FORWARD TOGETHER Notes to the Consolidated Financial Statements 31 December 2022 220 42. SHARE-BASED COMPENSATION PLAN (continued) C. Long Term Incentive Scheme The purpose of the Long Term Incentive Scheme is to attract skilled and experienced personnel, to incentivise them to remain with the Group and to motivate them to strive for the future development and expansion of the Group by providing them with the opportunity to acquire equity interests in the Company. Eligible participants of the Long Term Incentive Scheme include employees, executive Directors and nonexecutive Directors (including independent non-executive Directors), agents or consultants of the Company or its Subsidiary who the Board considers, in its absolute discretion, have contributed or will contribute to the Group. Each Participant who accepts the offer of the grant of an award (“Award”, an award of RSUs and/or PSUs to be granted to a Participant under the Long Term Incentive Scheme (where a performance share unit (“PSU”), being a contingent right to receive a Share (or a Cash Payment) subject to certain terms and conditions (including performance-based vesting conditions) as set out in the Long Term Incentive Scheme and the relevant grant letter; a restricted share unit (“RSU”), being a contingent right to receive a Share (or a Cash Payment) subject to certain terms and conditions (including performance-based vesting conditions) as set out in the Long Term Incentive Scheme and the relevant grant letter) under the Long Term Incentive Scheme is a “Grantee”. The Long Term Incentive Scheme became effective on 2 June 2021 and, unless otherwise canceled or amended, will remain in force for 10 years from that date. The maximum number of shares in respect of which Awards may be granted under the Long Term Incentive Scheme (the “Maximum Number”) when aggregated with the maximum number of Shares in respect of any share options to be granted under the Post-IPO Share Option Scheme is that number which is equal to 10% of the total number of Shares in issue on the Adoption Date (i.e. up to total of 306,004,506 shares). According to the Long Term Incentive Scheme, the Board may grant an Award to a Participant by a notice (“Grant Letter”) in such form as the Board may from time to time determine requiring the Participant to undertake to hold the Award on the terms and conditions on which it is to be granted and to be bound by the terms of the Long Term Incentive Scheme. The following awarded shares were outstanding under the Long Term Incentive Scheme during the year ended 31 December 2022: Weighted average share price at grant date Number of awarded shares US$ ’000 At 1 January 2022 — Granted during the year 2.98 14,406 Cancelled during the year 3.12 (90) Vested during the year 3.08 (594) At 31 December 2022 13,722
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