Senior management at China Merchant's Bank (CMB) will receive stock options worth 90,000-300,000 H-shares ahead of its US$2 billion Hong Kong listing, the bank announced Thursday. Under the agreement, the 10-year options can be swapped into H-shares at the previous month's average daily price. Holders will be able to exercise 25% of their options before 2008, and further lots of 25% every two years after. Senior management will also be insured against corporate failure, while independent directors and supervisors can expect significant pay rises. CMB, China's sixth-largest lender, has previously said it will sell a 15% stake, or 2.2 billion shares, in Hong Kong. It is distinct among China's banks as it hasnï¿½t sought any foreign investment.