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Share-based Payment Arrangements | 12 Months Ended
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Dec. 31, 2021
Text block [abstract] |
Share-based Payment Arrangements |
28. | SHARE-BASED PAYMENT ARRANGEMENTS
| a. | Employee share option plans of the Company
In order to attract, retain and reward employees, the Company and its subsidiary, ASE, have their employee share option plans for the Group’s full-time employees. As disclosed in Note 1, the Company assumed ASE’s obligations of outstanding employee share option plans starting from April 30, 2018 and each share option represents the right to purchase 0.5 ordinary share of the Company when exercised. Under the terms of the plan, share options are granted at an exercise price equal to or not less than the closing price of the ordinary shares listed on the TWSE at the issue date. The right of those share options granted under the plan is valid for 10 years, non-transferable and exercisable at certain percentages subsequent to the second anniversary of the grant date. For any subsequent changes in the Company’s capital structure or when cash dividend per ordinary share exceeds 1.5% of the market price per ordinary share, the exercise price is accordingly adjusted. Information about the share option plans that the Company granted and assumed were as follows:
|  | For the Year Ended December 31 |
|  | 2019 |  |  | 2020 |  |  | 2021 |
|  |  |  |  | Weighted |  |  |  |  |  | Weighted |  |  |  |  |  | Weighted |
|  |  |  |  | Average |  |  |  |  |  | Average |  |  |  |  |  | Average |
|  | Number of |  |  | Exercise |  |  | Number of |  |  | Exercise |  |  | Number of |  |  | Exercise |
|  | Options |  |  | Price |  |  | Options |  |  | Price |  |  | Options |  |  | Price |
|  | (In |  |  | Per Share |  |  | (In |  |  | Per Share |  |  | (In |  |  | Per Share |
|  | Thousands) |  |  | (NT$) |  |  | Thousands) |  |  | (NT$) |  |  | Thousands) |  |  | (NT$) |
Balance at January 1 |  |  | 183,814 |  |  | $ | 58.1 |  |  |  | 170,786 |  |  | $ | 57.0 |  |  |  | 144,767 |  |  | $ | 56.9 |
Options expired |  |  | — |  |  |  | — |  |  |  | (1,006 | ) |  |  | 40.8 |  |  |  | — |  |  |  | — |
Options forfeited |  |  | (4,214 | ) |  |  | 61.8 |  |  |  | (3,949 | ) |  |  | 58.0 |  |  |  | (5,907 | ) |  |  | 52.3 |
Options exercised |  |  | (8,814 | ) |  |  | 48.4 |  |  |  | (21,064 | ) |  |  | 49.2 |  |  |  | (42,058 | ) |  |  | 61.4 |
Balance at December 31 |  |  | 170,786 |  |  |  | 57.0 |  |  |  | 144,767 |  |  |  | 56.9 |  |  |  | 96,802 |  |  |  | 53.3 |
Options exercisable, end of year |  |  | 33,822 |  |  |  | 63.5 |  |  |  | 67,388 |  |  |  | 61.4 |  |  |  | 49,696 |  |  |  | 55.5 |
The weighted average share prices at exercise dates of share options for the years ended December 31, 2019, 2020 and 2021 were NT$69.3, NT$68.5 and NT$108.8 (US$3.9), respectively. Information about the outstanding share options that the Company granted and assumed at each balance sheet date was as follows:
|  | Range of Exercise Price Per Share (NT$) |  |  | Weighted Average Remaining Contractual Life (Years) |
December 31, 2020 |  |  |  |  |  |  |  |
ASE 4 th share options |  | $ | 45.2 |  |  |  | 0.3 |
ASE 5 th share options |  |  | 73.0 |  |  |  | 4.7 |
The Company 1 st share options |  |  | 52.9 |  |  |  | 7.9 |
December 31, 2021 |  |  |  |  |  |  |  |
ASE 5 th share options |  |  | 73.0 |  |  |  | 3.7 |
The Company 1 st share options |  |  | 51.0 |  |  |  | 6.9 |
| b. | Employee restricted stock awards plan of the Company
To attract and retain talents as well as motivate and engage employees, the Company’s annual shareholders’ meetings resolved in August 202 1 to issue the 2021 employee restricted stock awards plan and granted 15,000 thousand ordinary shares on the record date of October 1, 2021. The par value and the exercise price was NT$10 (US$0.36) and NT$0 per share, respectively . The fair value at the grant day was NT$92.4 (US$ 3.33 ) per s hare. The vested shares are settled and issued on an annual basis during a three-year period starting from October 1, 2021. Up to one-thirds of the total shares granted will be vested only after the Company reaching specific performance targets before the end of each year-period. Except for inheritance, those shares shall not be sold, pledged, transferred, gifted, conditioned, or otherwise dispose of before vest, while the rights of attendance, propose, speak, vote and election at shareholders meeting and other rights, including but not limited to, stock dividend, cash dividend, distribution from legal reserve and capital surplus, share options at cash capital increase are identical with the Company’s ordinary shares issued and outstanding. All the shares under this plan should be deposited in a trust account before vest. After the grant date, the Company has the right to revoke and cancel those unvested shares. The dividends (including cash dividends, stock dividends, and the cash or the shares distributed from legal reserve or capital surplus) entitled to those unvested shares and interests derived therefrom shall be returned to the Company from the trust account at the same time.
