ANNUAL%20REPORT%202015%20eng
ANNUAL%20REPORT%202015%20eng
ANNUAL%20REPORT%202015%20eng
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Directors’ Report<br />
Notes:<br />
1. The Share Options are subject to vesting scale in four tranches of 25% each. The exercise periods are as follows:<br />
(1) first 25% of the Share Options granted – 12 October 2012 to 12 October 2019<br />
(2) second 25% of the Share Options granted – 12 October 2013 to 12 October 2019<br />
(3) third 25% of the Share Options granted – 12 October 2014 to 12 October 2019<br />
(4) fourth 25% of the Share Options granted – 12 October 2015 to 12 October 2019<br />
2. The Share Options are subject to vesting scale in three tranches. The exercise periods are as follows:<br />
(1) first 25% of the Share Options granted – 28 November 2013 to 28 November 2020<br />
(2) second 25% of the Share Options granted – 28 November 2014 to 28 November 2020<br />
(3) third 50% of the Share Options granted – 28 November 2015 to 28 November 2020<br />
3. The Share Options are subject to vesting scale in four tranches of 25% each. The exercise periods are as follows:<br />
(1) first 25% of the Share Options granted – 10 June 2015 to 10 June 2020<br />
(2) second 25% of the Share Options granted – 10 June 2016 to 10 June 2020<br />
(3) third 25% of the Share Options granted – 10 June 2017 to 10 June 2020<br />
(4) fourth 25% of the Share Options granted – 10 June 2018 to 10 June 2020<br />
4. As a result of the rights issue completed on 29 December 2014, the exercise prices and the number of the shares<br />
falling to be issued upon full exercise of the outstanding Share Options were adjusted in accordance with the Option<br />
Adjustments with effect from 1 January 2015. Please refer to the 2014 Annual Report of the Company for details.<br />
Treatment of lapse of the share options<br />
Pursuant to the Share Option Scheme, in the event that an employee ceases to be an employee of the Company<br />
before exercising the option in full, the option (to the extent not already exercised) shall lapse on the date of<br />
cessation or termination and not be exercisable unless the Directors otherwise determine. The offer letter to<br />
grantees also states that any option shares that have not yet vested according to the vesting scales shall be<br />
considered “Unvested Shares”, and upon cessation of employment or services on behalf of the Company for any<br />
reason, no further vesting of the option will occur and any unvested portion of the option will terminate.<br />
The Directors determined that in the event that an employee ceases to be an employee of the Company before<br />
exercising the option in full, only unvested Share Options (but not all the outstanding Share Options) will lapse<br />
effective from 1 August 2013.<br />
EQUITY-LINKED AGREEMENTS<br />
Save as disclosed under the section headed “Share Option Scheme” above, for the year ended 31 December<br />
2015, the Company has not entered into any equity-linked agreement.<br />
Annual Report 2015<br />
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