GHL System Berhad Annual Report 2018

a n n u a l r e p o r t 2 0 1 8 125 NOT ES TO THE F I NANC I A L STAT EMENTS 3 1 D e c e m b e r 2 0 1 8 C O N T ’ D 23. SHARE CAPITAL (cont’d) (f) The ESS of the Company came into effect on 30 August 2018. The ESS shall be in force for a period of five (5) years until 29 August 2023 (“the scheme period”). The main features of the ESS are as follows (cont’d): (v) Upon exercise of the options, the shares issued rank pari passu in all respects with the existing ordinary shares of the Company; (vi) The employees to whom the options have been granted have no right to participate, by virtue of these options, in any ordinary share issue of any other company; and (vii) The option price and the number of ordinary shares comprised in the ESS options are subject to adjustment in the event of any alteration in the capital structure of the Company during the scheme period in accordance with the provisions in the ESS By-Laws (“By-Laws”), subject to the determination by ESS Committee. The details of the options over ordinary shares of the Company are as follows: Number of options over ordinary shares Outstanding as at 1.1.2018 Movements during the financial year Outstanding as at 31.12.2018 Exercisable as at 31.12.2018 Granted Retracted* Exercised Forfeited* 2018 6 April 2018 - first tranche - 1,290,000 - (125,000) (5,000) 1,160,000 1,160,000 - second tranche - 3,870,000 (45,000) - - 3,825,000 - - third tranche - 7,740,000 (90,000) - - 7,650,000 - - 12,900,000 (135,000) (125,000) (5,000) 12,635,000 1,160,000 Weighted average exercise prices (RM) - 1.08 1.08 1.08 1.08 1.08 1.08 Weighted average remaining contractual life (months) - 39 * Due to resignation.