| c. | Employee share option plans of subsidiaries
USIE The terms of the plans issued by USIE were the same with those option plans previously granted by ASE. Information about share options was as follows:
|  | For the Year Ended December 31 |
|  | 2019 |  |  | 2020 |
|  |  |  |  | Weighted |  |  |  |  |  | Weighted |
|  | Number of |  |  | Average Exercise |  |  | Number of |  |  | Average Exercise |
|  | Options |  |  | Price |  |  | Options |  |  | Price |
|  | (In |  |  | Per Share |  |  | (In |  |  | Per Share |
|  | Thousands) |  |  | (US$) |  |  | Thousands) |  |  | (US$) |
Balance at January 1 |  |  | 16,711 |  |  | $ | 2.1 |  |  |  | 8,349 |  |  | $ | 2.3 |
Options forfeited |  |  | — |  |  |  | — |  |  |  | (7 | ) |  |  | 2.9 |
Options exercised |  |  | (8,362 | ) |  |  | 2.0 |  |  |  | (8,342 | ) |  |  | 2.3 |
Balance at December 31 |  |  | 8,349 |  |  |  | 2.3 |  |  |  | — |  |  |  | — |
Options exercisable, end of year |  |  | 8,349 |  |  |  | 2.3 |  |  |  | — |  |  |  | — |
In 2019 and 2020, the Group’s shareholdings in USIE decreased because USIE’s share options were exercised. The transaction was accounted for as an equity transaction since the Group did not cease to have control over USIE and, as a result, capital surplus was decreased by NT$981,078 thousand in 2019 , and capital surplus and retained earnings was decreased by NT$ 1,120,111 thousand and NT$ 392,447 thousand, respectively, in 2020. In addition, all of USIE’s share options were fully exercised as of December 31, 2020. USISH Under the share option plan issued in 2015 (“2015 share options”), each unit represents the right to purchase one ordinary share of USISH when exercised. The options are valid for 10 years, non-transferable and exercisable at certain percentages subsequent to the second anniversary of the grant date incorporated with certain performance conditions. For any subsequent changes in USISH’s capital structure, the exercise price is accordingly adjusted. In November 2019, USISH adopted the first share option plan (“2019 share options”) and granted 17,167 thousand share options to its employees. Each unit represents the right to purchase one ordinary share of USISH when exercised. The options are valid for 3.0 years, 4.0 years and 5.0 years, respectively, and are exercisable at certain percentages within 12 months subsequent to the second, the third and the fourth anniversary of the grant date under the satisfaction of certain performance conditions within each respective vesting period. In the event that USISH increases share capital by capital surplus or by cash, or distributes share dividends or cash dividends, the exercisable share option units and the exercise price are accordingly adjusted. In September 2020, USISH adopted the second share option plan (“2020 share options”) and granted 1,140 thousand share options to its employees. The conditions of issued 2020 share options are the same as 2019 share options plan, except that the options are valid for 2.2 years, 3.2 years and 4.2 years, respectively, and with each respective vesting period of 1.2 years, 2.2 years and 3.2 years. Information about share options was as follows:
|  | For the Year Ended December 31 |
|  | 2019 |  |  | 2020 |  |  | 2021 |
|  | Number of |  |  | Exercise |  |  | Number of |  |  | Exercise |  |  | Number of |  |  | Exercise |
|  | Options |  |  | Price |  |  | Options |  |  | Price |  |  | Options |  |  | Price |
|  | (In |  |  | Per Share |  |  | (In |  |  | Per Share |  |  | (In |  |  | Per Share |
|  | Thousands) |  |  | (RMB) |  |  | Thousands) |  |  | (RMB) |  |  | Thousands) |  |  | (RMB) |
