DIRECTORS' STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022 (CURRENCY - SINGAPORE DOLLARS UNLESS OTHERWISE STATED) Share Plans (continued) Except as otherwise disclosed in this Directors’ Statement, there were no share options or share awards granted by the Company to any person to take up unissued shares of the Company. (a) PSP2010 / PSP2020 (“PSP”) The PSP is established with the objective of motivating Senior Management Executives to strive for sustained long-term growth and performance of the Group. Awards of performance shares are granted conditional on performance targets set based on the corporate objectives of the Group. Performance share awards are generally granted on an annual basis and are conditional on targets set over a performance period, which is currently prescribed at 3 years. The performance shares will only be released to the recipient at the end of the applicable performance period. The actual number of performance shares released will depend on the achievement of set targets over the performance period. A minimum threshold performance is required for any performance shares to be released and the actual number of performance shares to be released is capped at 170% of the conditional award. The performance measures used in performance share grants are Absolute Total Shareholder Return (TSR) taking reference to the Group’s Cost of Equity and Earnings Per Share (EPS) Growth against pre-determined EPS Growth targets over the relevant performance period. The release of the shares is additionally conditional upon satisfactory individual performance. Details of the awards granted under the PSP are as follows: Participant Conditional awards granted during the financial year under review Awards released during the financial year under review * Aggregate conditional awards granted since commencement to end of financial year under review Aggregate awards released since commencement to end of financial year under review Aggregate conditional awards not released as at end of financial year under review PSP2010 Director of the Company Vincent Chong Sy Feng – 211,223 0 to 3,227,862 992,410 0 to 928,128 Group Executives (including Vincent Chong Sy Feng) – 690,408 0 to 29,215,195 9,723,952 0 to 3,522,507 * All PSP2010 awards released to participants during the financial year under review were satisfied by way of the transfer of treasury shares to participants. 120 ST ENGINEERING ANNUAL REPORT 2022
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