part or all of the Options (subject to any minimum number or multiple of a number of Options prescribed by the Company from time to time and advised in the offer of Options), by a notice in writing to the
Company in such form as the Company may from time to time specify, detailing the Options exercised.
Payment: Contemporaneously with the exercise notice provided under clause 4.4, on the Exercise Date the Scheme Member shall remit to the Company the Exercise Price and surrender the relevant Option Certificate. If fewer than all the Options comprised in a certificate are exercised, a replacement Option Certificate shall be issued for the remaining Options.
Minimum Number: The minimum number of Options that may be exercised on any one occasion shall be the lesser of 1,000 Options or the balance then remaining.
Issue: Subject to the provisions of clause 6, within 5 Business Days after the date on which the Company receives payment of the relevant Exercise Price and the relevant Option Certificate under this clause 4, the Company shall issue, transfer, or procure the transfer of Ordinary Shares to the Scheme Member, unless this clause 4 precludes the exercise of Options (in which case, the Company shall give notice to the Scheme Member accordingly, refund the Exercise Price (without interest) and return the Option Certificate).
Company’s Notice: The Company shall give a further notice to a Scheme Member who has been precluded pursuant to clause 4.2 from exercising an Option, as soon as it considers that the exercise would no longer be precluded.
Ranking: Subject to the provisions of clause 6, Ordinary Shares issued or transferred to a Scheme Member pursuant to the exercise of an Option shall be credited as fully paid and shall rank equally in all respects with all other Ordinary Shares on issue at the Exercise Date, except for any dividend in respect of which the Record Date occurred prior to the Exercise Date.
Rights Issue: In the event that there is a rights issue prior to the Exercise Date, the Exercise Price of the Options shall be reduced in accordance with the formula stipulated by Listing Rule 8.1.7.
Bonus Issues etc: If there is a bonus issue to the holders of the Ordinary Shares, the number of Ordinary Shares to be received on the exercise of an Option shall be increased (or additional Ordinary Shares may be reserved for issue on exercise of an Option) by the number of Ordinary Shares which the Scheme Member would have received if that Option had been exercised before the Record Date for the issue.
Proportionate Reconstruction: If there is a consolidation or subdivision or similar proportionate reconstruction of the Ordinary Shares, the number of Ordinary Shares to be received on the exercise of an Option may be consolidated or subdivided in the same ratio and the Exercise Price amended in inverse proportion to that ratio.
Notice: The Company shall give notice of any adjustment to the number of Ordinary Shares to be received on the exercise of Options to all Scheme Members affected.
5. Expiration of Options
E x e r c i s e P e r i o d P a s s e d : S u b j e c t t o c l a u s e 4 . 3 , a n O p t i o n s h a l l e x p i r e o n t h e e x p i r y o f t h e E x e r c i s e P e r i o d
for such Option.
Lapse Event: An Option shall expire (subject to a determination by its Board to the contrary) on the occurrence of a Lapse Event.
After Exercise: Nothing in this Scheme as to expiry of an Option shall apply to an Option which has been exercised.