator disclosed in its latest annual report.

Of the 100,000 performance share plan (PSP) shares SMRT granted to Ms Saw for financial year 2010, all were forfeited because the company's key performance indicators were not met. And of the 107,800 restricted share plan (RSP) shares granted to her, only 69,400 were actually awarded. The remaining 38,400 shares were not vested in time.

Ms Saw quit in January 2012. And because she resigned, all the 100,000 PSP and 100,000 RSP shares granted for FY2011 were forfeited. The 338,400 shares she did not receive would have been worth $490,680 at yesterday's closing price of $1.45.

SMRT did not disclose what happened to the allotment for FY2012, which would have been granted in August 2011 under normal circumstances.