Annual Report 2021

213 2021 Annual Report Transport International Holdings Limited NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) 21 Equity-settled share-based transactions (continued) (a) The terms and conditions of the grants are as follows: (continued) 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 31 October 2017 30% On or after 31 October 2018 60% On or after 31 October 2019 100% Vesting condition (ii): Percentage of options granted On or after 19 November 2021 50% On or after 19 November 2022 100% Vesting condition (iii): 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% (b) The number and weighted average exercise prices of share options are as follows: 2021 2020 Weighted average exercise price Number of share options Weighted average exercise price Number of share options ’000 ’000 Outstanding at the beginning of the year $16.12 15,118 $23.45 2,313 Forfeited during the year $15.62 (1,972) $21.27 (1,120) Lapsed during the year $23.45 (1,421) – – Granted during the year – – $15.32 13,925 Outstanding at the end of the year $15.32 11,725 $16.12 15,118 Exercisable at the end of the year $15.32 4,673 $23.45 1,493 The options outstanding at 31 December 2021 had a weighted average exercise price of $15.32 (2020: $16.12) and weighted average remaining contractual lives of 3.88 years (2020: 4.48 years).