Annual Report 2019

205 Transport International Holdings Limited 2019 Annual Report Notes to the Financial Statements 20 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 Contractual life of options ’ 000 Options granted to a Director: – on 31 October 2016 860 five years from the date of grant Options granted to employees: – on 31 October 2016 4,700 five years from the date of grant Total share options granted 5,560 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 October 2017 30% On or after 31 October 2018 60% On or after 31 October 2019 100%