ACCOUNTABILITY | FINANCIAL STATEMENTS 275 NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 January 2024 29. SHARE-BASED COMPENSATION PLANS (CONTINUED) (b) Employee’s Share Scheme 2023 At the Annual General Meeting of the Company held on 13 July 2023, the shareholders of the Company approved the establishment of a new Employees' Share Scheme 2023 ("ESS2023") of up to 10% of the total number of issued of the Company (excluding treasury shares) for eligible Executive Directors and employees of the Group. The ESS2023 shall be in force for a period of five (5) years commencing from 1 November 2023. On 20 November 2023, the NRC of the Company approved the allocation and award of 2023 Restricted Share Units (“2023 RSU Award”). The 2023 RSU Award is governed by the By-Laws of the ESS2023 approved by the shareholders on 13 July 2023. Under the 2023 RSU Award, either performance bonuses in cash or ordinary shares in the Company (“Yinson Shares”) are awarded to the eligible employees and Executive Directors of the Group. On 1 December 2023, the 2023 RSU Award was granted and awarded to the eligible employees and executive directors of the Group. The salient features of the 2023 RSU Award are as follows: (i) The Restricted Share Units (“RSU”) under the 2023 RSU Award can be settled via issuance of Yinson Shares or bonus payout in cash. The RSUs awarded to the Executive Directors and Senior Management of the Group are settled via issuance of Yinson Shares. The RSUs awarded to other all other eligible employees are settled via bonus payout in cash. (ii) Not more than 80% of the maximum shares available under ESS2023 shall be allocated in aggregate to the Executive Directors and Senior Management. (iii) The total number of Yinson Shares to be awarded to any individual person who, either singly or collectively through persons connected with them holds twenty percent (20%) or more of the issued and paid-up share capital (excluding treasury shares), shall not exceed ten percent (10%) of the maximum shares available under ESS2023. (iv) The RSUs will vest at the end of a 3-year period on 30 November 2026. (v) An employee must remain in employment and shall not have served a notice of resignation or received a notice of termination during the vesting period of 3 years from the date of grant. (vi) At the vesting date, the Company will settle the RSUs by issuing the number of Yinson Shares equal to the number of vested RSUs or making an equivalent cash payment based on the closing price of a Yinson Share on the vesting date. (vii) The fair value of RSUs at grant date is determined based on the 5-day volume weighted average market price (“VWAP”) of the Yinson Shares to be vested, taking into account the terms and conditions upon which the RSUs are to be granted, and on the basis that the maximum number of shares available under the 2023 RSU Award will be allotted and issued to the Executive Directors and Senior Management. At the grant date of 1 December 2023, the fair value of the RSUs was RM 2.43.
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