Mindtell Technology Limited (Stock Code: 8611) has announced a proposed share scheme dedicated to its employee participants. According to the details provided, the proposed adoption is subject to approval at an upcoming extraordinary general meeting (EGM) and the subsequent listing approval by the GEM Listing Committee of the Stock Exchange.

The share scheme, if adopted, would grant participants share options or share awards, both of which would be satisfied with the issuance of new shares. The plan has a tenure of 10 years from its adoption date and sets an overall limit of approximately 46,800,000 shares, representing 10% of the 468,000,000 shares currently in issue.

Only employees, directors, and officers of Mindtell Technology Limited and its subsidiaries will be eligible to participate. Vesting generally requires a minimum of 12 months, although accelerated vesting is permitted under certain circumstances, such as “make whole” grants for new employees, performance-based criteria, or administrative considerations.

A clawback mechanism allows for lapsing or recovery of shares if a participant engages in misconduct or otherwise violates terms outlined under the share scheme. The board has noted that this design aims to discourage inappropriate behavior while ensuring alignment between employee contributions and corporate objectives. The plan is considered by the board as a means of encouraging long-term growth and aligning employee interests with those of the shareholders.

An EGM will be convened for shareholders to vote on the proposed share scheme. A circular with further details and the meeting notice will be distributed in due course. Subject to shareholder and regulatory approvals, the issuance of new shares under the scheme will be governed by the relevant provisions of the GEM Listing Rules.