Kenanga Investment Bank Berhad Annual Report 2021 342 Our Sustainability Approach About This Report We Are Kenanga Message From Chairman and GMD 54. 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 since the beginning of the scheme until the end of the current 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, 13,320,000, 12,231,000, 224,000, 16,560,000 and 300,000 options have been vested on 1 March 2018, 2 May 2019, 1 July 2020, 1 December 2020, 2 August 2021 and 28 October 2021 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 each have been vested on 2 May 2019 and 1 July 2020. Balance 4,000,000 options have been vested on 2 August 2021. 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, 1,404,000, and 1,324,500 options have been vested on 1 June 2019, 1 July 2020 and 2 August 2021 respectively.These options are exercisable within three (3) years from date of vesting. On 17 June 2019, the Bank has offered 750,000 of options under ESOS (“ESOS Fourth Offer”). The exercise price of the ESOS Fourth Offer is RM0.595. Out of the 750,000 options offered, 225,000 options each have been vested on 1 July 2020 and 2 August 2021. On 1 July 2020, the Bank has offered 3,469,000 of options under ESOS (“ESOS Fifth Offer”). The exercise price of the ESOS Fifth Offer is RM0.58. Out of the 3,469,000 options offered, 356,000, 792,000 and 16,500 options have been vested on 1 August 2020, 2 August 2021 and 1 September 2021 respectively. Notes to the Financial Statements 31 December 2021
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