NOTES TO CONDENSED CONSOLIDATED FINANCIAL INFORMATION For the six months ended 30 June 2022 25. SHARE-BASED COMPENSATION PLAN (continued) A. Share Option Plan (continued) If there is (i) a sale of all or substantially all of the shares in; or (ii) a disposal of all or substantially all of the business of the member of the Group of which a participant is a director or by which the participant is employed, as appropriate, by way of trade sale or by way of sale to a third party (an “Early Vesting Event”), any options granted to the participant will vest in full on the occurrence of the Early Vesting Event. The fair value of the share options granted during the sixmonths ended 30 June 2022 and 2021 was approximately US$434,412 (US$1.13 each) and US$12,281,408 (US$1.07 each), respectively. The fair value of share options granted during the six months ended 30 June 2022 and 2021 was estimated as at the date of grant using a binomial model, taking into account the terms and conditions upon which the options were granted. The following table lists the inputs to the model used: As at 30 June As at 31 December 2022 2021 Dividend yields (%) – – Volatility (%) 25.06 25.59 Risk-free interest rate (%) 2.87 1.13 Expected life of options (year) 10.00 10.00 The expected life of the options is based on the historical data over the past three years and is not necessarily indicative of the exercise patterns that may occur. The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may also not necessarily be the actual outcome. No other feature of the options granted was incorporated into the measurement of fair value. The 2,283,919 share options exercised during the six months ended 30 June 2022 resulted in the issue of 1,458,829 ordinary shares of the Company and new share capital of US$1,459 (before issue expenses), as further detailed in note 24. At 30 June 2022, the Company had 61,590,000 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 61,590,000 additional ordinary shares of the Company and additional share capital and share premium of US$91,381,000 (before issue expenses). At the date of approval of these financial statements, the Company had 61,590,000 share options outstanding under the Plans, which represented approximately 1.38% of the Company’s shares in issue as at that date. R E A C H I N G N E W H E I G H T S 84
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