3.
Objectives
The purpose of the Scheme is to provide an opportunity for Group Employees, Group Executive Directors and Associated
Company Employees, who have met the Performance Targets to be remunerated through an equity stake in the Company
and/or when due recognition should be given to any good work performance and/or significant contribution to the
Company as well as for Group Employees to receive part of their annual cash bonus payment in the form of Shares.
The Scheme is also extended to Non-Executive Directors.
The Company believes that the retention of outstanding employees within the Group is paramount to the Group’s
long-term objectives of pursuing continuous growth and expansion in its future business and operations. Furthermore,
the Group acknowledges that the importance of preserving financial resources for future business development and
to withstand difficult times. In light of this, the Group’s strategy is to contain the remuneration of its employees and
executives which constitutes a major component of the Group’s operating costs.
The Scheme is formulated with those objectives in mind. Through the Scheme, the Company hopes to be able to remain
an attractive and competitive employer, and to be better able to manage its fixed overhead costs without compromising
on performance standards and efficiency.
4.
Eligibility
4.1 The following persons (provided that such persons are not undischarged bankrupts at the relevant time and
have attained the age of 21 years on or before the date of grant of the Award) shall be eligible to participate in
the Scheme at the absolute discretion of the Committee:
(a)
Group Employees (including Group Executive Directors);
(b)
Non-Executive Directors;
(c)
subject to Rule 4.3 below, Associated Company Employees; and
(d)
subject to Rule 4.2 below, Controlling Shareholders and their associates.
4.2 Controlling Shareholders and their associates shall be eligible to participate in the Scheme. However, the aggregate
number of Shares available to Controlling Shareholders and their associates must not exceed 25% of the Shares
available under the Scheme. The number of Shares available to each Controlling Shareholder or his associate
must also not exceed 10% of the Shares available under the Scheme.
4.3 Only Associated Company Employees from Associated Companies which the Company has control will be
eligible to participate in the Scheme.
4.4 For the purposes of determining eligibility to participate in the Scheme, the secondment of a Group Employee
to another company within the Group shall not be regarded as a break in his employment or his having ceased
by reason only of such secondment to be a full-time employee of the Group.
4.5 There shall be no restriction on the eligibility of any Participant to participate in any other share option or share
incentive schemes implemented by the Company or any other company within the Group.
4.6 Subject to the Act and any requirement of the SGX-ST, the terms of eligibility for participation in the Scheme
may be amended from time to time at the absolute discretion of the Committee.
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