Balance at January 1 |  |  | 21,537 |  |  | $ | 15.5 |  |  |  | 35,077 |  |  | $ | 14.5 |  |  |  | 31,266 |  |  | $ | 14.6 |
Options granted |  |  | 17,167 |  |  |  | 13.3 |  |  |  | 1,140 |  |  |  | 21.7 |  |  |  | — |  |  |  | — |
Options forfeited |  |  | (463 | ) |  |  | 15.4 |  |  |  | (636 | ) |  |  | 14.0 |  |  |  | (952 | ) |  |  | 14.5 |
Options exercised |  |  | (3,164 | ) |  |  | 15.5 |  |  |  | (4,315 | ) |  |  | 15.5 |  |  |  | (828 | ) |  |  | 13.8 |
Balance at December 31 |  |  | 35,077 |  |  |  | 14.5 |  |  |  | 31,266 |  |  |  | 14.6 |  |  |  | 29,486 |  |  |  | 14.2 |
Options exercisable, end of year |  |  | 13,694 |  |  |  | 15.5 |  |  |  | 13,416 |  |  |  | 15.5 |  |  |  | 19,249 |  |  |  | 14.8 |
Fair value of options granted (RMB) |  | $ | 6.27-8.35 |  |  |  |  |  |  | $ | 7.03-8.93 |  |  |  |  |  |  | $ | — |  |  |  |  |
Information about USISH’s outstanding share options at each balance sheet date was as follows:
|  | Range of Exercise Price Per Share (RMB) |  |  | Remaining Contractual Life (Years) |
December 31, 2020 |  |  |  |  |  |  |  |
2015 share options |  | $ | 15.5 |  |  |  | 4.9 |
2019 share options |  |  | 13.3 |  |  |  | 3.9 |
2020 share options |  |  | 21.7 |  |  |  | 3.9 |
December 31, 2021 |  |  |  |  |  |  |  |
2015 share options |  |  | 15.5 |  |  |  | 3.9 |
2019 share options |  |  | 12.7 |  |  |  | 2.9 |
2020 share options |  |  | 21.2 |  |  |  | 2.9 |
| d . | Employee restricted stock plans of subsidiaries
In November 2019, USISH adopted the first restricted stock plan (“2019 restricted stocks ”) and granted 6,156 thousand ordinary shares to its directors (excluding independent directors), supervisors and employees. In April 2020, the board of directors further resolved to grant 6,403 thousand ordinary shares instead, while other terms remain constant. The plan was of 3 phases starting from 2019 and each phase lasts for 1 year with a valid period of 4.5 years, 3.5 years and 2.5 years, respectively. Upon satisfaction of certain performance conditions in each phase, participants are entitled to subscribe a certain percentage of the total USISH’s ordinary shares issued under the plan with a lock-up period of 1 year. The valid period may be early terminated or extended prior to one month of the expiration date depending on the conditions of ordinary shares granted. In the event that USISH increases share capital by capital surplus or by cash, or distributes share dividends or cash dividends, the exercise price is accordingly adjusted. In September 2020, USISH adopted the second restricted stock plan (“2020 restricted stocks ”) and granted 425 thousand ordinary shares to its employees. The conditions of issued 2020 restricted stocks are the same as 2019 restricted sto cks plan, except that the restricted stocks are valid for 2 years and the ordinary shares that USISH would issue to participants for free are with a lock-up period of 1.3 year. In September 2021, USISH adopted the third restricted stock plan (“2021 restricted stocks ”) and granted 281 thousand ordinary shares to its expatriate staff. The conditions of issued 2021 restricted st oc k s are the same as 2020 restricted sto cks plan. Information about restricted stocks was as follows:
|  | For the Year Ended December 31 |
|  | 2019 |  |  | 2020 |  |  | 2021 |
|  | Number of |  |  | Exercise |  |  | Number of |  |  | Exercise |  |  | Number of |  |  | Exercise |
|  | Options |  |  | Price |  |  | Options |  |  | Price |  |  | Options |  |  | Price |
|  | (In |  |  | Per Share |  |  | (In |  |  | Per Share |  |  | (In |  |  | Per Share |
|  | Thousands) |  |  | (RMB) |  |  | Thousands) |  |  | (RMB) |  |  | Thousands) |  |  | (RMB) |
