Sasbadi Annual Report 2020

111 ANNUAL REPORT 2020 FINANCIAL STATEMENTS (continued) 16. Capital and reserves (continued) 16.6 Share option reserve (continued) Employees’ share option scheme (“ESOS”) (continued) 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 total number of issued shares (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 Malaysia 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. On 6 December 2019, the Company offered 10,000,000 options at an exercise price of RM0.17 each to its eligible employees under the ESOS (Note 19).