STRENGTH IN UNITY Directors’ Report 94 (xi) Exercise price, grant date and vesting schedule Number of options (Note 1) Exercise price (USD) Grant date Exercise Period Vesting Period Held at 1 January 2023 Exercised during the year (Note 2) Cancelled during the year Held at 31 December 2023 Management and employees (other than Directors) (Note 3) 0.4722 December 2017 10 years from the grant date Varies from 3 to 4 years and all vested 100,020 – – 100,020 0.9445 December 2017 10 years from the grant date 4 years 4,172,468 (338,283) – 3,834,185 0.9445 January 2018 10 years from the grant date 4 years 9,485,138 (4,201,391) – 5,283,747 1.1453 August 2018 10 years from the grant date 4 years 873,103 – – 873,103 1.3655 December 2017 10 years from the grant date 4 years 948,494 – – 948,494 1.5172 December 2017 10 years from the grant date 4 years 1,901,976 (111,228) (65,911) 1,724,837 0.9445 December 2017 10 years from the grant date Varies from 3 to 4 years and all vested 108,519 – – 108,519 1.5172 December 2017 10 years from the grant date 4 years 535,519 – – 535,519 18,125,237 (4,650,902) (65,911) 13,408,424 Notes: 1 No share options were granted or lapsed during the year ended 31 December 2023. 2 The weighted average closing price of the shares immediately before the dates on which the options were exercised was HK$13.16. 3 No share options under the KM ESOP were granted to the Directors or Co-CEOs. No further share options under the KM ESOP have been granted since the listing. As the KM ESOP was adopted prior to the Company’s listing and its terms are not subject to the provisions of Chapter 17 of the Listing Rules, pursuant to Rule 17.02(1)(b) of the Listing Rules, no options or awards may be granted under KM ESOP after the Company’s listing. During the year ended 31 December 2023, since all options holders opted for net share settlement method in lieu of paying in full the exercise price for the number of shares over which the option was exercised, only a net total of 1,967,705 ordinary shares were issued by the Company for the year ended 31 December 2023 in satisfaction of the 4,650,902 options exercised. The shares were issued at nominal value of US$0.001. 2. Tier 1 ESOP Below is a summary of the principal terms of the Tier 1 ESOP of the Company. The terms of the Tier 1 ESOP are not subject to the provisions of Chapter 17 of the Listing Rules. (i) Purpose The Tier 1 ESOP is intended to provide the Company with a flexible means of retaining, incentivising, rewarding, remunerating, compensating and/or providing benefits to selected participants. By aligning the interests of selected participants with those of the Shareholders, participants will be encouraged and motivated to continue their efforts towards enhancing the value of the Company. The options were granted based on the performance of the option holders who have made important contributions to and are important to the long term growth and profitability of the Group.
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