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Gamuda Berhad (29579-T) • Annual Report 2012
28. Share capital (cont’d.)
The principal features of the ESoS are as follows: (cont’d.)
(vii) The options shall not carry any right to vote at any general meeting of the Company and a grantee shall
not be entitled to any dividends, right or other entitlements on his unexercised options.
(viii) The options granted under ESoS are not assignable.
(ix)
There is no restriction on the employee in exercising and selling their Gamuda Shares which were
allotted and issued pursuant to the exercise of their options.
If the net proceeds from the disposal is less than the Exercise Value (being the Exercise Price multiplied
by the number of Gamuda Shares sold), the entire net proceeds will be released to the employee.
however, if the net proceeds is more than the Exercise Value, an amount equivalent to the Exercise
Value will be released to the employee. The balance proceeds not released to the employee will be
placed in an interest bearing account for the benefit of the employee. The balance proceeds (being
the net proceeds less Exercise Value) together with the attributable interest, if any, will be released
to the employee over the period of the scheme in accordance with Gamuda’s ESoS By-Law on each
anniversary of the effective date of the scheme.
(x)
The new shares allotted upon any exercise of the option shall rank pari passu in all respects with the then
existing issued and paid-up ordinary shares of the Company except that the new shares so issued will
not rank for any dividends, rights, allotments and/or other distributions, the entitlement date (namely
the date as at the close of business on which shareholders must be registered in order to be entitled to
any dividends, rights, allotments or other distributions) of which is prior to the date of allotment of the
new shares.
(xi)
The employees to whom the options have been granted have no right to participate by virtue of the
options in any share issue of any other company.
NoTES To ThE FINANCIAL STATEMENTS
31 July 2012