1. ESSEXBIO-TECHNOLOGYLIMITED(incorporatedintheCaymanIslandswithlimitedliability)RulesoftheSHAREOPTIONSCHEMEAdoptedon[*]2023TABLEOFCONTENTSClausePage1.DEFINITIONSANDINTERPRETATIONS...................................................................12.PURPOSEOFTHISSCHEME....................................................................................63.CONDITIONS..............................................................................................................64.DURATIONANDADMINISTRATION..........................................................................75.ELIGIBILITYCRITERIA...............................................................................................76.GRANTOPOPTIONS.................................................................................................97.GRANTOFOPTIONSTOCONNECTEDPERSONS...............................................128.EXERCISEPRICE....................................................................................................139.EXERCISEOFOPTIONS.........................................................................................1310.LAPSEOFOPTION..................................................................................................1511.MAXIMUMNUMBEROFSHARESAVAILABLEFORSUBSCRIPTION...................1612.REORGANISATIONOFCAPITALSTRUCTURE......................................................1813.SHARECAPITAL......................................................................................................1914.DISPUTES................................................................................................................1915.ALTERATIONOFTERMSOFOPTIONSANDTHISSCHEME................................1916.TERMINATION..........................................................................................................2017.CANCELLATION.......................................................................................................2018.MISCELLANEOUS....................................................................................................201ESSEXBIO-TECHNOLOGYLIMITED(incorporatedintheCaymanIslandswithlimitedliability)RulesoftheSHAREOPTIONSCHEME1.DEFINITIONSANDINTERPRETATIONS1.1InthisSchemethefollowingexpressionshavethefollowingmeanings:“ArticlesofAssociationmeansthearticlesofassociationoftheCompanyforthetimebeing;“AdoptionDate”means[*]2023,thedateonwhichthisSchemeisconditionallyadoptedbyresolutionoftheshareholdersoftheCompany;“AllotmentDate”meansthedateonwhichSharesareallottedtoaGranteepursuanttotheexerciseofanOptionhereunder;“ApplicableLaws”meansanyapplicablelawsandregulationsofHongKongorotherrelevantjurisdictions(includingbutnotlimitedtotheListingRules);“associate”shallhavethemeaningascribedtoitintheListingRules;“Auditors”meanstheauditorsoftheCompanyforthetimebeing;“Bankruptcy”means,inrespectofanyGrantee,anyofthefollowingevents:(i)anyliquidator,provisionalliquidator,receiveroranypersoncarryingoutanysimilarfunctionhasbeenappointedanywhereintheworldinrespectofthewholeoranypartoftheassetsorundertakingsoftheGrantee(beingacorporation);(ii)theGrantee(beingacorporation)hasceasedorsuspendedpaymentofitsdebts,becomeunabletopayitsdebts(withinthemeaningofsection178oftheCWUMPO)orotherwisebecomeinsolvent;(iii)thereisunsatisfiedjudgment,orderorawardoutstandingagainsttheGranteeortheBoardhasreasontobelievethattheGranteeisunabletopayortohavenoreasonableprospectofbeingabletopay2his/her/itsdebts;(iv)therearecircumstanceswhichentitleanypersontotakeanyaction,appointanyperson,commenceproceedingsorobtainanyorderofthetypementionedinsub-clauses(i),(ii)and(iii)above;(v)abankruptcyorwindinguporderhasbeenmadeagainsttheGranteeoranydirectoroftheGrantee(beingacorporation)inanyjurisdiction;or(vi)apetitionforbankruptcyorwindinguphasbeenpresentedagainsttheGranteeoranydirectoroftheGrantee(beingacorporation)inanyjurisdiction;“Board”meanstheboardofDirectorsoradulyauthorisedcommitteethereof;“businessday”shallhavethemeaningasascribedtoitintheListingRules;“CategoryAParticipant”meansanydirectoroftheCompanyoranyofitssubsidiariesoranyEmployee;“CategoryBParticipant”meansanydirectororemployee(whetherfulltimeorparttime)ofanyoftheRelatedEntities;“CategoryCParticipant”meansanypersonwhoprovidesservicestotheGrouponacontinuingorrecurringbasisinitsordinaryandusualcourseofbusinesswhichareintheinterestsofthelong-termgrowthoftheGroup,includingconsultantsandadvisorsoftheCompanywithrelevantexpertiseinfieldsrelatedtobiotechnologyandcapitalmarket,andinvestorrelationsconsultants,whichcouldprovideinsightsonareassuchasinvestorrelations,marketdevelopmentandpromotion,technologicaltrendsandinnovations,aswellasmanagement(excludinganyplacingagentsorfinancialadvisorsprovidingadvisoryservicesforfundraising,mergersoracquisitions,andprofessionalserviceproviderssuchasauditorsorvaluerswhoprovideassurance,orarerequiredtoperformtheirserviceswithimpartialityandobjectivity);“chiefexecutive”shallhavethemeaningascribedtoitintheListingRules;“closeassociate”shallhavethemeaningascribedtoitintheListingRules;3“CommencementDate”means,inrespectofanyparticularOption,thebusinessdayonwhichthatOptionisdeemedtohavebeengrantedinaccordancewithclause6.4;“Company”meansEssexBio-TechnologyLimited,acompanyincorporatedinCaymanIslandswithlimitedliability,theSharesofwhicharelistedontheMainBoardoftheStockExchange;“connectedperson”shallhavethemeaningascribedtoitintheListingRules;“controllingshareholder”shallhavethemeaningascribedtoitintheListingRules;“coreconnectedperson”shallhavethemeaningascribedtoitintheListingRules;“CulpableTermination”means,inrelationtoaGranteewhoisaCategoryAParticipantorCategoryBParticipant,theterminationoftheemploymentofsuchGrantee(beinganEmployeeoranemployeeofanyoftheRelatedEntities)bytherelevantcompany(orcompanies)ortheremovalofsuchGrantee(beingadirectoroftheGrouporanyoftheRelatedEntities)fromtheofficeofadirectoronthegroundsthatheorshehasbeenguiltyofseriousmisconduct,orthereexistgroundsallowingsummarydismissalundertherelevantemploymentcontractorundercommonlaw,orheorshehasbeenconvictedofanycriminaloffenceinvolvinghisorherintegrityorhonesty;“CWUMPO”meanstheCompanies(WindingUpandMiscellaneousProvisions)Ordinance(Chapter32oftheLawsofHongKong)asamended,supplementedorotherwisemodifiedfromtimetotime;“Director(s)”meansthedirector(s)oftheCompany;“Disability”inrespectofaGranteewhoisaCategoryAParticipantoraCategoryBParticipant,shallhavethemeaningasdefinedunderthelong-termdisabilitypolicy(ifany)oftherelevantcompanytowhichtheGranteeprovidesservicesregardlessofwhethertheGranteeiscoveredbysuchpolicy.IntheeventtherelevantcompanytowhichtheGranteeprovidesservicesdoesnothavealong-termdisabilityplaninplace,“Disability”shallmeanthataGranteeisunabletocar。
