107 ANNUAL REPORT 2023 SHARE OPTIONS AND PERFORMANCE SHARE PLAN (CONT’D) (c) Awards may only be vested and consequently any Shares comprised in such Awards shall only be delivered upon the Compensation Committee being satisfied that the Participants has achieved the Performance Target(s)3 and that the Vesting Period4 (if any) has expired provided always that the Compensation Committee shall have the absolute discretion to determine the extent to which the Shares under that Award shall be released on the prescribed Performance Target(s) being satisfied (whether fully or partially) or exceeded, as the case may be, at the end of the prescribed performance period. No Shares under the Award shall be released for the portion of the prescribed Performance Target(s) that is not satisfied by the Participant at the end of the prescribed performance period. (d) During the financial year, no shares were awarded under the Performance Share Plan. (e) Performance shares awarded, vested and outstanding at the end of the financial year were as follows: Shares awarded during financial year Aggregate shares awarded since commencement of CSE Performance Share Plan to 31.12.2023 Aggregate shares vested since commencement of CSE Performance Share Plan to 31.12.2023 Aggregate share award outstanding as at 31.12.2023 Participant who received more than 5% of the total grant available Director Lim Boon Kheng(1) − 6,005,692 6,005,692 − Participant (other than Director) who received more than 5% of the total grant available Other participants(1) − 4,159,542 4,159,542 − (1) The shares awarded were subjected to a moratorium period of 0 to 3 years from the date of grant against any disposal or sale and/or other dealings in the Shares. AUDIT AND RISK COMMITTEE (“ARC”) The ARC was established on 22 January 1999. The ARC comprises four members, majority of whom including Chairman of the ARC, are independent of the management of the Company. 3 Performance Target(s) refers to the performance target(s) prescribed by the Compensation Committee to be fulfilled by a Participant for any particular period under the Performance Share Plan. 4 In relation to an Award, Vesting Period refers to a period or periods of time before vesting occurs, the duration of which is to be determined by the Committee at the date of the grant of the Award. DIRECTORS’ STATEMENT For the financial year ended 31 December 2023
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