Page 165 - Annual Report 2014

Notes to the Financial Statements

Year ended 31 December 2014

19 Operating Expenses (continued)

19.2.2 Share-based Payments (continued)

StarHub Restricted Stock Plans

Under the StarHub RSP and StarHub RSP Plan 2014 (collectively the “StarHub Restricted Stock Plans”), awards granted vest
only after the satisfactory completion of time-based service conditions (time-based restricted awards) or where the award is
performance-related after a further period of service beyond the performance targets completion date (performance-based
restricted awards).

During the financial year ended 31 December 2014, the conditional grants of 2,517,900 (2013: 1,484,000) shares under the
StarHub Restricted Stock Plans were made to the key employees of the Group. These represent the number of shares to be
delivered when performance targets at “on-target” level are achieved, or as the case may be, when the time-based service
conditions are completed.

During the financial year ended 31 December 2014, 127,300 (2013: 114,900) shares under the StarHub Restricted Stock
Plans were vested and delivered to certain non-executive directors of the Company as part of their non-executive directors’
remuneration, without any performance or vesting conditions attached.

The movements of the number of shares under the StarHub Restricted Stock Plans, the fair values of the grant at measurement
date and the assumptions of the fair value model for the grants of the Company are as follows:

2014 Balance Number of Number of Number of Balance
Date of grant outstanding at restricted restricted restricted outstanding at
shares granted shares vested shares forfeited
1.1.2014 31.12.2014
’000 ’000 ’000 ’000 ’000

17 May 2010 474 – (472) (2) –
31 March 2011 849 – (849) – –
25 May 2012 1,877 – (936) (29) 912
31 May 2013 1,459 – (52) 1,407
10 March 2014 2,518 – (64) 2,454
14 May 2014 – 127 – (16) –
Total – 2,645 (111) (163) 4,773
4,659 (2,368)

2013 Balance Number of Number of Number of Balance
Date of grant outstanding at restricted restricted restricted outstanding at
shares granted shares vested shares forfeited
1.1.2013 31.12.2013
’000 ’000 ’000 ’000 ’000

29 May 2009 394 – (389) (5) –
17 May 2010 1,036 – (521) (41) 474
31 March 2011 1,832 – (888) (95) 849
25 May 2012 1,953 – (76) 1,877
10 May 2013 115 – (16)
31 May 2013 – 1,484 (99) (25) –
Total – 1,599 (258) 1,459
5,215 – 4,659
(1,897)

The fair value of the share awards is estimated using a Monte-Carlo simulation methodology at the measurement dates, which
are grant dates of the share awards.

162 many lives of hubbing