Balance at January 1 |  |  | — |  |  | $ | — |  |  |  | 6,156 |  |  | $ | 13.3 |  |  |  | 5,547 |  |  | $ | 12.2 |
Options granted |  |  | 6,156 |  |  |  | 13.3 |  |  |  | 672 |  |  |  | 4.9 |  |  |  | 281 |  |  |  | — |
Options exercised |  |  | — |  |  |  | — |  |  |  | (1,281 | ) |  |  | 13.2 |  |  |  | (1,780 | ) |  |  | 12.7 |
Options forfeited |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (483 | ) |  |  | 12.1 |
Balance at December 31 |  |  | 6,156 |  |  |  | 13.3 |  |  |  | 5,547 |  |  |  | 12.2 |  |  |  | 3,565 |  |  |  | 10.2 |
Options exercisable, end of year |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Fair value of options granted (RMB) |  | $ | 13.47 |  |  |  |  |  |  | $ | 18.55 |  |  |  |  |  |  | $ | 11.78 |  |  |  |  |
Information about USISH’s outstanding restricted st oc ks at each balance sheet date was as follows:
|  | Range of Exercise Price Per Share (RMB) |  |  | Remaining Contractual Life (Years) |
December 31, 2020 |  |  |  |  |  |  |  |
2019 restricted st ocks |  | $ | 13.2 |  |  |  | 3.3 |
2020 restricted stocks |  |  | — |  |  |  | 1.7 |
December 31, 2021 |  |  |  |  |  |  |  |
2019 restricted st ocks |  |  | 12.7 |  |  |  | 2.3 |
2020 restricted stocks |  |  | — |  |  |  | 0.7 |
2021 restricted st oc ks |  |  | — |  |  |  | 1.7 |
The Group’s shareholdings in USISH decreased because the abovementioned share option plans and restricted stock plan were exercised in 2019, 2020 and 2021. The transaction was accounted for as an equity transaction since the Group did not cease to have control over USISH and, as a result, capital surplus increased by NT$105,785 thousand, NT$1,010,219 thousand and NT$58,448 thousand (US$2,107 thousand) in 2019, 2020 and 2021, respectively.
| e . | Fair value information
For the fair values at the grant date of USISH’s 2019, 2020 and 2021 plans, the share options plans were measured by using the trinomial tree model, while the restricted stocks plans were measured by using the Black-Scholes Option Pricing Model incorporating the effect of the lock-up period. The inputs to the models were as follows:
Share option plan |  |  |  |
|  | 2019 Share Options Plan |  | 2020 Share Options Plan
Share price at the grant date |  | RMB15.84 per share |  | RMB21.55 per share
Exercise price |  | RMB13.34 per share |  | RMB21.65 per share
Expected volatility (%) |  | 45.07-51.80 |  | 48.14-53.57
Expected lives (years) |  | 3-5 |  | 2.2-4.2
Expected dividend yield |  | — |  | —
Risk free interest rate (%) |  | 2.80-2.97 |  | 2.80-2.99
Restricted stock plan |  |  |  |  |  |  |  |
|  | 2019 Restricted S tocks Plan |  | 2019 Restricted Stocks Plan Amended in 2020 |  | 2020 Restricted Stocks Plan |  | 2021 Restricted Stocks Plan
Share price at the grant date |  | RMB16.30 per share |  | RMB16.60 per share |  | RMB24.30 per share |  | RMB14.65 per share
Exercise price |  | RMB13.34 per share |  | RMB13.34 per share |  | (Note) |  | (Note)
Expected volatility (%) |  | 47.77 |  | 57.21 |  | 56.97 |  | 47.15
Lock-up periods (years) |  | 1 |  | 1 |  | 1.3 |  | 1.3
Expected dividend yield |  | — |  | — |  | — |  | —
Risk free interest rate (%) |  | 2.70 |  | 1.55 |  | 2.63 |  | 2.34
| Note: | The restricted st ock plan is to transfer ordinary shares for free upon satisfaction of certain performance conditions prior to the expiration.
Expected volatilities were based on the annualized volatilities of USISH’s historical share prices. For the years ended December 31, 2019, 2020 and 2021, employee benefits expense recognized on the share-based payment plans were NT$871,699 thousand, NT$955,575 thousand and NT$699,211 thousand (US$25,206 thousand), respectively.

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