39
5.
Share plans (cont’d)
Shares granted under RSP
Details of the RSP granted to directors of the Company are as follows:
Name of Director
As at
beginning of
financial year
Share awards
granted during
the financial year
Share awards
released during
the financial year
As at
end of
financial year
Under Circular dated 3 October 2004
Khoo Boo Hor
3,600,000
<
(1,200,000)
2,400,000
Wong Chi Hung
500,000
<
(500,000)
<
Under Circular dated 11 April 2014
Khoo Boo Hor
<
1,300,000
<
1,300,000
There were no share awards granted to participants who received five percent or more of the total number of share awards
under the RSP during the financial year under review.
The share awards granted from 2010 to 2014 were subject to the following conditions:
(i)
one third of allotted number of share awards shall be vested on the first anniversary of the date of grant; one third on
the second anniversary of the date of grant; and the last third on the third anniversary of the date of grant;
(ii)
all the share awards shall be delivered only on the third anniversary of the date of grant;
(iii)
that in order to receive this award, the participants must be in the employment of the Company or its group of
companies, subject to the provisions as set out in the Summary of Rules of the RSP in the Circular to Shareholders
dated 13 October 2004 for RSP granted prior to 11 April 2014 and the Circular dated 11 April 2014 for RSP granted
thereafter;
(iv)
in the event an employee leaves the employment of the Company or its group of companies, the share awards which
have vested before the date of resignation shall be delivered on the third anniversary of the date of grant;
(v)
in the event an employee leaves the employment of the Company or its group of companies and joins competitors, the
share awards which have vested before the date of resignation shall be delivered on the fifth anniversary of the date of
grant;
(vi)
in the event an employee retires from the workforce, the share awards which have been granted shall be vested as
active employees and delivered on the third anniversary of the date of grant, provided the sum of his age and length of
service is greater than 60 years, he has worked with the Company or its group of companies for at least ten years and
he does not go to work for a competitor;
(vii) in the event an employee leaves the employment of the Company or its group of companies due to the restructuring of
any Sunningdale Tech Group of Companies, the share awards which have vested before the date of retrenchment shall
be delivered on the third anniversary of the date of grant.
Any waiver to these conditions would need the Remuneration Committee’s final decision.
DIRECTORS’ REPORT
DIRECTORS’ REPORT
