ACCOUNTABILITY | FINANCIAL STATEMENTS 279 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) (h) The salient features of the RSU in lieu of LTIP are as follows: (i) The RSUs in Lieu of LTIP awarded to eligible LTIP participants are settled in cash. (ii) The regulations of ESS2023 in respect of the 2023 RSU Award shall be retrospectively applied and enforced for the calendar years 2020, 2021 and 2022 for individuals who were deemed eligible under the LTIP and remain employed. However, the RSUs do not fall within the terms and conditions of the 2023 RSU Award and is not governed by the By-Laws of the ESS2023 approved by the shareholders on 13 July 2023. (iii) The number of RSUs in Lieu of LTIP and the vesting date for each calendar year for which RSUs have been granted and awarded are as set out below. 2020 RSU in Lieu of LTIP 2021 RSU in Lieu of LTIP 2022 RSU in Lieu of LTIP Number of RSUs in Lieu of LTIP awarded 2,961,239 3,980,736 5,012,193 Vesting date 31 December 2023 1 June 2024 1 June 2025 (iv) At the end of each vesting period, the eligible LTIP participants will receive a cash payment based on the number of vested RSUs in Lieu of LTIP and the closing share price of a Yinson Share determined based on the 5-day VWAP at each vesting date. (v) The fair value of RSUs in Lieu of LTIP at each reporting date and vesting date is determined based on the 5-day volume weighted average market price (“VWAP”) of a Yinson Share. At the first vesting date of 31 December 2023, the fair value of the 2020 RSUs in Lieu of LTIP was RM 2.43. 2024 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 For the financial year ended 31 January 2024, a cash payment of RM7 million was made to the eligible LTIP participants in full settlement of the 2020 RSUs in Lieu of LTIP which vested on 31 December 2023.
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