Annual Report 2012 - ecoWise Holdings Limited

46ecoWise Holdings Limitedannual report 2012DIRECTORS’ REPORT5. SHARE OPTIONS AND SHARE PLAN (CONTINUED)ecoWise Performance Share Plan (Continued)The lapsing of the award is provided for upon the occurrence of certain events, which includes:(a)(b)(c)(d)(e)the misconduct of an eligible participant;the termination of the employment of an eligible participant;the bankruptcy of an eligible participant;the retirement, ill health, injury, disability or death of an eligible participant; and/ora take-over, amalgamation, winding-up or restructuring of the Company.The Share Plan shall continue in force at the discretion of the Remuneration Committee, subject to amaximum period of 10 years commencing on 23 March 2007. The Share Plan may continue beyond theabove stipulated period with the approval of members of the Company by ordinary resolution in a generalmeeting and of any relevant authorities which may then be required.The Company may deliver ordinary shares pursuant to awards granted under the Share Plan by way of:(a)(b)(c)Issuance of new ordinary shares;Delivery of existing ordinary shares purchased from the market or ordinary shares held in treasury;and/orCash in lieu of ordinary shares, based on the aggregate market value of such ordinary shares.During the reporting year, the number of performance shares granted under the Share Plan are as follows:Number of ecoWise performance sharesDate of grantAt1 November2011 Granted AwardedCancelled/lapsedAt31 October201221 March 2012 – 5,426,875 – (350,000) 5,076,875Performance shares awarded at the vesting date are dependent on the level of achievement against thepre-set performance conditions and targets.