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ryouttheresponsibilitiesandfunctionsofthepositionheld4bytheGranteeintherelevantcompany(orcompanies)byreasonofanymedicallydeterminablephysicalormentalimpairmentforaperiodofnotlessthanninety(90)consecutivedays.AGranteewillnotbeconsideredtohaveincurredaDisabilityunlessheorshefurnishesproofofsuchimpairmenttothesatisfactionoftheBoard;“EffectiveDate”meansthedateonwhichtheconditionsreferredtoinclause3.1arefulfilled;“EligibleParticipant”meansapersonwhoisaCategoryAParticipant,CategoryBParticipantand/orCategoryCParticipant;“Employee”meansanyemployeeemployedbytheCompanyand/oranyofitssubsidiaries(whetherfulltimeorparttime),includingpersonswhoaregrantedOptionsunderthisSchemeasaninducementtoenterintoemploymentcontractswithanyofsuchcompanies;“ExercisePeriod”means,inrespectofanyparticularOption,theperiod(whichshallnotbemorethanten(10)yearsfromtheCommencementDate)tobenotifiedbytheBoardtoeachGranteewhichtheBoardmayinitsabsolutediscretiondetermine;“ExercisePrice”meansthepriceperShareatwhichaGranteemaysubscribeforSharesupontheexerciseofanOptionpursuanttothetermsandconditionsofthisScheme;“Grantee”meansanyEligibleParticipantwhoacceptsanOfferpursuanttothetermsandconditionsofthisSchemeor(wherethecontextpermits)thePersonalRepresentativeofthatEligibleParticipant(beinganindividual)orthePermittedTransferee;“Group”meanstheCompanyanditssubsidiaries;“HongKong”meanstheHongKongSpecialAdministrativeRegionofthePeople’sRepublicofChina;“HK$”meansHongKongdollars,thelawfulcurrencyofHongKong;“ListingRules”meanstheRulesGoverningtheListingofSecuritiesontheStockExchangeasamended,supplementedorotherwisemodifiedfromtimetotime;5“Offer”meansanofferofthegrantofanOptionbytheCompanytoanEligibleParticipantpursuanttothetermsandconditionsofthisScheme;“OfferLetter”meansadocumentcontaininganOffertoanEligibleParticipantpursuanttothetermsandconditionsofthisScheme;“Option”meansarighttosubscribeforSharesgrantedpursuanttothetermsandconditionsofthisScheme;“OtherSchemes”meansschemesinvolvingthegrantofawardsoroptionsoverSharesoftheCompany,otherthanthisScheme;“PerformanceConditions”shallhavethemeaningascribedtoitinclause6.6(d);“PermittedTransferee”shallhavethemeaningascribedtoitinclause9.1;“PersonalRepresentative(s)”meansthepersonorpersonswho,inaccordancewiththelawsofsuccessionapplicableinrespectofthedeathofaGrantee(beinganindividual),isorareentitledtoexerciseanyOptiongrantedtosuchGrantee(totheextentnotalreadyexercised);“RelatedEntities”meanstheCompany’sholdingcompanies,fellowsubsidiariesandassociatedcompanies;“RenewedMandate”shallhavethemeaningascribedtoitinclause11.2;“Scheme”meansthisShareOptionSchemeinitspresentoranyamendedform;“SchemeMandateLimit”shallhavethemeaningascribedtoitinclause11.1;“Share(s)”meansordinaryshare(s)ofHK$0.10eachoftheCompany,or,iftherehasbeenasub-division,consolidation,re-classificationorre-constructionofthesharecapitaloftheCompany,sharesformingpartoftheordinarysharecapitaloftheCompanyofsuchothernominalamountasshallresultfromanysuchsub-division,consolidation,re-classificationorre-construction;“StockExchange”meansTheStockExchangeofHongKongLimited;6“subsidiary”shallhavethemeaningascribedtoitintheListingRules;and“substantialshareholder”shallhavethemeaningascribedtoitintheListingRules.1.2InthisScheme:(a)clauseheadingsareforreferenceonlyandshallbeignoredintheinterpretationofthisScheme;(b)referencestoclausesaretoclausesofthisScheme;(c)wordsimportingthesingularincludethepluralandviceversa,wordsimportingagenderincludeeverygenderandreferencestopersonsincludebodiescorporateorunincorporate;(d)referencestoanyordinanceorlawshallincludeanystatutorymodification,amendmentorre-enactmentthereof;and(e)referencestoagrantorofferofanyOptionincludereferencestoaconditionalgrantorofferthereof.2.PURPOSEOFTHISSCHEMEThisSchemeisashareincentiveschemeandisestablishedtoenabletheGroupto:(a)recogniseandacknowledgethecontributionsthatEligibleParticipantshave(ormayhave)madeormaymaketotheGroup(whetherdirectlyorindirectly);(b)attractandretainandappropriatelyremuneratethebestpossiblequalityofEmployeesandotherEligibleParticipants;(c)motivatetheEligibleParticipantstooptimisetheirperformanceandefficiencyforthebenefitoftheGroup;(d)enhanceitsbusiness,employeeandotherrelations;and(e)retainmaximumflexibilityastotherangeandnatureofrewardsandincentiveswhichtheGroupcanoffertoEligibleParticipants.3.CONDITIONS3.1ThisSchemeshalltakeeffectuponthefulfillmentofthefollowingconditions:(a)thepassingofthenecessaryresolution(s)bytheshareholdersoftheCompanyingeneralmeetingforapprovingtheadoptionofthisScheme;and(b)theStockExchangegrantingapprovalforthelistingofandpermissiontodealintheSharestobeallottedandissuedbytheCompanypursuanttotheexerciseoftheOptionsinaccordancewiththetermsandconditionsofthisScheme.73.2Referencesinclause3.1totheStockExchangegrantingtheapprovals,listingandpermissionreferredtothereinshallincludewheresuchapprovals,listingandpermissionaregrantedsubjecttoconditions.4.DURATIONANDADMINISTRATION4.1Subjecttoclauses3and16,thisSchemeshallbevalidandeffectiveforaperiodoften(10)yearscommencingontheEffectiveDate,afterwhichnofurtherOptionsmaybeofferedorgrantedunderthisSchemebuttheprovisionsofthisSchemeshallremaininfullforceandeffecttotheextentnecessarytogiveeffecttotheexerciseofanyOptionsgrantedpriortheretoorotherwiseasmayberequiredinaccordancewiththetermsandconditionsofthisScheme.4.2ThisSchemeshallbesubjecttotheadministrationoftheBoard,whosedecisionshall(saveasotherwiseprovidedherein)befinalandbindingonallparties.Withoutprejudicetothegeneralityoftheforegoing,theBoardshall,subjecttotheApplicableLaws,havetheabsolutediscretionto:(a)interpretandconstruetheprovisionsofthisScheme;(b)determinethepersonstowhomOptionsareofferedorgrantedunderthisScheme,thenumberofSharessubjecttoanOptionandtheExercisePriceofOptionssoofferedorgranted;(c)determinetheExercisePeriodandotherrelevanttermsandconditionsofeachOption;(d)subjecttoclause15,makesuchappropriateandequitableadjustmentstothetermsofOptionsgrantedunderthisSchemeasitdeemsnecessary;(e)subjecttoclause15,adoptrulesandregulationsforcarryingoutthisScheme;(f)prescribetheformorformsofinstrumentstobeissuedasevidenceofanyOptionsgrantedunderthisScheme;and(g)makesuchotherdecisionsordeterminationsasitshalldeemappropriateintheadministrationofthisScheme.5.ELIGIBILITYCRITERIA5.1TheBoardshallhavetheabsolutediscretiontodeterminewhetherapersonisqualifiedtobe(or,whereapplicable,continuestoqualifytobe)anEligibleParticipant.5.2IndeterminingthebasisofeligibilityofeachEligibleParticipant,theBoardwouldmainlytakeintoaccount:(a)theexperienceoftheEligibleParticipantontheGroup’sbusiness;(b)thelengthoftheserviceoftheEligibleParticipantwiththeGroup(iftheEligibleParticipantisanemployeeoradirectoroftheGroup);8(c)theactualdegreeofinvolvementi。
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nand/orcooperationwiththeGroup;and(d)theamountofsupport,assistance,guidance,advice,effortsandcontributiontheEligibleParticipantshasgivenormade,ormaygiveormake,towardsthesuccessoftheGroupinthefuture.5.3Indeterminingwhetherapersonisqualifiedtobe(or,whereapplicable,continuestoqualifytobe)aCategoryAParticipantandCategoryBParticipant,theBoardwilltakeintoaccountvariousfactorsthatitinitsabsolutediscretionconsidersrelevantinassessinghisorhercontributiontothelong-termgrowthoftheGroup,including,amongothers:(a)theindividualperformance;(b)timecommitment;(c)responsibilitiesoremploymentconditionsaccordingtotheprevailingmarketpracticeandindustrystandard;and(d)thelengthofengagementwiththeGroupandtheindividualcontributionorpotentialcontributiontothedevelopmentandgrowthoftheGroup.5.4Indeterminingwhetherapersonisqualifiedtobe(or,whereapplicable,continuestoqualifytobe)aCategoryCParticipant,theBoardwilltakeintoaccountvariousfactorsthatitinitsabsolutediscretionconsidersrelevantinassessinghisorhercontributiontothelong-termgrowthoftheGroup,including,amongothers:(a)individualperformance;(b)lengthofbusinessrelationshipwiththeGroup;(c)materialityandnatureofbusinessrelationshipwiththeGroup(includingbutnotlimitedtowhethertheirbusinessrelatetothecorebusinessoftheGroupandwhethersuchbusinessdealingscouldbereadilyreplacedbythirdparties);(d)trackrecordinthequalityofservicesprovidedtoand/orcooperationwiththeGroup;and(e)scaleofbusinessdealingswiththeGroup,withreferencetofactorssuchastheactualorexpectedchangeintheGroup’srevenueorprofitswhichisormaybeattributabletotheperson.5.5InassessingwhethertheCategoryCParticipantprovidesservicestotheGrouponacontinuingandrecurringbasisandinitsordinaryandusualcourseofbusiness,theBoardwilltakeintoconsideration:(a)thelengthandtypeofservicesprovidedandtherecurrencesandregularityofsuchservices;(b)thenatureoftheservicesprovidedtotheGroupbytheCategoryCParticipant;and(c)whethersuchservicesformpartoforaredirectlyancillarytothebusiness9conductedbytheGroup,asdisclosedintheCompany’sannouncements,circulars,interimandannualreports.5.6InorderforapersontosatisfytheBoardthatheisqualifiedtobe(or,whereapplicable,continuestoqualifytobe)anEligibleParticipant,suchpersonshallprovideallsuchinformationastheBoardmayrequestforthepurposeofassessinghiseligibility(orcontinuingeligibility).5.7Subjecttoclause9,aGranteeshallcontinuetoqualifyasanEligibleParticipantduringtheperiodwhenanyOptiongrantedtohimremainsoutstanding,orotherwisetheCompanywould(subjecttotheApplicableLaws)beentitledtodeemanyoutstandingOptionoranypartthereof,grantedtosuchGranteeandtotheextentnotalreadyexercised,aslapsed.5.8Forthepurposeofclauses6and9:(a)anEligibleParticipantwhichisacorporationshallberegardedasceasingtobeanEligibleParticipantifthereisanychangeinthemanagementand/orshareholdingoftheEligibleParticipant,unlessotherwisedeterminedtothecontrarybytheBoard;(b)aCategoryAParticipantshallnotberegardedasceasingtobeanEligibleParticipantifheorsheceasestobeaCategoryAParticipantbutbecomes,orcontinuestobe,aCategoryBParticipant;(c)aCategoryBParticipantshallnotberegardedasceasingtobeanEligibleParticipantifheorsheceasestobeaCategoryBParticipantbutbecomes,orcontinuestobeaCategoryAParticipant;and(d)aCategoryAParticipantwhoisadirectoroftheGroupshallnotberegardedasceasingtobeaCategoryAParticipantbyreasonofhisretirementasadirectoroftherelevantcompanybyrotationatgeneralmeetingifheisre-electedasadirectoratthesamegeneralmeetingpursuanttothearticlesofassociationorbye-lawsofthatcompany.6.GRANTOFOPTIONS6.1SubjecttothetermsandconditionsofthisScheme,theBoardshallbeentitledatanytimeonabusinessdaywithinaperiodoften(10)yearscommencingontheEffectiveDatetomakeanOfferorOfferstoanyEligibleParticipant(s)astheBoardmayinitsabsolutediscretionselect.6.2AnOffershallbemadetoanEligibleParticipantinwritingonabusinessdayinsuchformastheBoardmayfromtimetotimedetermine.TheOfferLettershallspecifythefollowing:(a)thenameandaddressoftheEligibleParticipant;(b)thenumberofSharestowhichtheOptiontobegrantedtotheEligibleParticipantrelates;(c)theprocedureforacceptanceoftheOptionandthelastdatebywhichtheOffershallbeaccepted,whichshallbenotearlierthanthreebusinessdaysfromthe