KENANGA ANNUAL REPORT 2019

313 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2019 54. DIRECTORS OF SUBSIDIARIES OF THE GROUP (CONT’D.) No Name of subsidiaries Name of Directors 18 Kenanga Singapore Pte. Ltd. Luk Wai Hong, William Lee Kok Khee 19 Libra Invest Berhad Syed Zafilen Bin Syed Alwee (appointed on 8 July 2019) Imran Devindran Bin Abdullah (appointed on 1 August 2019) Ismitz Matthew De Alwis (appointed on 8 July 2019) Muhammad Helmi Bin Hamzah (appointed on 8 July 2019 and resigned on 12 February 2020) Datuk Kamarudin bin Md Ali (resigned on 8 July 2019) Mahadzir bin Azizan (resigned on 8 July 2019) Khairudin bin Ibrahim (resigned on 8 July 2019) Ong Lei Hua (resigned on 8 July 2019) Lee Wei Chung (resigned on 8 July 2019) 55. EQUITY COMPENSATION BENEFITS Kenanga’s Group Employees’ Share Scheme (“ESS”) The Bank has established and implemented an ESS for the employees of the Bank and its non-dormant subsidiary companies. The ESS consists of two types of awards in the form of ESOS and ESGP. (1) ESOS Under the ESOS award, the ESS Committee may, within the period of the Scheme and at its discretion, offer to the eligible employees a certain number of ESOS options to subscribe for the Bank’s shares at the exercise prices subject to the applicable terms and conditions of the by-laws. Subject to acceptance, the participants will be vested the options which can then be exercised within a period of three years, provided that all the vesting conditions are fulfilled. Key features of the ESOS awards granted during the financial year are as follow: On 2 January 2018, the Bank has offered 49,579,000 of options under ESOS to the eligible employees of the Group (“ESOS First Offer”). The exercise price of the ESOS First Offer is RM0.575. Out of the 49,579,000 options offered, 2,218,000 and 13,320,000 options have been vested on 1 March 2018 and 2 May 2019 respectively. These options are exercisable within three (3) years from date of vesting. On 31 May 2018, the Bank has offered 10,000,000 of options under ESOS (“ESOS Second Offer”). The exercise price of the ESOS Second Offer is RM0.630. Out of the 10,000,000 options offered, 3,000,000 options have been vested on 2 May 2019. On 2 May 2019, the Bank has offered 5,791,000 of options under ESOS (“ESOS Third Offer”). The exercise price of the ESOS Third Offer is RM0.605. Out of the 5,791,000 options offered, 386,000 options have been vested on 1 June 2019 and are exercisable within three (3) years from date of vesting.