Share Grant Plan
As Trustee for the Share Grant Plan, our duties shall include the following:-
- To exercise all due diligence and reasonable care in carrying out its functions duties hereunder and in protecting the rights and interests of the employee(s) pursuant to the Plan;
- To act in accordance with any notice and/or instruction issued by the Company’s SGP Committee pursuant to the Plan;
- To ensure that upon the issuance and allotment of the Company’s new Shares, it shall be credited directly into the CDS Account of the Trustee or its authorised nominee to be held in the share grant Pool;
- In the event that any moneys are available for investment by the Trustee under the Trust Deed, to ensure that no such money will be invested in or lent to the Company or to the Trustee or to any company;
- To administer the SGP and ensure compliance of the Plan in accordance with the Trust Deed at all times;
- To provide daily reconciliation reports to the Company and any other reports (weekly/monthly/quarterly/yearly) if deemed necessary as and when required;
- To give instructions to the Equity Broker upon receiving instructions from the SGP Committee to purchase/subscribe for the Company’s new shares which will subsequently be transferred to the employee(s);
- To provide information and/or make aware to the Company of any discrepancies in the Plan throughout the Plan period if any;
- To open, maintain and operate in trust the following accounts as specified:-
- Trustee’s CDS Account; and
- Trustee’s Exempt Authorised Nominee Account (Asing/Tempatan)
- Upon termination of the Plan, the Trustee shall sell all the remaining SGP shares at prevailing market price and convert such other Trust Assets into money to be dealt in the following manner:-
- firstly, to pay all debts of the Trust other than debts arising from financial assistance taken by the Trustee for the purposes of the Trust;
- secondly, to repay all debts arising from financial assistance (if any) taken by the Trustee for the purposes of the Trust;
- thirdly, to retain a sum to be agreed by the Trustee and the Company as a fee for the services of the Trustee under the Trust Deed to the extent it is unpaid (if any); and
- lastly, to deal with any remaining Trust Assets in accordance with instructions in writing of the Company and/or the SGP Committee.