36
ANNUAL REPORT 2015/2016
SHARE PLAN (CONT'D)
(b)
The principal terms of the Share Plan are: (cont’d)
(ii)
Eligibility to Participate in the Share Plan
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 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 the 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
Constitution, the Company will have the flexibility to settle the Awards upon their vesting by way of:
DIRECTORS’
STATEMENT
