115
/ 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 (CONT’D)
a)
MTQ Share Plan (cont’d)
(iv)
Operation of Share Plan (cont’d)
Number of shares
Date of Grant
At
1.4.2014
Granted
Released
At
31.3.2015
29.8.2014
–
465,119
(155,038)
310,081
b)
Neptune’s incentive option scheme
Neptune operates an ownership-based incentive scheme known as the Neptune Marine Services Limited
Incentive Option Scheme (“Neptune Scheme”), which was approved by Neptune’s shareholders at a general
meeting held on 25 November 2005.
The Neptune Scheme provides for employees, Executive Directors of Neptune and others involved in the
management of Neptune to be offered options for no consideration. Each option is convertible to one
ordinary share of Neptune. The directors of Neptune may determine the exercise price of the options in its
absolute discretion. Subject to the Australian Securities Exchange (“ASX”) Listing Rules, the exercise price
may be nil but to the extent the ASX Listing Rules specify or require a minimum price, the exercise price
in respect of an offer made must not be less than any minimum price specified in the ASX Listing Rules.
Options issued under the Neptune Scheme that have not lapsed may be exercised at any time up to the
date which is 5 years after the date of the grant of the options, or such other expiry date as the directors
of Neptune determine in its discretion at the time of grant. There are no voting or dividend rights attached
to the options.
Options may not be offered under the Neptune Scheme if the total number of shares of Neptune which
would be issued where each option is accepted, together with the number of shares in the same class or
options to acquire such shares issued pursuant to all employee or executive share schemes during the
previous five years, exceeds 5% of the total number of issued shares in that class as at the date of the offer.
Employees are entitled to the options if they remain employed with Neptune over the service period which
is determined at the date of grant on an individual basis.
All options granted to key management personnel confer a right of one ordinary share in Neptune for every
option held.
