Ecowise Annual Report 2007 - ecoWise Holdings Limited

REPORT OFTHE DIRECTORS5. OPTIONS TO TAKE UP UNISSUED SHARES (Cont’d)5C) ECOWISE PERFORMANCE SHARE PLAN (“THE SHARE PLAN”) (Cont’d)The Share Plan shall continue in force at the discretion of the Remuneration Committee, subject to a maximumperiod of 10 years commencing on the date on which the Share Plan is adopted by the company in generalmeeting provided always that the Share Plan may continue beyond the above stipulated period with theapproval of Shareholders by ordinary resolution in general meeting and of any relevant authorities which maythen be required.The company may deliver shares pursuant to awards granted under the Share Plan by way of:-1. Issuance of new share and; or2. Delivery of existing shares purchased from the market or shares held in treasury and; or3. Cash in lieu of shares, based on the aggregate market value of such shares.5,450,000 shares have been granted under the Share Plan as of the date the financial statements wereapproved for issue by the Board of Directors.Number ofNumber of sharesPerformance Shares vested but not issuedCategory Number of person Granted as at 31 October 2007Executive DirectorsLee Thiam Seng 1 1,500,000 750,000Teoh Teik Kee 1 1,000,000 500,000Sunny Ong Keng Hua 1 1,000,000 500,000Independent DirectorsNg Cher Yan 1 150,000 75,000Ang Mong Seng 1 100,000 50,000Ong Teck Ghee 1 100,000 50,000Sub total 6 3,850,000 1,925,000Employees 8 1,600,000 625,00014 5,450,000 2,550,000The above number of shares represents the shares required if participants are awarded at 100% of the grant.However, the shares awarded at the vesting date are dependent on the level of achievement against thepre-set performance conditions and targets.The above performance shares granted are subjected to adjustments for rights cum warrants issues.6. OPTIONS EXERCISEDDuring the financial year, there were no shares of the company or any corporation in the group issued by virtue of theexercise of an option to take up unissued shares, except as disclosed in paragraph 5 above.7. UNISSUED SHARES UNDER OPTIONAt the end of the financial year, there were no unissued shares of the company or any corporation in the group, underoption except as disclosed in paragraph 5 above.36 • ecoWise Holdings Limited • Annual Report 2007