Annual Report 2023

249 2023 Annual Report Transport International Holdings Limited NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) 22 Equity-settled share-based transactions The Company has a share option scheme which was adopted on 26 May 2016 whereby the Directors of the Company are authorised, at their discretion, to invite employees of the Group, including Directors of any company in the Group, to take up options at a consideration of $1 to subscribe for shares of the Company. The period within which the options must be exercised will be specified by the Company at the date of grant. This period must expire no later than 10 years from the relevant date of grant. The Directors of the Company may also provide restrictions on the exercise of an option during the period an option may be exercised. Each option gives the holder the right to subscribe for one ordinary share in the Company and is settled gross in shares. (a) The terms and conditions of the grants are as follows: Number of instruments ’000 Vesting conditions Contractual life of options Options granted to Directors: – on 19 November 2020 6,075 i Five years from the date of grant – on 31 March 2023 6,510 iii Five years from the date of grant Options granted to employees: – on 19 November 2020 7,850 ii Five years from the date of grant – on 31 March 2023 9,840 iv Five years from the date of grant Total share options granted 30,275 All the options are vested and exercisable progressively and the maximum percentage of the options which may be exercised is determined in stages as follows: Vesting condition (i): Percentage of options granted On or after 19 November 2021 50% On or after 19 November 2022 100% Vesting condition (ii): Percentage of options granted On or after 19 November 2021 30% On or after 19 November 2022 60% On or after 19 November 2023 100%