| 2.11. | Share-Based Payments |
The Company may grant share-based payments to employees, directors, other service providers or independent contractors. These awards are accounted for as follows:
| (a) | Cash-settled arrangement |
Considering the characteristics and past practice adopted by the Company in settling these awards, the initial measurement of the liability is based on the fair value of the Company’s shares and takes into account discounts obtained upon settlement and is re-measured at each reporting date until the effective cash payout. Upon completion of Initial Public Offering, the Company did not provide any new option grant under these plan. For additional details, see note 22.
| (b) | Equity-settled arrangement |
The grant-date fair value of equity-settled share-based payment arrangements granted to employees is recognized as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. The cost of equity-settled transactions is determined by the fair value at the grant date, further details of which are given in note 22.
The Company did not modify any awards during the years ended December 31, 2015, 2016 and 2017.