NOTES
TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2016
(In Singapore dollars)
116
ANNUAL REPORT 2015/2016
30. EMPLOYEE BENEFITS (CONT’D)
a)
MTQ Share Plan (cont’d)
(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”).
(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.
