The Board of Directors of the Company wishes to announce that Icon’s Existing LTIP has been terminated with effect from 29 November 2024 (“Termination Date”), in accordance with the terms of the By-Laws governing the Existing LTIP (“By-Laws”). According to the By-Laws, subject to compliance with the Main Market Listing Requirements, guidelines or directives issued by Bursa Malaysia Securities Berhad (“Bursa Malaysia Securities”) and/or any other relevant authorities, the Company may at its sole discretion without obtaining the approvals and/or consents from the Eligible Persons or the shareholders of the Company, terminate the continuation of the Existing LTIP.
The Existing LTIP was implemented on 8 August 2023 and shall be effective for a period of ten (10) years. The Existing LTIP comprises the Employees’ Share Option Scheme (“ESOS”) and Employees’ Share Grant Plan (“ESGP”), which ESGP consists of the Performance Share Plan (“PSP”) and Retention Share Plan (“RSP”).
Pursuant to Paragraphs 8.18(5) and 9.19(50) of the Main Market Listing Requirements of Bursa Malaysia Securities, further details of the termination of the Existing LTIP are set out as follows:-
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(a)
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Date of termination
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:
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29 November 2024
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(b)
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Number of options exercised or shares vested
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:
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ESOS
999,998 options were granted and 659,998 options have been exercised as at the Termination Date.
There are 340,000 options granted which had lapsed/forfeited due to termination of this LTIP, thereby resulting in 340,000 remaining options granted but remain unexercised as at the Termination Date.
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ESGP
Performance Share Plan:
5,247,472 shares were granted and 1,048,300 shares have been vested as at the Termination Date.
Retention Share Plan:
2,098,794 shares were granted and 687,800 shares have been vested as at the Termination Date.
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(c)
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Reasons of termination
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:
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Alignment to enhanced strategic objectives and ongoing corporate exercises.
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This announcement is dated 29 November 2024.