REPORT OF THE DIRECTORS
Karin Technology Holdings Limited
Annual Report 2015
42
KARIN PERFORMANCE SHARE PLAN
The Karin Performance Share Plan (the “
Plan
”) was adopted on 21 October 2010.
The committee administering the Plan is the Remuneration Committee which comprises the three independent directors,
namely Prof. Ng Tung Sang, Mr. Lim Yew Kong, John and Mr. Lawrence Kwan.
In the prior financial year, on 7 May 2014, 710,000 treasury shares were awarded to employees of the Group as extra
bonus for achieving specific target under the Plan. The aggregate market price of the treasury shares on the date of
the grant were S$216,550.
During the current financial year, no treasury share was awarded.
As at 30 June 2015, save for the above, no shares have been awarded pursuant to the Plan and in particular, no shares
were awarded pursuant to the Plan to:
(i)
any directors of the Company;
(ii)
any controlling shareholders and their associates; and
(iii)
any employees of the Group which results in them receiving 5% or more of the total number of shares available
under the Plan.
Subsequent to the current reporting date, on 24 July 2015, all the outstanding 500,000 treasury shares as at 30 June
2015 were distributed to key executives other than Directors as extra bonus for achieving the Performance Target
pursuant to the Plan.
Since the commencement of the Plan, an aggregate of 5,635,000 shares have been awarded to employees of the Group.
