NOTES TO FINANCIAL STATEMENTS
30 June 2015
Karin Technology Holdings Limited
Annual Report 2015
104
27. SHARE OPTION SCHEME
The Company operates the 2005 Karin Employee Share Option Scheme (the “
2005 ESOS
”) for the purpose of
providing incentives and rewards to eligible participants who have contributed significantly to the growth and
performance of the Group. Eligible participants of the 2005 ESOS include the Company’s directors, including
independent directors, and other employees of the Group.
The offer of a grant of share options may be accepted within 30 days after the relevant offer date by completing,
signing and returning to the Company the acceptance form accompanied by payment of HK$1.00 as consideration
by the grantee. The exercise period of the share options granted at market price commences at any time after
the first anniversary from the offer date of that option and the exercise period of the share options granted at
below market price commences at any time after the second anniversary from the offer date of that option,
provided that the options shall be exercised before the tenth anniversary of the relevant offer date, except that
the options granted to independent directors shall be exercised before the fifth anniversary of the relevant offer
date, or an earlier date as may be determined by the committee of the Scheme (the “
Committee
”).
The exercise price of the share option is determined by the Committee at its absolute discretion and fixed by
the Committee at (i) the average last dealt price for the Company’s shares determined by reference to the daily
official lists published by the SGX-ST for the five consecutive trading days immediately prior to the relevant offer
date (the “
Price
”), or (ii) a price which is set at a discount of not exceeding 20% of the Price and approved by
the shareholders at a general meeting in a separate resolution in respect of that option. The aggregate number
of shares in respect of which options may be offered to a grantee for subscription in accordance with the Scheme
shall be determined at the absolute discretion of the Committee.
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2014 ESOS
”) has been adopted. There is no
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participants” and necessary modification and/or amendments have been made pursuant to the Listing Manual
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recognition to the contributions made by eligible participants towards the success and continued well-being of
the Group. Upon the termination of the 2005 ESOS, no further share options will be granted under the 2005
ESOS, all outstanding and unexercised options will continue to be effective and exercisable in accordance with
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share options were exercised during the current year.
Share options do not confer rights on the holders either to dividends, or to vote at shareholders’ meetings.