10dateoftheOffer,exceptthatforanyOfferwhichismadewithinthelastthreebusinessdaysbeforetheexpiryofthelifeofthisScheme,theOffershallremainopenforacceptanceonabusinessdaybytheEligibleParticipantconcernedforaperiodofnolongerthantheremaininglifeofthisScheme;(d)theExercisePeriod,theExercisePriceandthemannerofpaymentoftheExercisePrice;(e)withoutprejudicetothegeneralityofclause6.6,suchothertermsandconditionsoftheOfferasmaybeimposedbytheBoardatitsdiscretioneitheronacase-by-casebasisorgenerallyasarenotinconsistentwiththisScheme;and(f)astatementrequiringtheEligibleParticipanttoundertaketoholdtheOptiononandsubjecttothetermsonwhichitistobegrantedandtobeboundbytheprovisionsofthisScheme.6.3AnOffercannotbeacceptedbyanEligibleParticipantwhoceasestobequalifiedasanEligibleParticipantaftertheOfferhasbeenmade.6.4AnOffershallbedeemedtohavebeenacceptedwhentheCompanyreceivesaduplicateOfferLetterdulysignedfromtheGranteetogetherwitharemittanceofHK$1.00(orsuchothernominalsuminanycurrencyastheBoardmaydetermine)infavouroftheCompanyasconsiderationforthegrantthereof.Suchremittanceshallinnocircumstancesberefundable.Onceaccepted,theOptionshallbedeemedtohavebeengrantedasfromthedateonwhichitwasofferedtotherelevantEligibleParticipant.NoOffershallbecapableoforopenforacceptanceaftertheexpiryoften(10)yearsfromtheEffectiveDate.6.5UnlessotherwisestatedintheOfferLetter,anyOffermaybeacceptedinrespectoflessthanthenumberofSharesinrespectofwhichitisofferedprovidedthatitisacceptedinrespectofaboardlotfordealingsinSharesontheStockExchangeoranintegralmultiplethereof.TotheextentthattheOfferisnotacceptedinthemannersetoutintheOfferLetterorbyvirtueofclause6.3,itshallbedeemedtohavebeenirrevocablydeclinedandlapsedautomaticallywithoutnotice.6.6SubjecttotheprovisionsofthisSchemeandtheApplicableLaws,theBoardmay,onacase-by-casebasisandatitsabsolutediscretionwhenofferingthegrantofanOption,imposeanyconditions,restrictionsorlimitationsinrelationtheretoinadditiontothoseexpresslysetforthinthisSchemeasitmaythinkfit(whichshallbestatedintheOfferLetter)including(withoutprejudicetothegeneralityoftheforegoing):(a)thecontinuingeligibilityoftheGranteeunderthisScheme,andinparticular,wheretheBoarddeterminesthattheGranteehasfailedorotherwiseisorhasbeenunabletomeetsuchcontinuingeligibilitycriteria,theOption(totheextentnotalreadyexercised)shalllapse,subjecttotherequirementsofclause9;(b)thecontinuingcomplianceofsuchtermsandconditionsthatmaybeattachedtothegrantoftheOption,failingwhichtheOption(totheextentnotalreadyexercised)shalllapseunlessotherwisedeterminedtothecontrarybytheBoar。
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d,subjecttotherequirementsofclause9;(c)thevestingperiodoftheOptionswhichshallnotbelessthan12months,saveandexceptthatOptionstobegrantedtoaCategoryAParticipantmaybe11subjecttoavestingperiodoflessthan12months(ornovestingperiod)inthefollowingcircumstances:(i)grantsof“make-whole”Optionstonewjoinerstoreplacetheshareawardstheyforfeitedwhenleavingthepreviousemployer;(ii)grantsofOptionstoaCategoryAParticipantwhoseemploymentisterminatedduetodeathordisabilityoroccurrenceofanyout-of-controlevent;(iii)grantsofOptionsthataremadeinbatchesduringayearforadministrativeandcompliancereasons;(iv)grantsofOptionswithamixedoracceleratedvestingschedulesuchaswheretheOptionsmayvestevenlyoveraperiod12months;and(v)grantsofOptionswithatotalvestingandholdingperiodofmorethan12months;(d)conditions,restrictionsorlimitationsrelatingtotheachievementofoperatingorfinancialtargets(the“PerformanceConditions”).Fortheavoidanceofdoubt,thereisnoperformancetargetstipulatedunderthetermsoftheSchemewhichaGranteeisrequiredtoachievebeforeanyOptiongrantedundertheSchemecanbeexercised.ThetermsoftheScheme,however,doprovidethattheBoardhasthediscretiontorequireatthetimeofgrantofanOptionanyparticularGranteetoachievesuchperformancetargetsastheBoardmaythenspecifyinthegrantbeforeanyOptiongrantedundertheSchemetosuchGranteecanbeexercised;(e)ifapplicable,thesatisfactoryperformanceofcertainobligationsbytheGrantee;(f)aclawbackmechanismunderwhichupontheoccurrenceofanyofthefollowinginrelationtotheGrantee,theBoardmayproposethatnofurtherOptionsshallbegrantedtosuchGranteeandshallclawbacktheoptionsgrantedtosuchGranteeandsuchOptionsshalllapseautomatically:(i)theGranteehasfailedtoperformdutieseffectivelyorisinvolvedinseriousmisconductormalfeasance;(ii)theGranteehascontravenedtherelevantlawsandregulationsoftheapplicablejurisdictionand/ortheprovisionsoftheArticlesofAssociation;(iii)theGranteehas,duringhis/hertenureofoffice,beeninvolvedinacceptanceorsolicitationofbribery,corruption,theft,leakageoftradeandtechnicalsecrets,conductedconnectedtransactionsandotherunlawfulactsandmisconducts,whichprejudicedtheinterestandreputationofandcausedsignificantnegativeimpacttotheimageoftheCompany;or(iv)theGranteehasfailedtodischarge,orfailedtodischargeproperly,his/herdutiesandtherebyresultinginseriouslossinassettoourCompanyandotherseriousandadverseconsequence.126.7WithoutprejudicetothegeneralityoftheforegoingandsubjecttotheApplicableLawsandclause8,theBoardmaygrantOptionsinrespectofwhichtheExercisePriceisfixedatdifferentpricesfordifferentperiodsduringtheExercisePeriod.6.8TheBoardshallnotmakeanyOffer:(a)afterinsideinformation(asdefinedundertheSecuritiesandFuturesOrdinance(Chapter571oftheLawsofHongKong)asamended,supplementedorotherwisemodifiedfromtimetotime)hascometoitsknowledgeuntil(andincluding)thetradingdayaftertheCompanyhasannouncedsuchinsideinformationpursuanttotherelevantrequirementsoftheApplicableLaws;or(b)duringtheperiodcommencingonemonthimmediatelybeforetheearlierof:(i)thedateoftheBoardmeeting(assuchdateisfirstnotifiedtotheStockExchangeundertheListingRules)forapprovingtheCompany'sresultsforanyyear,half-year,quarterlyoranyotherinterimperiod(whetherornotrequiredundertheListingRules);and(ii)thedeadlinefortheCompanytoannounceitsresultsforanyyearorhalf-yearundertheListingRules,orquarterlyoranyotherinterimperiod(whetherornotrequiredundertheListingRules),andendingonthedateoftheresultsannouncement,orduringanyperiodofdelayinpublicationofaresultsannouncement.7.GRANTOFOPTIONSTOCONNECTEDPERSONSWithoutprejudicetoclause6:(a)anygrantofOptionstoaDirector,chiefexecutiveorsubstantialshareholderoftheCompany,oranyoftheirrespectiveassociatesshallbeapprovedbytheindependentnon-executiveDirectors(excludinganyindependentnon-executiveDirectorwhoistheproposedGranteeofsuchOptions);and(b)whereanygrantofOptionstoanindependentnon-executiveDirectororasubstantialshareholderoftheCompanyoranyoftheirrespectiveassociateswouldresultintheSharesissuedandtobeissuedinrespectofalloptionsandawardsgrantedunderthisSchemeorotherSchemes(excludinganyOptionslapsedinaccordancewiththetermsofthisScheme)tosuchpersoninthe12-monthperioduptoandincludingthedateofsuchgrantrepresentinginaggregateover0.1%oftheSharesinissue,suchfurthergrantofOptionsshallbeapprovedbytheshareholdersoftheCompanyingeneralmeeting.TheCompanyshallsendacirculartoitsshareholderscontainingsuchinformationasrequiredundertheApplicableLaws.TherelevantGrantee,hisorherassociatesandallcoreconnectedpersonsoftheCompanyshallabstainfromvotinginfavouratsuchgeneralmeeting.TheCompanyshallcomplywiththerequirementsunderRules13.40,13.41and13.42oftheListingRules.138.EXERCISEPRICE8.1TheExercisePriceinrespectofanyparticularOptionshallbeapricedeterminedbytheBoardandstatedintheOfferLetter,andshallbeatleastthehigherof:(a)theclosingpriceoftheSharesasstatedintheStockExchange'sdailyquotationssheetonthedateoftheOffer;(b)theaverageclosingpriceoftheSharesasstatedintheStockExchange'sdailyquotationssheetsforthefivebusinessdaysimmediatelyprecedingthedateoftheOffer;and(c)thenominalvalueofaShare.8.2IntheeventtheSharesceasetobelistedontheStockExchange,theExercisePriceinrespectofanyparticularOptionshallbedeterminedbytheBoardingoodfaithandinamannerconsistentwithallApplicableLawstakingintoaccount(i)thepriceatwhichsecuritiesofreasonablycomparablecorporations(ifany)inthesameindustryarebeingtraded,or(ii)iftherearenosecuritiesofreasonablycomparablecorporationsinthesameindustrybeingtraded,theearningshistory,bookvalueandprospectsoftheCompanyinlightofmarketconditionsgenerally.9.EXERCISEOFOPTIONS9.1AnOptionshallbepersonaltotheGrantee.NoOptionshallnotbetransferredorassigned,andnoGranteeshallinanywaysell,transfer,assign,charge,mortgage,encumberorcreateanyinterestoverorinrelationtoanyOptioninfavourofanythirdparty,providedthattheBoardmayatitsabsolutediscretionallowaGranteetotransferorassignanOptiontoavehicle(suchasatrustoraprivatecompany)forthebenefitoftheGranteeand/oranyofthefamilymembersofsuchGranteeforestateplanningortaxplanningpurposes(“PermittedTransferee”)if:(a)theGranteeprovidesallsuchinformationinrelationtotheproposedtransfereeorassigneeastheBoardmayrequestforthepurposeofestablishingtotheBoard’ssatisfactionthattheproposedtransfereeorassigneeisaPermittedTransferee;(b)eachoftheGranteeandtheproposedtransfereeorassigneeundertakesandwarrantsthattheproposedtransfereeorassignee(i)willnotinanywaysell,transfer,assign,charge,mortgage,encumberorcreateanyinterestoverorinrelationtoanyOptionsotransferredorassignedtoitinfavourofanythirdparty(unlesssuchthirdpartyisalsoaPermittedTransfereeandalltheconditionsinthisclause9.1whichshallapplymutatismutandistosuchfurthertransferorassignmentaresatisfied);and(ii)willatalltimesbeaPermittedTransferee;and(c)awaiverisgrantedbytheStockExchangetope。
5. rmitsuchatransferorassignment.9.2SubjecttotherelevantExercisePeriodandtheothertermsandconditionsofthegrant,anOptionshallbeexercisedinwholeorinpartbytheGranteebygivingnoticeinwritingtotheCompanystatingthattheOptionistherebyexercisedandthenumberofSharesinrespectofwhichitisexercised.EachsuchnoticeshallbeaccompaniedbyaremittanceforthefullamountoftheExercisePricefortheSharesinrespectofwhichthenoticeisgiven.Anynoticegivenwithoutsuchrelevantremittanceinfullshallbe14invalid.Within21businessdays(excludinganyperiod(s)ofclosureoftheCompany'sshareregister)afterreceiptofthenoticetogetherwithremittanceoftherelevantExercisePriceinfulland,whereappropriate,receiptofthecertificategivenbytheAuditororanindependentfinancialadviserpursuanttoclause12,theCompanyshallallotandissuetherelevantnumberofSharestotheGranteecreditedasfullypaidandissuetotheGranteeasharecertificateinrespectoftheSharessoallottedandissued.9.3SubjecttotheApplicableLawsandasprovidedherein,anOptionmaybeexercisedbytheGranteeatanytimeduringtheapplicableExercisePeriod,providedthat:(a)intheeventofdeathoftheGrantee(beinganindividual)beforeexercisingtheOptioninfull,hisorherPersonalRepresentative(s)mayexercisetheOption(totheextentexercisableandnotalreadyexercisedasatthedateofhisdeath)eitherinfullorinpartwithin12monthsfollowinghisorherdeathorsuchlongerperiodastheBoardmaydetermine;(b)intheeventoftheGranteebeingaCategoryAParticipantand/oraCategoryBParticipantatthetimeofthegrantoftherelevantOptionceasingtobeaCategoryAParticipantoraCategoryBParticipantbyreasonofDisability,theGranteemayexercisetheOption(totheextentexercisableandnotalreadyexercisedasatthedateofsuchcessation)eitherinfullorinpartwithin6monthsfollowingsuchcessationorsuchlongerperiodastheBoardmaydetermine;(c)subjecttosub-clauses(d)and(e),intheeventoftheGranteebeingaCategoryAParticipantand/oraCategoryBParticipantatthetimeofthegrantoftherelevantOptionceasingtobeaCategoryAParticipantoraCategoryBParticipantforanyreasonotherthanhisorherdeathorDisability,BankruptcyorCulpableTermination,theGranteemayexercisetheOption(totheextentexercisableandnotalreadyexercisedasatthedateofsuchcessation)eitherinfullorinpartwithin30daysfollowingsuchcessationorsuchlongerperiodastheBoardmaydetermine;(d)intheeventofageneraloffer(whetherbywayoftakeoverofferorschemeofarrangementorotherwiseinlikemanner)beingmadetoalltheholdersofShares(orallsuchholdersotherthantheofferorand/oranypersonactinginconcertwiththeofferor)andsuchofferbecomesorisdeclaredunconditional(inthecaseofatakeoveroffer)orisapprovedbytherequisiteresolutionsofshareholdersoftheCompanyingeneralmeeting(inthecaseofaschemeofarrangement),theCompanyshallforthwithgivenoticethereoftoallGrantees,andthereupontheGranteesmayexercisetheOptions(totheextentexercisableandnotalreadyexercisedasatthedateonwhichtheofferbecomesorisdeclaredunconditional(inthecaseofatakeoveroffer)orisapprovedbytherequisiteresolutionsofshareholdersoftheCompanyingeneralmeeting(inthecaseofaschemeofarrangement))eitherinfullorinpartatanytimeuptothecloseofsuchoffer(oranyrevisedoffer)unlesstheBoardshalldeterminetothecontrary(inthecaseofatakeoveroffer)orwithinsuchperiodasshallbenotifiedbytheCompanytotheGrantees(inthecaseofaschemeofarrangement);(e)intheeventofanoticebeinggivenbytheCompanytoitsshareholderstoconveneashareholders'meetingforthepurposeofconsideringand,ifthoughtfit,approvingaresolutiontovoluntarilywinduptheCompany,theCompanyshallforthwithgivenoticethereoftoallGrantees,andthereupontheGranteesmayexercisetheOptions(totheextentexercisableandnotalreadyexercisedasatthedateofthenoticetotheGrantee)eitherinfullorinpartnotlaterthanthree15businessdays(excludinganyperiod(s)ofclosureoftheCompany'sshareregister)immediatelyprecedingthedateoftheproposedshareholders'meeting,andtheCompanyshall,assoonaspossibleandinanyeventnolaterthanthebusinessday(excludinganyperiod(s)ofclosureoftheCompany'sshareregister)immediatelyprecedingthedateoftheproposedshareholders'meeting,allotandissuesuchnumberofSharestotheGranteeswhichfallstobeissueduponsuchexercise;and(f)intheeventofacompromiseorarrangementbetweentheCompanyanditsmembersorcreditorsbeingproposedinconnectionwithaschemeforthereconstructionoramalgamationoftheCompany(otherthananyschemeofarrangementreferredtoinclause9.3(d)aboveoranyrelocationschemesascontemplatedinRule7.14(3)oftheListingRules),theCompanyshallgivenoticethereoftoallGranteesonthesamedateasitgivesnoticeofthemeetingtoitsmembersorcreditorstoconsidersuchascheme,andthereupontheGranteesmayexercisetheOptions(totheextentexercisableandnotalreadyexercisedasatthedateofthenoticetotheGrantee)eitherinfullorinpartnotlaterthanthreebusinessdays(excludinganyperiod(s)ofclosureoftheCompany'sshareregister)immediatelyprecedingthedateoftheproposedmeeting,andtheCompanyshall,assoonaspossibleandinanyeventnolaterthanthebusinessday(excludinganyperiod(s)ofclosureoftheCompany'sshareregister)immediatelyprecedingthedateoftheproposedmeeting,allotandissuesuchnumberofSharestotheGranteeswhichfallstobeissuedonsuchexercise.9.4TheSharestobeallottedandissuedupontheexerciseofanOptionshallbesubjecttoalltheprovisionsoftheArticlesofAssociationandtheApplicableLawsinforceasattheAllotmentDateandshallrankparipassuinallrespectswiththeexistingfullypaidSharesinissueontheAllotmentDateandaccordinglyshallentitletheholdertoparticipateinalldividendsorotherdistributionspaidormadeonoraftertheAllotmentDateotherthananydividendorotherdistributionpreviouslydeclaredorrecommendedorresolvedtobepaidormadeiftherecorddatethereforisbeforetheAllotmentDate.9.5Withoutprejudicetothegeneralityoftheforegoing,theGranteemayonlyexerciseanOptionsubjecttoanyrestrictionsasmaybereasonablyimposedbytheBoardfromtimetotimewithaviewtoensuringorfacilitatingcompliancewithanyApplicableLaws,inparticularthoserelatingtoinsiderdealingandotherprohibitionsundertheListingRules.10.LAPSEOFOPTIONAnOption(totheextentnotalreadyexercised)shalllapseandnotbeexercisableontheearliestof:(a)theexpiryoftheExercisePeriod;(b)theexpiryofanyoftheperiodsreferredtoinclauses9.3(a)to(f);(c)subjecttoclause9.3(e),thedateofthecommencementofthewinding-upoftheCompany;(d)thedatewhentheproposedcompromiseorarrangementbecomeseffectiveinrespectofthesituationcontemplatedinclause9.3(f);16(e)inthecaseoftheGranteebeingaCategoryAParticipantoraCategoryBParticipant,thedateonwhichheorsheceasestobeaCategoryAParticipantoraCategoryBParticipantbyreasonofCulpableTermination;(f)theoccurrenceofBankruptcyoftheGrantee,unlessotherwiseresolvedtothecontrarybytheBoard;(g)thedateonwhichtheGranteecommitsabreachofanytermsorconditionsattachedtothegrantoftheOption,unlessotherwiseresolvedtothecontrarybytheBoard;and(h)thedateonwhichtheBoardresolvesthattheGranteehasfailedorotherwiseisorhasbeenunabletomeetthecontinuingeligibilitycriteriaas。
6. maybeprescribedpursuanttoclause6.6(a).11.MAXIMUMNUMBEROFSHARESAVAILABLEFORSUBSCRIPTION11.1Subjecttoclauses11.2and11.3,(a)thetotalnumberofShareswhichmaybeissuedinrespectofalloptionsandawardstobegrantedunderthisSchemeandOtherSchemesshallnot,inaggregate,exceed57,093,100(Note)Shares,whichrepresents10.0%oftheSharesinissueasattheAdoptionDate(the“SchemeMandateLimit”);and(b)thetotalnumberofShareswhichmaybeissuedinrespectofalloptionsandawardstobegrantedtoallCategoryCParticipantsunderthisSchemeandOtherSchemesshallnot,inaggregate,exceed5,709,310(Note)Shares,whichrepresents1.0%oftheSharesinissueasattheAdoptionDateand10.0%oftheSchemeMandateLimit(the“CategoryCParticipantLimit”),providedthatiftheCompanyconductsashareconsolidationorsubdivisionaftertheSchemeMandateLimitortheCategoryCParticipantLimithasbeenapprovedingeneralmeeting,themaximumnumberofSharesthatmaybeissuedinrespectofalloptionsandawardstobegrantedunderthisSchemeandOtherSchemesundertheSchemeMandateLimitortheCategoryCParticipantLimitasapercentageofthetotalnumberofissuedSharesatthedateimmediatelybeforeandaftersuchconsolidationorsubdivisionshallbethesame,roundedtothenearestwholeShare.OptionslapsedinaccordancewiththetermsofthisSchemewillnotberegardedasutilisedforthepurposeofcalculatingtheSchemeMandateLimitortheCategoryCParticipantLimit.Note:ThenumberofSharesstatedhereiniscalculatedbasedonthenumberofSharesinissueoftheCompanyasat18May2023,whichmaybesubjecttofurtherchanges.ThenumberofShareswhichrepresents10.0%oftheSharesinissueand1.0%oftheSharesinissuewillbeconfirmedattheadoptiondateofthisScheme.11.2Subjecttoclause11.3,theCompanymayseekapprovalbyitsshareholdersingeneralmeetingforrenewingtheSchemeMandateLimitand/ortheCategoryCParticipantLimit(the“RenewalMandate”)separatelyfromtimetotime,providedthat:(a)iftheRenewalMandateissoughtwithinthreeyearsfromtheAdoptionDateorthedateonwhichthelastRenewalMandatewasgranted(asthecasemaybe),anycontrollingshareholdersoftheCompanyandtheirassociates(orifthereis17nocontrollingshareholder,Directors(excludingindependentnon-executiveDirectors)andthechiefexecutiveoftheCompanyandtheirrespectiveassociates)shallabstainfromvotinginfavouroftherelevantresolutionatthegeneralmeeting;andtheCompanyshallcomplywiththerequirementsunderRules13.39(6)and(7),13.40,13.41and13.42oftheListingRules,unlesstheRenewalMandateissoughtimmediatelyafteranissueofsecuritiesbytheCompanytoitsshareholdersonaproratabasisassetoutinRule13.36(2)(a)oftheListingRulessuchthattheunusedpartoftheSchemeMandateLimit(asapercentageoftherelevantclassofsharesinissue)uponrenewalisthesameastheunusedpartoftheSchemeMandateLimitimmediatelybeforetheissueofsecurities,roundedtothenearestwholeShare;(b)thetotalnumberofShareswhichmaybeissuedinrespectofalloptionsandawardstobegrantedunderthisSchemeandOtherSchemesafterrenewaloftheSchemeMandateLimitshallnotexceed10.0%oftheSharesinissueasatthedateonwhichtheRenewalMandateisobtained;(c)iftheCompanyconductsashareconsolidationorsubdivisionaftertheRenewalMandateisobtained,themaximumnumberofSharesthatmaybeissuedinrespectofalloptionsandawardstobegrantedunderthisSchemeandOtherSchemesundertherenewedSchemeMandateLimitortheCategoryCParticipantLimitasapercentageofthetotalnumberofissuedSharesatthedateimmediatelybeforeandaftersuchconsolidationorsubdivisionshallbethesame,roundedtothenearestwholeShare;and(d)theCompanyshallsendacirculartoitsshareholderscontainingthenumberofOptionsthatwerealreadygrantedunderthethenexistingSchemeMandateLimitandthethenexistingCategoryCParticipantLimitandthereasonfortherenewal.11.3TheCompanymayseekseparateapprovalbyitsshareholdersingeneralmeetingforgrantingOptionsbeyondtheSchemeMandateLimitortherenewedSchemeMandateLimitprovidedthat:(a)theOptionsinexcessoftheSchemeMandateLimitortherenewedSchemeMandateLimitshallbegrantedonlytotheEligibleParticipantsspecificallyidentifiedbytheCompanybeforesuchshareholders’approvalissought;(b)theCompanyshallissueacirculartoitsshareholderscontainingthenameofeachspecifiedEligibleParticipantwhomaybegrantedsuchOptions,thenumberandtermsoftheOptionstobegrantedtoeachsuchspecifiedEligibleParticipant,andthepurposeofgrantingOptionstoeachsuchspecifiedEligibleParticipantswithanexplanationastohowthetermsoftheOptionsservesuchpurpose;(c)thenumberandtermsofOptionstobegrantedtoeachsuchspecifiedEligibleParticipantshallbefixedbeforesuchshareholders'approval;and(d)forthepurposeofcalculatingtheminimumExercisePriceunderclause8inrespectofanyOptionstobesograntedtoeachsuchspecifiedEligibleParticipant,thedateoftheBoardmeetingforproposingsuchgrantshallbetakenasthedateoftheOfferofsuchOptions.11.4WhereanygrantofOptiontoanEligibleParticipantwouldresultintheSharesissuedandtobeissuedinrespectofalloptionsandawardsgrantedunderthisSchemeandOtherSchemestosuchEligibleParticipant(excludinganyoptionsandawardslapsed18inaccordancewiththetermsofthisSchemeandOtherSchemes)inthe12-monthperioduptoandincludingthedateofsuchgrantrepresentinginaggregateover1.0%oftheSharesinissueasatthedateofsuchgrant,suchgrantshallbesubjecttothefollowingrequirements:(a)approvaloftheshareholdersoftheCompanyingeneralmeetingwithsuchEligibleParticipantandhisorhercloseassociates(orassociatesifsuchEligibleParticipantisaconnectedpersonoftheCompany)abstainingfromvoting;(b)theCompanyshallsendacirculartoitsshareholdersdisclosingtheidentityofsuchEligibleParticipant,thenumberandtermsofthefurtherOptionstobegranted(andthosepreviouslygrantedtosuchEligibleParticipantinthe12-monthperiod),thepurposeofgrantingfurtherOptionstosuchEligibleParticipantandanexplanationastohowthetermsofthefurtherOptionsservesuchpurpose;(c)thenumberandtermsofthefurtherOptionstobegrantedtosuchEligibleParticipantshallbefixedbeforetheshareholders'approvalmentionedin(a)above;and(d)forthepurposeofcalculatingtheminimumExercisePriceunderclause8inrespectofthefurtherOptionstobesograntedtosuchEligibleParticipant,thedateoftheBoardmeetingforproposingsuchgrantoffurtherOptionsshallbetakenasthedateoftheOfferofsuchOptions.12.REORGANISATIONOFCAPITALSTRUCTURE12.1IntheeventofanyalterationinthecapitalstructureoftheCompanywhileanyOptionremainsexercisable,andsucheventarisesfrom,includingacapitalisationissue,rightsissue,subdivisionorconsolidationofShares,orreductionofcapitaloftheCompany,theBoardmay,ifitdeemsappropriate,directthatsuchcorrespondingadjustments(ifany)bemadein:(a)thenumberofSharessubjecttotheOptionssofarasunexercised;and/or(b)theExercisePrice.Fortheavoidanceofdoubt,theissueofsecuritiesasconsiderationinatransactionmaynotberegardedasacircumstancerequiringadjustment.12.2Anyadjustmentsrequiredunderclause12.1shallbemadeinaccordancewiththefollowingrequirements:(a)theadjustmentsshallgiveaGranteethesameproportionoftheequitycapital,roundedtothenearestwholeShare,asthattowhichthatGranteewaspre。
