94 Notes to Condensed Consolidated Financial Information 30 June 2024 STRENGTH IN UNITY 28. SHARE-BASED COMPENSATION PLAN (continued) A. Share Option Plan issued by the Company (continued) The 1,437,598 share options exercised during the six months ended 30 June 2024 resulted in the issue of 488,525 ordinary shares of the Company and new share capital of US$489 (before issue expenses), as further detailed in note 27. At 30 June 2024, the Company had 37,286,000 share options outstanding under the Plans. The exercise in full of the outstanding share options by conventional exercise method would, under the present capital structure of the Company, result in the issue of 37,286,000 additional ordinary shares of the Company and additional share capital and share premium of US$74,163,000 (before issue expenses). At the date of approval of these financial statements, the Company had 37,286,000 share options outstanding under the Plans, which represented approximately 0.88% of the Company’s shares in issue as at that date. B. Share Option Plan by a subsidiary of the Company On 20 January 2022, the Group completed the acquisition of 100% equity interests in ESR Asset Management Limited (formerly known as ARA Asset Management Limited) and its subsidiaries (collectively referred to as "ARA Group"). ARA Group has the following share-based payment arrangement held by its subsidiary. In 2021, the subsidiary established an employee share option plan (“ESOP Plan”), subject to the subsidiary’s board of directors’ discretion, which entitles employees to purchase shares in the company. The ESOP Plan is intended to motivate, reward and retain certain members of the management team and the purpose is to promote the long-term growth of the subsidiary and drive strategic and economic alignment with shareholders. Under the ESOP Plan, subject to the subsidiary’s board of directors’ discretion, holders of vested options are entitled to purchase shares at an exercise price determined by the board of directors of the subsidiary having regard to the market value of an ordinary share at the date on which the options were granted. The ESOP Plan shall expire in September 2031. Provided that the holders remain in continuous employment at the subsidiary between the date of entry into the ESOP Plan and the relevant vesting date of the options, the holders are only entitled to exercise the vested options on the occurrence of an exit event stipulated in the ESOP Plan. In September 2021, a total of 790.13 options were granted under the ESOP Plan to certain eligible employees. These options vest equally in 4 tranches on 1 September 2021 and in December of each year from 2021 to 2023. In September 2022, a total of 102.20 options were granted under the ESOP Plan to certain eligible employees. These options vest equally in 5 tranches in September 2022 and in December of each year from 2022 to 2025. In August 2023, a total of 747.48 options were granted under the ESOP Plan to certain eligible employees. These options vest equally in 5 tranches in August 2023 and in December of each year from 2023 to 2026.
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