Reference is made to the Company's announcements dated 16 June 2026 and 18 June 2026 in relation to the extension of the duration of the LTIP. Unless otherwise stated, all abbreviations and definitions used herein shall have the same meanings as previously defined in the said announcements.
Pursuant to the By-Laws governing the LTIP, the LTIP shall be in force for a period of five (5) years commencing from the effective date of implementation of the LTIP. The By-Laws further provide that, on or before the expiry of the LTIP, the Board may, at its discretion and without obtaining shareholders' approval, extend the duration of the LTIP for a further period provided that the total duration of the LTIP shall not exceed ten (10) years from the effective date.
The Board of XL wishes to announce that the LTIP of the Company, which took effect on 22 April 2021, expired on 21 April 2026 upon completion of its initial duration of five (5) years in accordance with the By-Laws governing the LTIP.
As announced on 16 June 2026 and 18 June 2026, the Board had resolved to extend the duration of the LTIP for a further period of five (5) years. However, as any extension must be effected on or before the expiry of the LTIP pursuant to the By-Laws governing the LTIP, the extension approved on 16 June 2026 did not take effect. Accordingly, the LTIP, including the Employees' Share Option Scheme (ESOS) and Share Grant Plan (SGP) thereunder, lapsed and ceased to have effect on 21 April 2026.
As at the expiry date:
(a) a total of 11,650,000 ESOS options and 2,557,000 SGP awards had been granted under the LTIP respectively;
(b) a total of 4,500,000 ESOS options and 2,557,000 SGP awards had been exercised respectively; and
(c) a total of 7,150,000 unexercised ESOS options lapsed and ceased to be valid upon the expiry of the LTIP.
The expiry of the LTIP will not have any material effect on the earnings per share, net assets per share, gearing, share capital and substantial shareholders' shareholdings of the Company for the financial year ended 30 April 2026 and the financial year ending 30 April 2027.
This announcement is dated 23 June 2026.