STRENGTH IN UNITY Directors’ Report 108 Notes: 1 Following the fulfilment of the vesting conditions, the RSUs have fully vested between the Date of Grant to 1 April 2023. 2 The PSUs granted will vest in favour of the relevant participants in three equal tranches over a period of three years commencing from 1 April 2023 based on fulfilment of relevant performance conditions over a two year period commencing from 1 January 2021 to 31 December 2022 (both dates inclusive). As disclosed in the Company’s annual general meeting circular dated 29 April 2022, the Company would seek to motivate and reward eligible participants in the Long Term Incentive Scheme for optimising their performance in areas including, but not limited to, total shareholder returns, total assets under management and making contributions to the Group. 3 In respect of the aggregate 5,108,701 RSUs granted to the relevant participants held at 31 December 2023, subject to the vesting conditions being met: (i) A final one-third tranche of 129,833 of the RSUs granted to Connected Grantees and 103,868 of the RSUs granted to Non-connected Grantees respectively will vest on 8 June 2024; and (ii) 1,237,500 of the RSUs granted to Connected Grantees and 3,637,500 of the RSUs granted to Non-connected Grantees will vest in three equal tranches on 8 June of each of 2024, 2025 and 2026. 4 Please refer to note 42 to the Consolidated Financial Statements for the fair value of awards at the date of grant and the accounting standard and policy adopted. 5 The weighted average closing price of the shares immediately before the dates on which the awards vested is HK$13.22 per share. 6 The purchase price for the shares underlying the PSUs/RSUs is nil. 7 The PSUs granted will vest in favour of the relevant Participants in three equal tranches over a period of three years commencing from 1 April 2025 based on fulfillment of relevant performance conditions over a two-year period commencing from 1 January 2023 to 31 December 2024 (both dates inclusive). 8 The RSUs (non-connected grantees) will vest in five equal tranches on the Date of Grant, and 31 December each of 2023, 2024, 2025 and 2026. 9 In respect of the aggregate of 3,035,630 RSUs granted to the relevant participants during the year, subject to the vesting conditions being met: (i) 647,640 of the RSUs granted to Connected Grantees and 1,699,190 of the RSUs granted to Non-connected Grantees will vest in four equal tranches on 25 May of each of 2024, 2025, 2026 and 2027. (ii) 100,000 of the RSUs granted to Connected Grantees and 450,000 of the RSUs granted to Non-connected Grantees will vest in four equal tranches on 8 June of each of 2023, 2024, 2025 and 2026; and (iii) 138,800 of the RSUs granted to Non-connected Grantees will vest in two equal tranches on 1 October each of 2023 and 2024. 10 The 561,820 RSUs granted to the Connected Grantees will vest in four equal tranches on 20 July of each of 2024, 2025, 2026 and 2027. 11 105,280 RSUs vested on 31 December 2023 were transferred to relevant grantees in January 2024 due to administrative arrangements. There were no awards granted to service provider or any participants in excess of the 1% individual limit during the year ended 31 December 2023. As at 1 January 2023 and 31 December 2023, the number of options and awards available for grant under the Scheme Mandate Limit is 273,078,906* and 218,283,931, respectively, and the number of options and awards available for grant under the Service Provider Sublimit is nil and 43,937,696, respectively. * The Company wishes to clarify that the number of options and awards available for grant under the Scheme Mandate Limit as at January 1, 2023 as disclosed in the Company’s interim report for the six months ended 30 June 2023 (“2023 Interim Report”) should be 273,078,906 instead of 263,109,806. Save as disclosed above, all information in the 2023 Interim Report remain unchanged. The number of Shares that may be issued in respect of options and awards granted under Post-IPO Share Option Scheme and Long Term Incentive Scheme of the Company divided by the weighted average number of ordinary Shares in issue for the year ended 31 December 2023 is 0.45%. For the options and awards (“Grants”) granted during the year ended 31 December 2023 with less than 12 months of vesting period, the Remuneration Committee considered it appropriate to award the Grants with vesting period of less than 12 months as those Grants would have been granted earlier but for administrative or compliance reasons, those were made in a subsequent batch with a view to putting the relevant grantees in the same position as they would have been in had the Grants been made earlier.
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