Sasbadi Annual Report 2017

NOTES TO THE FINANCIAL STATEMENTS 107 ANNUAL REPORT 2017 11. Capital and reserves (continued) 11.1 Share capital (continued) Employees’ share option scheme (“ESOS”) (continued) ii) Any employee or executive director of the Group is eligible to participate in the ESOS provided that, as at the date of offer: a) The employee or executive director is a Malaysian citizen who has attained eighteen (18) years of age; b) The employee or executive director is not an undischarged bankrupt nor subject to any bankruptcy proceedings; c) The employee or executive director must have been confirmed in service and have served at least six (6) months in the employment of the Group; d) Where the employee or executive director is under an employment contract, the contract is for a duration of at least one (1) year and shall have not expired within three (3) months from the date of offer; and e) The employee or executive director has fulfilled any other criteria as may be imposed by the ESOS Committee from time to time. Notwithstanding the above, the ESOS Committee may, at its sole and absolute discretion, waive any of the eligibility conditions set out above. iii) Not more than 10% of the shares available under the ESOS shall be allocated to any individual eligible person, who, either singly or collectively through persons connected with the eligible person, holds 20% or more of the issued and paid-up share capital (excluding treasury shares, if any) of the Company; iv) Not more than 80% of the options available under the ESOS shall be allocated, in aggregate to executive directors and senior management; v) The ESOS shall be in force for a period of five (5) years from the effective date of 1 September 2016, and may be extended for a further five (5) years or a shorter period from the expiry of the first five (5) years; and vi) The exercise price shall be fixed based on the higher of a discount of not more than 10% to the five (5)-day volume weighted average market price of the shares of the Company immediately preceding the date of offer or the par value of the shares of the Company; The Company has received all the relevant approvals, complied with the requirements pertaining to the ESOS, and submitted the final copy of the By- Laws of the ESOS to Bursa Ma laysia Securities Berhad (“Bursa Securities”) pursuant to paragraph 6.42 of the Bursa Securities Listing Requirements on 1 September 2016. The implementation of ESOS is thus effective from 1 September 2016. As at the date of this report, no options have been granted pursuant to the ESOS.