Notes To The Financial Statements 31 March 2024 (Cont’d) 160 ENRA GROUP BERHAD ANNUAL REPORT 2024 29. EMPLOYEES’ SHARES SCHEME (“ESS”) (CONT'D)) The main features of the ESOS are as follows: (Cont'd)) (d) The maximum number of shares, which may be offered to an Eligible Person shall be at the sole discretion of the ESS Committee after taking into consideration, amongst others, the performance, targets, position, annual appraised performance, seniority and length of service of eligible employee’s position, performance and length of service of the Eligible Person, or such other matters that the ESS Committee may in its sole discretion deem fit, subject to the following: (i) 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 ordinary shares of the Company (excluding treasury shares, if any). (e) An option granted under the ESOS may be exercised by the grantee upon achieving the vesting conditions set by the ESS Committee; and (f) The shares shall on issue and allotment rank pari passu in all respects with the then existing issued shares of the Company. The number of options over ordinary shares under the option scheme was as follows: ------------ Number of options over ordinary shares ------------ Balance Balance Exercisable as at as at as at Category of participants 1.4.2023 Granted Forfeited* 31.3.2024 31.3.2024 1st Award of ESOS Option Directors 3,500,000 - - 3,500,000 3,500,000 Key Management Personnel^ and Employees 2,300,000 - (300,000) 2,000,000 2,000,000 5,800,000 - (300,000) 5,500,000 5,500,000 Exercise price RM1.10 2nd Award of ESOS Directors - 7,600,000 - 7,600,000 7,600,000 Key Management Personnel^ and Employees - 4,300,000 - 4,300,000 4,300,000 - 11,900,000 - 11,900,000 11,900,000 Exercise price RM0.80 Total Directors 3,500,000 7,600,000 - 11,100,000 11,100,000 Key Management Personnel^ and Employees 2,300,000 4,300,000 (300,000) 6,300,000 6,300,000 5,800,000 11,900,000 (300,000) 17,400,000 17,400,000 ^ Other than Directors The fair value of share options was estimated by the Group using the Black-Scholes-Merton option pricing model, taking into account the terms and conditions upon which the options were granted. The fair value of share option measured at grant date and the assumptions used are as follows: 2024 2023 Average share price at grant date (RM) 0.62 0.76 Exercise price (RM) 0.80 1.10 Fair value of share options (RM) 0.0300 0.0037 Risk free rate of interest (%) 3.49 3.75 Expected life of options (years) 3 4 Expected volatility (%) 15.46 13.03
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