FGV Annual Report 2012

107 F i n a n c i a l S t a t e m e n t s 2 0 1 2 P e n y a t a K e w a n g a n 46 FINANCIAL GUARANTEE CONTRACT Company The financial guarantee contract relates to financial guarantee contract provided by the Company to provide funding for all of FINA’s obligations under the promissory note in the event of default (refer Note 25). 47 PAYABLES Group Company 2012 2011 2012 2011 RM’000 RM’000 RM’000 RM’000 Trade payables 27,507 65,983 – – Other payables and accruals 321,181 181,972 32,235 6,452 348,688 247,955 32,235 6,452 The payables are denominated as follows: Group Company 2012 2011 2012 2011 RM’000 RM’000 RM’000 RM’000 – Ringgit Malaysia 304,301 130,751 32,235 6,452 – United States Dollar 21,873 55,957 – – – Canadian Dollar 22,211 61,247 – – – Indonesian Rupiah 303 – – – 348,688 247,955 32,235 6,452 The credit terms of trade payables range up to 60 days (2011: up to 60 days). 48 SHARE INCENTIVE PLAN In March 2008, the board of directors of a subsidiary approved the“Twin Rivers Technologies Holdings, Inc. 2008 Stock Incentive Plan”(the“Share Incentive Plan”) in order to secure the benefits arising from capital stock ownership by employees, officers, directors, consultants and advisors of the subsidiary and its subsidiary operations. The option grant provided that the options would vest in four annual installments (the option “Vesting Period”) if, and only if, the holder of the options was employed by one of the entities participating in the Stock Incentive Plan (“Companies”) at the end of the year in which the options were to vest and the Companies achieved at least 90% of specified EBITDA targets (as reflected in the Companies’ audited financial statements) during that year. The Companies did not achieve the EBITDA targets for the first three years of the Vesting Period. Accordingly, none of the options have currently vested. The final Vesting Period concluded on 1 January 2012 and these options will only vest during this period if the Companies achieve EBITDA of USD85.5 million (RM261.39 million) in calendar year 2011. As the Companies did not achieve this EBITDA in 2011 (of which the stock option grant represents option to purchase 548 shares remains outstanding as at 31 December 2011), the share incentive plan is deemed to have been cancelled effective 1 January 2012.