34
DIRECTORS’ REPORT
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 Awards 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.
(c)
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:
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
