DIRECTORS’ REPORT (iii) Administration The Board has full authority to administer the Tier 1 ESOP, including authority to interpret and construe any of its provisions and to adopt any regulations and any documents it thinks necessary or appropriate. The Board’s decision on any matter connected with the Tier 1 ESOP will be final and binding on all parties. (iv) Term of the Tier 1 ESOP The Tier 1 ESOP will not be terminated while options are outstanding. (v) Classes of shares that may be issued under the Tier 1 ESOP Under the Tier 1 ESOP, ordinary shares may be issued. For the year ended 31 December 2021, under the Tier 1 ESOP no ordinary shares were issued. (vi) Maximum number of shares The number of shares which may be issued upon exercise of all outstanding options granted and yet to be exercised under the Tier 1 ESOP at any time shall not exceed 24,699,543 Shares. (vii) Exercise price The Exercise Price is US$0.46 per option. (viii) Straight-line vesting 36.91% of the options (the “Vested Percentage”) vested on the date of grant, and the remainder of the options vest daily on a straight line basis until 20 January 2021 (the “Vesting Period”). (ix) Conditions of exercise Conditions are attached to the grant of the options to each participant, which contain specific conditions in the event of a default or other leaver event which apply to the particular participant. E S R C A Y M A N L I M I T E D A N N U A L R E P O R T 2 0 2 1 107
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