NOTES
TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2016
(In Singapore dollars)
119
MTQ CORPORATION LIMITED
30. EMPLOYEE BENEFITS (CONT’D)
c)
Neptune’s long term incentives plan (“LTI”)
LTI rights were approved by Neptune’s shareholders at the annual general meeting held on 30th November
2011. These rights are granted based on a percentage of base salary, ranging between 25% to 100%.
Relevant employees of Neptune will receive a grant every year as part of their total annual remuneration
and the rights will vest into fully paid ordinary shares of Neptune on fourth anniversary of their grant date,
subject to meeting performance hurdles. Each grant of LTI rights will be split into two equal tranches, with
each tranche having an independent performance hurdle.
During the previous financial year, Neptune bought back and cancelled 22,088,353 LTI rights held by a key
management personnel before the Neptune’s share consolidation. No additional rights were granted and
as at 31 March 2015 and 2016 there were no outstanding LTI rights.
d)
Neptune’s retention performance rights (“RPR”)
The RPR was approved by Neptune’s shareholders at the AGM held on 30 November 2011.
RPRs granted to the employees have contractual lives of five years and will vest annually in equal tranches
over four years. Any unvested RPR will lapse if the holder resigns during this four-year period.
No retention rights were granted during the year. During the previous financial year, Neptune bought
back 5,294,573 of its unlisted rights at A$0.04 per right. The acquired unlisted rights were subsequently
cancelled. A$60,000 worth of RPRs were forfeited and the remaining rights were cancelled as the relevant
employees have resigned during the year. At 31 March 2015 and 2016 there were no outstanding rights.
Expenses relating to share-based payments
The total expenses recognised relating to the share-based payment transactions included within staff costs
in the profit or loss amounted to $235,000 (2015: $758,000).
