113
/ MTQ CORPORATION LIMITED /
ANNUAL REPORT
2014/2015
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2015
(In Singapore dollars)
30. EMPLOYEE BENEFITS
a)
MTQ Share Plan
The Group has adopted a compensation scheme, known as the MTQ Share Plan (the “Share Plan”),
approved by shareholders of the Company at an Extraordinary General Meeting held on 26 July 2013,
to grant the right to receive fully paid ordinary shares (“Award”). The Share Plan,
inter alia
, allows for the
participation of employees of the Group and employees of associated companies (a company as defined
in the Listing Manual of the Singapore Exchange Securities Trading Limited (“SGX-ST”)) who meet the
eligibility criteria, but does not include any controlling shareholders and their associates as defined in the
Listing Manual of SGX-ST, nor the Non-Executive Directors.
The Share Plan is administered by the Remuneration Committee which comprises the following members:
Huang Yuan Chiang (Chairman)
Nicholas Campbell Cocks
Ong Choo Eng
The selection of the participants in the Share Plan and the grant of Award are to be determined by the
Remuneration Committee at its absolute discretion.
The principal terms of the Share Plan are:
(i)
Size and Duration
The total number of new shares which may be delivered by the Company pursuant to the Awards
granted under the Share Plan (“the New Shares”) on any date, when added to the aggregate number
of ordinary shares issued or issuable under any other share schemes which may be implemented
by the Company, shall not exceed 15% of the total number of issued ordinary shares (excluding
treasury shares) on the date preceding the date of grant.
The Share Plan shall continue in force at the discretion of the Remuneration Committee subject to a
maximum of 10 years commencing from the date it is adopted by the Company in general meeting,
provided always that the Share Plan may continue beyond this stipulated period with the approval
of the shareholders by ordinary resolution in general meeting and of any relevant authorities which
may then be required.
Notwithstanding the expiry or termination of the Share Plan, any grant of shares made pursuant to
the Share Plan prior to such expiry or termination will continue to remain valid.
(ii)
Eligibility to participate in the Scheme
Subject to the absolute discretion of the Remuneration Committee, the following persons, unless
they are also non-executive directors, controlling shareholders and/or their associates, shall be
eligible to participate in the Share Plan:
–
employees of the Group who have attained the age of twenty–one years before the date of
the Award and hold such rank as may be designated by the Remuneration Committee from
time to time; and
–
employees of associated companies who have attained the age of twenty–one years before
the date of the Award and hold such rank as may be designated by the Remuneration
Committee from time to time and who, in the opinion of the Remuneration Committee, have
contributed to the success of the Group;
(collectively known as the “Participants”).
