240 YINSON HOLDINGS BERHAD ACCOUNTABILITY 30. SHARE-BASED COMPENSATION PLANS (CONTINUED) (c) Employees’ Long-Term Incentive Plan On 26 June 2019, the Board of Directors of the Company approved an Employees’ Long-term Incentive Plan (“LTIP”). The LTIP is governed by the By-Laws of the ESS approved by the shareholders on 3 November 2015. Under the LTIP, either performance bonuses in cash or ordinary shares in the Company (“Yinson Shares”) are awarded to the eligible employees and an executive director of the Group. On 25 March 2020, the terms and conditions of the LTIP were finalised and approved by the Board of Directors. On 3 August 2020, the LTIP was granted to the eligible employees and executive director of the Group. On 14 December 2023, the Board of Directors of the Company approved the cancellation of the LTIP and compensation to the participants on the cancellation of the LTIP in the form of RSUs (“RSU in Lieu of LTIP”). On 31 December 2023, RSUs in Lieu of LTIP were granted and awarded to the eligible LTIP participants for each of the calendar years 2020, 2021 and 2022 where the LTIP was effective. The salient features of the RSUs in lieu of LTIP are as follows: (i) The RSUs in Lieu of LTIP awarded to eligible LTIP participants are settled in cash. (ii) The regulations of ESS2023 in respect of the 2023 RSU Award shall be retrospectively applied and enforced for the calendar years 2020, 2021 and 2022 for individuals who were deemed eligible under the LTIP and remain employed. However, the RSUs do not fall within the terms and conditions of the 2023 RSU Award and is not governed by the By-Laws of the ESS2023 approved by the shareholders on 13 July 2023. (iii) The number of RSUs in Lieu of LTIP and the vesting date for each calendar year for which RSUs have been granted and awarded are as set out below. 2020 RSU in Lieu of LTIP 2021 RSU in Lieu of LTIP 2022 RSU in Lieu of LTIP Number of RSUs in Lieu of LTIP awarded 2,961,239 3,980,736 5,012,193 Vesting date 31 December 2023 1 June 2024 1 June 2025 (iv) At the end of each vesting period, the eligible LTIP participants will receive a cash payment based on the number of vested RSUs in Lieu of LTIP and the closing share price of a Yinson Share determined based on the 5-day VWAP at each vesting date. (v) The fair value per unit of RSUs in lieu of LTIP is determined based on the 5-day volume VWAP of a Yinson Share at each reporting and vesting date, which was RM2.43 for the 2020 RSUs as at the first vesting date on 31 December 2023, and RM2.35 for the 2021 RSUs as at the second vesting date on 1 June 2024. (vi) The movement of RSUs in lieu of LTIP for the financial year ended 31 January 2025 was as follows: 2025 At start of the financial year Vested/ Settled At end of the financial year 2021 RSU in Lieu of LTIP 3,980,736 (3,980,736) - 2022 RSU in Lieu of LTIP 5,012,193 (231,867) 4,780,326 8,992,929 (4,212,603) 4,780,326 2024 At start of the financial year Granted Vested/ Settled At end of the financial year 2020 RSU in Lieu of LTIP - 2,961,239 (2,961,239) - 2021 RSU in Lieu of LTIP - 3,980,736 - 3,980,736 2022 RSU in Lieu of LTIP - 5,012,193 - 5,012,193 - 11,954,168 (2,961,239) 8,992,929
RkJQdWJsaXNoZXIy NDgzMzc=