ACCOUNTABILITY | FINANCIAL STATEMENTS 277 NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 January 2024 29. SHARE-BASED COMPENSATION PLANS (CONTINUED) (c) Employees’ Long-Term Incentive Plan (continued) (a) The salient features of the LTIP are as follows: (continued) (iii) The total number of Yinson Shares to be awarded to an employee shall not be more than 10% of the Yinson Shares made available under the LTIP if the employee either singly or collectively through persons connected with the said employee, holds twenty percent (20%) or more of the Company’s issued and paidup share capital (excluding treasury shares). (iv) The total number of Yinson Shares to be awarded to Mr. Lim Chern Wooi, being a person who 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) of the Company, shall not exceed 10 percent (10%) of the issued and paid-up ordinary share capital of the Company (excluding treasury shares). (b) The Yinson Shares and performance bonuses for each tranche will be awarded only upon fulfilment of all of the following Group performance targets at the preceding financial year before grant (“Award Conditions”), as follows: (i) Current Ratio of the Group of more than 1 time; (ii) Audited PATMI (before deducting expenses recognised in accordance with MFRS 2 Share-based Payment) of the Group (“Adjusted Group PATMI”) equal to or greater than RM400 million; and (iii) Specific target points for daily share price based on 1-month VWAP as set out in (a)(ii) above. (c) Upon meeting the Award Conditions for each tranche, the NRC and the Board of Directors of the Company will determine and approve the total number of Yinson Shares and total amount of performance bonuses to be awarded. The vesting of these Yinson Shares and performance bonuses is subject to the following vesting conditions: (i) The aggregate value of the vesting of such portion of the Yinson Shares or performance bonuses awarded in each financial year shall not exceed 20% of the Adjusted Group PATMI; (ii) The balance portion of Yinson Shares and performance bonuses awarded but not vested due to the limit of 20% of Adjusted Group PATMI in each financial year, will continue to be vested in the subsequent financial year(s), without further testing of the Award Conditions as set out in (b) above, subject to the limit of 20% of Adjusted Group PATMI in each financial year, until those awarded Yinson Shares and performance bonuses are fully vested. No Yinson Shares shall be vested after the expiry or termination of the LTIP; and (iii) An eligible 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 2 years from the date of grant for each tranche. (d) The Yinson Shares will vest equally over three instalments over a 2-year period with the first instalment vesting on the date of award. The date of award for each tranche is expected to be on 15 May of the applicable financial year. Depending on the level of achievement of the performance targets as determined by the NRC of the Company, the total amount of Yinson Shares which will vest or total amount of performance bonuses which will be paid may be lower than the total number of shares or the total amount of performance bonuses offered respectively.
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