102
CapitaLand Limited
Annual Report 2015
Directors’ Statement
Share Plans - CapitaLand Share Option Plan, Performance Share Plan 2010 and Restricted Share Plan 2010
(continued)
(d) Awards under the CapitaLand Restricted Share Plan 2010
Under the RSP 2010, awards granted to eligible participants vest only after the satisfactory completion of time-based
service conditions or where the award is performance-related, after a further period of service beyond the performance
target completion date (performance-based restricted awards). In addition, the RSP 2010 also enables grants of fully paid
shares to be made to non-executive directors as part of their remuneration in respect of their office as such in lieu of cash.
The ERCC grants an initial number of shares (baseline award) which are conditional on targets set for a performance
period, currently prescribed to be a one-year performance period. A specified number of shares will only be released by
the ERCC to the recipients at the end of the qualifying performance period, provided the threshold targets are achieved.
The final number of shares to be released will depend on the achievement of pre-determined targets at the end of a
one-year performance period. No share will be released if the threshold targets are not met at the end of the performance
period. On the other hand, if superior targets are met, more shares than the baseline award could be released.
Once the final number of shares has been determined, it will be released over a vesting period of three years.
Recipients can receive fully paid shares, their equivalent cash value or combinations thereof, at no cost.
For grants made in 2012 and 2013, the performance conditions and number of shares to be released subject to the
achievement of performance targets are as follows:
Performance conditions
Final number of shares to be released
1. Group’s earnings before interest and tax
2. Group’s return on total assets
0% to 150% of baseline award
For grants made in 2014 and 2015, the performance conditions and number of shares to be released subject to the
achievement of performance targets are as follows:
Performance conditions
Final number of shares to be released
1. Group’s operating earnings before interest and tax
2. Group’s operating return on equity
0% to 150% of baseline award
An additional number of shares of a total value equal
to the value of the accumulated dividends declared
during each of the vesting periods and deemed
forgone due to the vesting mechanism, will also be
released upon the final vesting
Details of the movement in the awards of the Company during the year were as follows:
Movements during the year
Balance as at
1 January 2015
Granted Released
+
Lapsed/
Cancelled
Balance as at
31 December 2015
Year of
Award
No. of
holders
No. of
shares
No. of
shares
No. of
shares
No. of
shares
No. of
holders
No. of
shares
2012
528
2,170,626
–
(2,139,606)
(31,020)
–
–
2013
625
4,199,194
–
(1,707,353)
(172,510)
567
2,319,331
2014
1,498 10,853,678
253,485
(3,356,331) (1,422,582)
1,295
6,328,250
2015
–
–
9,878,413
(175,073)
(496,642)
1,573
9,206,698
17,223,498 10,131,898
(7,378,363) (2,122,754)
17,854,279
+
The number of shares released during the year was 7,378,363, of which 461,032 were cash-settled.
