YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2024 176 DIRECTORS’ REPORT EMPLOYEES’ SHARE SCHEME (CONTINUED) The salient features and key terms of the 2023 RSU Award are disclosed in Note 29(b) to the financial statements. On 1 December 2023, the 2023 RSU Award was granted and awarded to the Executive Directors and Senior Management as well as other eligible employees of the Group. The movement of RSUs from the 2023 RSU Award for the financial year ended 31 January 2024 was as follows: At start of the financial year Granted At end of the financial year Executive Directors and Senior Management - 6,528,771 6,528,771 Other eligible employees - 2,604,032 2,604,032 - 9,132,803 9,132,803 EMPLOYEES’ LONG-TERM INCENTIVE PLAN On 26 June 2019, the Board of Directors of the Company approved an Employees’ Long-term Incentive Plan (“LTIP”). The LTIP is governed by the By-Laws of the ESS approved by the shareholders on 3 November 2015. On 25 March 2020, the terms and conditions of the LTIP were finalised and approved by the Board of Directors. On 3 August 2020, the LTIP was granted to the eligible employees and Executive Director of the Group. The LTIP is administered by the NRC. Under the LTIP, awards to eligible employees and an Executive Director of the Group can be made either through the Share Award Scheme (award of ordinary shares in the Company (“Yinson Shares”)) or Performance Bonus Scheme (bonus payout in cash). The Share Award Scheme component under the LTIP (which is under the ESS) shall expire on 2 November 2025. Pursuant to Clause 21.1 of the by-laws of the ESS (hereinafter “By-Laws”), the NRC may, in its sole discretion, settle any unvested Yinson Shares by way of equity settlement or cash settlement prior to the termination of the ESS or expiry of the LTIP. Any unvested Yinson Shares shall automatically lapse and cease to be capable of vesting in the event the ESS expires or terminates in accordance with the terms of the By-Laws. During the financial year ended 31 January 2024, there were no awards granted to the eligible employees and Executive Director of the Group. The salient features and other terms of the LTIP are disclosed in Note 29(c) to the financial statements. The impact to LTIP in the previous financial year arising from the Bonus Issue and Rights Issue is disclosed in Note 29(e). On 14 December 2023, the Board of Directors of the Company approved the cancellation of the LTIP and compensation to the participants on the cancellation of the LTIP in the form of RSUs (“RSU in Lieu of LTIP”). The salient features and key terms of the RSU in lieu of LTIP are disclosed in Note 29(c)(h). The movement of RSU in Lieu of LTIP for the financial year ended 31 January 2024 was as follows: At start of the financial year Granted Vested At end of the financial year 2020 RSU in Lieu of LTIP - 2,961,239 (2,961,239) - 2021 RSU in Lieu of LTIP - 3,980,736 - 3,980,736 2022 RSU in Lieu of LTIP - 5,012,193 - 5,012,193 - 11,954,168 (2,961,239) 8,992,929
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