Notes to the Financial Statements For the financial year ended 31 December 2024 19 EMPLOYEE BENEFITS (continued) (b) Equity compensation benefits 1) Share Plans of CapitaLand Group Pte. Ltd. The Group’s employees participate in the share-based incentive plans of the Company’s immediate holding company, CapitaLand Group Pte. Ltd. which comprise the Performance Share Plan (CL PSP) and Restricted Share Plan (CL RSP). i) CapitaLand Performance Share Plans This relates to compensation costs of the CL PSP reflecting the benefits accruing to the employees of the Group over the service period to which the performance criteria relate, prior to the listing of the Company. The outstanding contingent CL PSP awards granted to the employees were replaced by awards under the CLI Share Plan on 1 October 2021 in accordance with a conversion ratio and released in accordance with the original vesting schedule. The number of awards to be granted have also been finalised at 200% of the baseline awards. ii) CapitaLand Restricted Share Plans This relates to compensation costs of the CL RSP reflecting the benefits accruing to the employees of the Group over the service period to which the performance criteria relate, prior to the listing of the Company. Following the listing of the Company, the outstanding RSP granted under the CL’s RSP awards were converted to cash-settled awards on 1 October 2021 with an implied value of S$4.102 per CL share. Contingent awards granted under the CL RSP have been finalised at 150% of the baseline awards based on the same implied value. The cash payment will be released in accordance with the original vesting schedule of the respective CL RSP awards. Movements in the Group’s number of shares outstanding under CL RSP which has been converted to cash-settled awards are summarised below: 2024 2023 (’000) (’000) At 1 January 3,403 9,403 Released (3,388) (5,608) Lapsed/Cancelled (15) (392) At 31 December – 3,403 146 CapitaLand Investment Limited Notes to the Financial Statements For the financial year ended 31 December 2024 19 EMPLOYEE BENEFITS (continued) (b) Equity compensation benefits (continued) 2) Share Plans of the Company The CLI Performance Share Plan 2021 (CLI PSP 2021) and CLI Restricted Share Plan 2021 (CLI RSP 2021) were approved by CapitaLand Group Pte. Ltd. on 17 July 2021. The duration of each share plan is ten years commencing on 1 September 2021. The Executive Resource and Compensation Committee (ERCC) of the Company has instituted a set of share ownership guidelines for members of senior management who receive shares under the CLI PSP and CLI RSP. Under these guidelines, members of senior management are required to retain a portion of the total number of the Company shares received under the aforementioned share plans, which will vary according to their respective job grade and salary. The details of awards in the Company shares since commencement of the Share Plans were as follows: Aggregate shares Granted Released Lapsed/ Cancelled Balance as at 31 December 2024 No. of shares No. of shares No. of shares No. of shares CLI PSP 2021 53,090,503 (24,209,015) (6,324,044) 22,557,444 CLI RSP 2021 16,828,427 (6,351,657) (3,470,031) 7,006,739 The total number of new shares issued and/or to be issued pursuant to the Share Plans of the Company did not exceed 8% of the total number of shares (excluding treasury shares) in the capital of the Company. i) CLI Performance Share Plans This relates to compensation costs of the Company’s PSP 2021 reflecting the benefits accruing to the employees over the service period to which the performance criteria relate. Following the listing of the Company, the Company grants share awards pursuant to the CLI Performance Share Plan 2021 (Replacement Awards) to certain employees of the Group and certain designated employees of CapitaLand Group Pte. Ltd. (collectively, Existing CapitaLand PSP Award Holders) in replacement of the awards previously granted to them pursuant to the CL PSP 2010 and the CL PSP 2020 (Existing CapitaLand PSP Awards). The Replacement Awards have been granted on 1 October 2021 and will be released progressively in accordance with the original vesting schedule of the Existing CapitaLand PSP Awards. 147 Annual Report 2024
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