7. viouslyentitled,butnosuchadjustmentsmaybemadetotheextentthatShareswouldbeissuedatlessthantheirnominalvalue;and(b)theadjustmentsshallbemadeinaccordancewiththeListingRulesandanyotherrequirementsorguidancebytheStockExchangefromtimetotime(includingthesupplementaryguidanceattachedtotheletterfromtheStockExchangedated5September2005relatingtoshareoptionschemes),ifapplicable.1912.3Inrespectofanyadjustmentsrequiredunderclause12.1(otherthananymadeonacapitalisationissue),theAuditorsoranindependentfinancialadviserappointedbytheCompanyshallcertifytheDirectorsinwritingthattheadjustmentssatisfytherequirementssetoutinclause12.2.12.4Ingivinganycertificateunderclause12.3,theAuditorsortheindependentfinancialadviserappointedbytheCompanyshallbedeemedtobeactingasexpertsandnotasarbitratorsandtheircertificateshall,intheabsenceofmanifesterror,befinal,conclusiveandbindingontheCompanyandallpersonswhomaybeaffectedthereby.12.5ThecostsoftheAuditorsortheindependentfinancialadviserappointedbytheCompanyforthepurposeofandinconnectionwiththisSchemeshallbebornebytheCompany.13.SHARECAPITALTheexerciseofanyOptionshallbesubjecttotheapprovalbytheshareholdersoftheCompanyingeneralmeetingofanynecessaryincreaseinthesharecapitaloftheCompany.SubjecttheretotheBoardshallmakeavailablesufficientauthorisedbutunissuedsharecapitaloftheCompanytomeetsubsistingrequirementsontheexerciseofOptions.14.DISPUTESAnydisputearisinginconnectionwiththisScheme(whetherastothenumberofSharessubjecttoOptions,(whereapplicable)whetherallorpartoftheOptionhasbeenvested,theamountoftheExercisePriceorotherwise)shallbereferredtothedecisionoftheAuditorsortheindependentfinancialadviserappointedbytheCompany,whoshallactasexpertsandnotasarbitratorsandwhosedecisionshall,intheabsenceofmanifesterror,befinal,conclusiveandbindingonallpersonswhomaybeaffectedthereby.15.ALTERATIONOFTERMSOFOPTIONSANDTHISSCHEME15.1AnychangetothetermsoftheOptionsgrantedtoaGrantee(exceptwherethechangestakeeffectautomaticallyundertheexistingtermsofthisScheme)shallbeapprovedbytheBoard,theremunerationcommittee,theindependentnon-executiveDirectorsand/ortheshareholdersoftheCompany(asthecasemaybe)iftheinitialgrantoftheOptionswasapprovedbytheBoard,theremunerationcommittee,theindependentnon-executiveDirectorsand/ortheshareholdersoftheCompany(asthecasemaybe).15.2ThisSchememaybealteredinanyrespectbyresolutionoftheBoardsaveforthefollowingalterationswhichmaybeeffectedonlywiththepriorapprovaloftheshareholdersoftheCompanyingeneralmeeting:(a)anyalterationstothetermsandconditionsofthisSchemewhichareofamaterialnature;(b)anyalterationstotheprovisionsrelatingtothematterssetoutinRule17.03oftheListingRulestotheadvantageoftheGrantees;and20(c)anychangetotheauthorityoftheBoardtoalterthetermsofthisScheme,providedalwaysthattheamendedtermsofthisSchemeshallcontinuetocomplywiththerelevantprovisionsoftheListingRulesandanyotherApplicableLaws.16.TERMINATIONTheCompanybyresolutioningeneralmeetingortheBoardmayatanytimeterminatetheoperationofthisSchemeandinsuchevent,nofurtherOptionsmaybeofferedorgrantedunderthisSchemebuttheprovisionsofthisSchemeshallremaininfullforceandeffecttotheextentnecessarytogiveeffecttotheexerciseofanyOptionsgrantedpriortotheterminationorotherwiseasmayberequiredinaccordancewiththetermsandconditionsofthisScheme.17.CANCELLATION17.1AnyOptionmaybecancelledinwholeorinpartandatanytime:(a)ifagreedbetweentheCompanyandtherelevantGrantee;or(b)iftheBoardofferstogranttotheGranteereplacementOptionsofequivalentvalueoftheOptionsbeingcancelled;or(c)iftheCompanypaysorprocurestobepaidtotheGranteeanamountequaltothecashvalueoftheOptionsbeingcancelledasatthedateofcancellationasdeterminedbytheBoardbyreferencetothedifferencebetweentheclosingpriceofaShareasstatedintheStockExchange'sdailyquotationssheetonthedateofthecancellationandtheExercisePrice.17.2WhereanOptiongrantedtoaGranteeiscancelledandanewgrantismadetothesameGranteeunderthisScheme,suchnewgrantmayonlybemadeundertheSchemeMandateLimit(ortherenewedSchemeMandateLimit)and,ifapplicable,theCategoryCParticipantLimit(ortherenewedCategoryCParticipantLimit)availableatthetimeofsuchnewgrant.TheOptionscancelledwillberegardedasutilisedforthepurposeofcalculatingtheSchemeMandateLimit(ortherenewedSchemeMandateLimit)andtheCategoryCParticipantLimit(ortherenewedCategoryCParticipantLimit).18.MISCELLANEOUS18.1ThisSchemeshallnotconferonanypersonanylegalorequitablerights(otherthanthoseconstitutingtheOptionsthemselves)againsttheGrouporanyoftheRelatedEntitiesdirectlyorindirectlyorgiverisetoanycauseofactionatlaworinequityagainsttheGrouporanyoftheRelatedEntities.18.2ThisSchemeshallnotformpartofanycontractofemploymentbetweentheGroup(oranyoftheRelatedEntities)andanyGrantee,andthegrantofanOptionunderthisSchemeshallnotconferontheGranteeanyadditionalemploymentrightsorlimitinanywaytherightoftherelevantmemberoftheGrouportherelevantRelatedEntity21toterminatetheGrantee’semploymentorconferanyadditionalrightstocompensationordamagesinconsequenceoftheterminationofemploymentforanyreason.18.3ByacceptinganOption,aGranteeshallbedeemedirrevocablytohavewaivedanyentitlement,bywayofcompensationforlossofofficeorotherwisehowsoever,toanysumorotherbenefittocompensatehimforlossofanyrightsunderthisScheme.18.4AGranteeshallberesponsibleforobtaininganygovernmentalorotherofficialconsentthatmayberequiredbyanycountryorjurisdictioninordertopermitthegrant,acceptanceand/orexerciseofhisorherOption.ByacceptinganOfferofthegrantofanOptionorexercisinghisorherOption,theGranteethereofisdeemedtohaverepresentedtotheCompanythatheorshehasobtainedallsuchconsentsandshallindemnifytheCompanyinfullagainstanyloss,claim,penalty,demand,liability,costsandexpensesmadeagainstorincurredbytheCompanyinrespectofabreachbytheGranteeofsuchrepresentationorfailuretoobtainsuchconsents.TheCompanyshallnotberesponsibleforanyfailurebyaGranteetoobtainanysuchconsentsorforanytaxorotherliabilitytowhichaGranteemaybecomesubjectarisingfromorinconnectionwiththegrant,acceptanceand/orexerciseofanyOption.18.5TheCompanyshallbearthecostsofestablishingandadministeringthisScheme.18.6AGranteeshallbeentitledtoreceivecopiesofallnoticesandotherdocumentssentbytheCompanytoitsshareholders.18.7AnynoticeorothercommunicationbetweentheCompanyandaGranteemaybegivenbysendingthesamebyprepaidpostorbypersonaldeliveryto,inthecaseoftheCompany,itsprincipalplaceofbusinessinHongKongfromtimetotimeand,inthecaseoftheGrantee,hisaddressasnotifiedtotheCompanyfromtimetotime.18.8Anynoticeorothercommunicationserved:(a)bytheCompanyshallbedeemedtohavebeenserved24hoursafterthesamewasputinthepost;and(b)bytheGranteeshallnotbedeemedtohavebeenreceiveduntilthesameshallhavebeenreceivedbytheCompany.18.9ThisSchemeandallOptionsgrantedhereundershallbegovernedbyandconstruedinaccordancewiththelawsofHongKon。
8. g.。
