Notes To The Financial Statements 31 March 2024 (Cont’d) 159 FINANCIAL STATEMENTS & OTHERS 28. EMPLOYEE BENEFITS Group Company 2024 2023 2024 2023 RM’000 RM’000 RM’000 RM’000 Salaries, wages, bonus and allowances 6,027 5,845 4,382 4,143 Defined contribution plan 672 899 487 661 Other employee benefits 1,108 849 452 231 Share options granted under ESOS: - Directors 228 11 228 11 - Key Management Personnel^ 60 5 30 5 - Other employees 69 2 69 2 8,164 7,611 5,648 5,053 ^ Other than Directors Included in the employee benefits of the Group and the Company is Directors’ remuneration amounting to RM2,638,000 (2023: RM2,435,000). 29. EMPLOYEES’ SHARES SCHEME (“ESS”) In the Extraordinary General Meeting on 9 February 2018, the Shareholders have approved the ESS comprising Employees' Option Scheme ("ESOS") and Employees' Share Grant ("ESG") that came into effect on 12 February 2018 for a period of 5 years up to 12 February 2023. Subsequently, the Company has extended the duration of the ESS for another 5 years to 12 February 2028. On 1 June 2022, the Company made an offer of 6,100,000 ESOS Option under the ESS ("1st Award") to the eligible Directors and employees of the Company and its subsidiaries (collectively as “Eligible Persons”). The ESOS Option was offered in 2 tranches with the 1st tranche of 40% comprising 2,440,000 ESOS Option with no vesting period and the 2nd tranche of 60% comprising 3,660,000 ESOS Option with a vesting period of 1 year till 31 May 2023. The Company had subsequently on 2 January 2024 made an offer of 11,900,000 new ESOS Option (“2nd Award”) for an option period of three (3) years commencing from 2 January 2024 and expiring on 1 January 2027 to the Eligible Persons. The total number of outstanding ESOS Options granted under the ESS as at the financial year end is 17,400,000. The main features of the ESOS are as follows: (a) The ESOS is made available to eligible employees and Directors (including non-executive Directors) (collectively as “Eligible Person”) who are confirmed employees of the Company and its non-dormant subsidiaries as defined in the Companies Act 2016 in Malaysia, as amended from time to time, and any re-enactment thereof; (b) The total number of shares offered under the ESOS shall not, in aggregate, exceed 15% of the total issued ordinary shares of the Company (excluding treasury shares, if any) at any time during the existence of the ESOS; (c) The option price under the ESOS shall be the five-day weighted average market price of the shares as quoted on the Main Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) at the time the option is granted with a discount of not more than 10% if deemed appropriate;
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