NagaCorp proposes 10-year share option scheme
Options granted under the scheme would have a vesting period of at least 12 months.
Hong Kong.- NagaCorp Ltd has proposed a share option scheme that would provide eligible participants with equity-based incentives linked to long-term performance and growth objectives. The scheme to be considered at the company’s annual general meeting on June 25 would allow the board to grant share options to selected employees, directors and other eligible participants based on criteria including performance, responsibilities, tenure and contribution to the group.
The proposal was filed with the Hong Kong Stock Exchangee on June 10. If approved by shareholders, the scheme will run for 10 years from the adoption date, after which no further options will be granted, although previously issued options will remain exercisable under their existing terms.
Options granted under the scheme will have a vesting period of at least 12 months, subject to limited exceptions approved by the board, including performance-based arrangements, recruitment-related grants and accelerated vesting in special circumstances.
The number of shares available under the scheme, together with any other incentive programmes, would be capped at 10 per cent of the company’s issued share capital as at the adoption date. Individual grants exceeding 1 per cent of issued shares within any 12-month period would require separate shareholder approval.
The exercise price for options would be determined by the board but would not be lower than the highest of the closing price on the grant date, the average closing price over the preceding five trading days, or the nominal value of the shares.
