THE EMPLOYEE SHARE OPTION PLAN - OPERATION

Steps

1. The Employer makes tax deductible contributions to the Plan Trustee, to enable the Trustee to purchase options from the Employer.
2. Employer instructs the ESOP Plan Administrator to issue ESOP Share Options to nominated Participating Employee.
3. The Plan Trustee issues the Share Options to the Participating Employee with vesting conditions as advised by Employer.
4. Upon vesting of the Share Options and at the earlier termination of employment or an encashment request by the Participating Employee, Employer instructs the Plan Trustee to cancel the Share Options and make Cancellation Payments to the Participating Employee.
5. The Cancellation Payments are based on the value of the Share Options at the date of cancellation.
6. At the Employers discretion the Options are exercised into Shares in the Employer.