Annual Report - Bina Puri

Notes to and Forming Part of the Financial Statements (Cont’d)20. SHARE CAPITAL (Cont’d)The salient features of the Scheme are: (Cont’d)(b)The following persons are eligible to participate in the Scheme: (Cont’d)(iv) If an employee is not a Malaysian citizen, he must, in addition to the conditions stipulated in paragraphs (i) to(iii) above, also fulfil the following conditions:- the employee must be serving the Group on a full time basis; and- in the event that the employee is serving under an employment contract, the contract should be for aduration of at least three (3) years.(v)If an employee is serving under an employment contract for a fixed duration, he must have been in the servicefor a continuous period of one (1) year in the Group.(c)(d)(e)(f)(g)(h)(i)An employee who during the tenure of the Scheme becomes an Eligible Employee may be eligible to a grant of anOption under the Scheme which shall be decided by the Option Committee.No Option shall be granted for more than 500,000 new ordinary shares to any Eligible Employee.The maximumnumber of Options granted to executive directors and senior management of the Group shall not exceed 50% ofthe total number of options available under the Scheme, and the number of options granted to any individualexecutive director or selected employee who, either singly or collectively through his/her associates (as defined inthe Companies Act, 1965), hold 20% or more of the issued and paid-up share capital of the Company, shall notexceed 10% of the total number of Options available under the Scheme.The Option price for each share shall be at a discount of not more than ten percent (10%) from the weightedaverage market price of the shares for the five (5) market days immediately preceding the date of offer or the parvalue of the shares, whichever is higher.An offer shall be valid for a period of sixty (60) days from the date of offer or such longer period as may bedetermined by the Option Committee on a case-by-case basis at its discretion.An offer shall be accepted by anEligible Employee within the offer period by written notice to the Option Committee accompanied by a nonrefundablesum of RM1 as consideration. If the offer is not accepted in the manner aforesaid, such offer shallautomatically lapse upon the expiry of the offer period and become null and void and be of no further force andeffect.The new ordinary shares to be allotted upon any exercise of Options under the Scheme shall, upon allotment andissue, rank pari passu in all respects with the then existing ordinary shares. However, the new ordinary shares soissued shall not be entitled to any dividend or other distributions declared, made or paid prior to the date ofexercise of the Options.The Scheme shall continue to be in force for a duration of up to five (5) years commencing the date of lodgement.Upon the expiry of the Scheme, all unexercised Options shall become null and void unless the Scheme is extendedfor a further five (5) years upon recommendation of the Option Committee.These Options may be exercised at any date during the Option Period not later than 30 November 2008 subjectto the following maximum limits:% to be % to be % to be % to be % to beNo. of options granted exercised exercised exercised exercised exercisedyear 1 year 2 year 3 year 4 year 510,000 and below 50 50 – – –10,001 to 50,000 30 30 40 – –above 50,000 20 20 20 20 2082 BINA PURI HOLDINGS BHDAnnual Report 2007