Directors' Interest in LTIPs
| Awards subject to performance conditions | Awards where the performance conditions have been satisfied(1) | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Director | Date of award | Cash portion (grant value)(2) $ | Option portion (number)(2) | Cash portion (grant value)(3) $ | Option portion (number)(3) | Option portion (current value)(4) | Cash and options total current value(4)(5) $ | Cash and options total vested(1) $ | Expiry of award orvested option |
| Walker Boyd | |||||||||
| Fiscal 2007 award(6) | 28.4.06 | — | — | — | — | — | — | — | — |
| Fiscal 2008 award(6) | 24.4.07 | 244,374 | 6,774 | — | — | — | 292,306 | — | —(7) |
| Fiscal 2009 award | 14.4.08 | 244,374 | 12,964 | — | — | — | 336,108 | — | —(7) |
| Awards at end of year | 488,748 | 19,738 | — | — | — | 628,414 | — | ||
| Terry Burman | |||||||||
| Fiscal 2007 | 28.04.06 | — | — | — | — | — | — | — | — |
| Fiscal 2008 award(6) | 24.4.07 | 1,281,578 | 25,734 | — | — | — | 1,462,748 | — | —(7) |
| Fiscal 2009 award | 14.4.08 | 1,281,578 | 53,310 | — | — | — | 1,656,88 | — | —(7) |
| Awards at end of year | 2,563,156 | 79,044 | — | — | — | 3,119,629 | — | ||
All grants were made to directors while they were directors. The performance conditions relating to the awards are set out on page 77.
(1) In respect of the fiscal 2007 awards neither the Group nor the divisions achieved the required performance targets and therefore no awards vested for any of the participants.
(2) Assumes, whatever the likelihood, that the maximum performance conditions are satisfied and is calculated using their salary at March 25, 2009. For the cash portion an exchange rate of $1.45 has been used for Walker Boyd. Options are calculated using a share price at the time of grant in fiscal 2008 and fiscal 2009 of $49.80 and $24.80 respectively.
(3) The LTIP payment is made in the year following the last year in respect of which the performance condition was set. There was no vesting in respect of awards made in fiscal 2007 and no payment was made.
(4) Calculated using a share price as at January 31, 2009 of $7.04. There was no vesting in respect of awards made in fiscal 2007.
(5) Cash portion plus option portion value at January 31, 2009. For awards where the level of performance is currently unknown, no payment, or a reduced payment may be made. In respect of awards where the performance is known the base salary may be different at the date of vesting.
(6) Awards at start of year.
(7) Expiry dates of awards will be known within 60 days after the announcement of the preliminary results for the last financial year in the performance period.