Annual Report 2024

177 2024 Annual Report Transport International Holdings Limited DIRECTORS’ REPORT Equity-linked agreement (continued) Share option scheme (continued) Note 4: 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: Percentage of options granted On or after 31 March 2024 30% On or after 31 March 2025 60% On or after 31 March 2026 100% Note 5: Mr NG Siu Chan passed away in May 2023, his personal representative(s) may exercise the share options (to the extent which has become exercisable and not already exercised) in whole or in part within a period of 12 months, following the date of death or such longer period as the Board may determine. Mr. NG Siu Chan’s personal representative(s) did not exercise the share options in whole or in part within such period of 12 months and the share options were therefore lapsed. Information on the accounting policy for share options granted and the fair value per option is provided in note 1(x)(iii) and note 22 to the consolidated financial statements respectively. Apart from the foregoing, at no time during the year was the Company or any of its subsidiaries a party to any arrangement to enable the Directors of the Company to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate. The number of share options available for grant under the Scheme was 4,528,941 on both 1 January 2024 and 31 December 2024. The number of shares that may be issued in respect of share options granted under the Scheme during the year ended 31 December 2024 was 21,115,000 shares, representing 4.2% of the weighted average number of shares in issue of 501,781,379 shares for the year. The total number of shares available for issue under the Scheme was 25,643,941 shares, representing 5.0% of the issued shares of the Company of 508,901,425 shares as at 20 March 2025. Save as disclosed above, there were no other share options granted, exercised, cancelled or lapsed under the Scheme during the year ended 31 December 2024. Directors’ service contracts No Director proposed for re-election at the forthcoming Annual General Meeting has an unexpired service contract which is not determinable by the Company or any of its subsidiaries within one year without payment of compensation, other than normal statutory obligations.