KENANGA ANNUAL REPORT 2019

318 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2019 55. EQUITY COMPENSATION BENEFITS (CONT’D.) Kenanga’s Group Employees’ Share Scheme (“ESS”) (cont’d.) (2) ESGP (cont’d.) Key features of the RSP and PSP awards are as follow: (a) RSP The RSP is a restricted share incentive plan, in recognition of the loyalty and individual contributions of the eligible employees towards the development, growth and success of the Group. The vesting conditions are stipulated and determined by the ESS Committee, which may include, amongst others, the achievement of individual performance as measured by both qualitative and quantitative key performance indicators (“KPIs”), during such period as stipulated in the ESGP award. (b) PSP The PSP is a performance share plan in recognition of the contribution of the eligible employees as drivers of the growth and performance of the Group. The PSP is intended to promote the alignment in the strategic achievements of the Group with that of the eligible employees to drive the creation of shareholders’ value and the growth of long term financial performance of the Group. The vesting conditions are stipulated and determined by the ESS Committee, which may include, amongst others, the achievement of relevant service objectives and specific performance targets as measured by both qualitative and quantitative KPIs, during such period as stipulated in the ESGP award. On 2 January 2018, 3,612,735 units of share grant were allocated under PSP but there has been no grant vested as at 31 December 2019. The fair value of share grant allocated on 2 January 2018 would be the market value of the shares of the entity, adjusted to take into account vesting conditions.