114
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2015
(In Singapore dollars)
30. EMPLOYEE BENEFITS (CONT’D)
a)
MTQ Share Plan (cont’d)
(iii)
Grant of Awards
Awards under the Share Plan may be granted at any time during the period when the Share Plan is
in force. The Remuneration Committee shall, in its absolute discretion, decide, in relation to each
Award:
–
the participants;
–
the Award date;
–
the number of fully paid ordinary shares which are the subject of the Award;
–
the performance targets and the period during which the targets are to be satisfied;
–
the extent to which the fully paid ordinary shares which are the subject of that Award shall be
released on the prescribed performance targets being satisfied (whether fully or partially) or
exceeded or not being satisfied, as the case may be, at the end of the performance period;
–
the vesting date; and
–
any other condition as the Remuneration Committee may determine.
The granted Award may not be sold, transferred, mortgaged, charged, assigned, pledged,
encumbered or otherwise disposed of, in whole or in part or in any way whatsoever, except with the
prior approval of the Remuneration Committee and if a participant shall do, suffer or permit any such
act or thing as a result of which he would or might be deprived of any such rights under an Award,
that Award shall immediately lapse.
(iv)
Operation of Share Plan
Subject to the prevailing legislation and the rules of the Listing Manual and such consents or other
required action by any competent authority under any regulations or enactments for the time being
in force as may be necessary and subject to the compliance with the terms of the Share Plan and the
Company’s Memorandum and Articles of Association, the Company will have the flexibility to settle
the Awards upon their vesting by way of:
–
issuing new ordinary shares of the Company as fully paid;
–
delivering existing ordinary shares (including, to the extent permitted by law, treasury shares);
and/or
–
paying the aggregate market price in cash in lieu of allotment or transfer of some or all of the
new or existing ordinary shares
As at 31 March 2015, the aggregate number of shares comprised in Awards granted pursuant to
the MTQ Share Plan which are not released amounted to 310,081 shares (31 March 2014: Nil). The
movements in the number of shares comprised in Awards granted under the MTQ Share Plan are
as follows:
