annual report - Harvey Norman Company Reports & Announcements

DIRECTOR‟S REPORT (CONTINUED)
Remuneration Report (Audited) (continued)
TABLE 2: Options Granted to Executive Directors as Part of Remuneration:
Grant
Date
Options Granted as Remuneration During the Year (a)
Grant
Number
Value per
option at
Grant
Date $
Total Value
of Options
Granted
During the
Year $
First
Exercise
Date
Last Exercise
Date
Number of
Options
Vested
During the
Year
Value of
Options
Exercised
During the
Year
Options Lapsed During the Year (b)
Number of
Options Lapsed
During the Year
Value of
Options Lapsed
During the Year
$
J.E. Slack-Smith 29/11/2011 1,000,000 $0.51 $510,000 01/01/2015 30/06/2017 - - 322,000 $280,140
D.M. Ackery 29/11/2011 1,000,000 $0.51 $510,000 01/01/2015 30/06/2017 - - 322,000 $280,140
C. Mentis 29/11/2011 1,000,000 $0.51 $510,000 01/01/2015 30/06/2017 - - 322,000 $280,140
TOTAL
3,000,000
$1,530,000
(a) Subject to the terms and conditions of the 2010 Share Option Plan, the Company issued 1,000,000 options to subscribe for 1,000,000 fully paid ordinary shares in the Company, at
an exercise price of $2.03 per option, on 29 November 2011, to each of David Matthew Ackery, Chris Mentis and John Evyn Slack-Smith ("Second Tranche of Options"). The
qualifying period for the Second Tranche of Options is the three years ending 30 June 2014. The Second Tranche of Options were independently valued by Mercer (Australia) Pty
Limited at grant date utilising the assumptions underlying the Black-Scholes methodology. Under this valuation methodology, the value of each option in the Second Tranche of
Options was $0.51 per option or $1,530,000 in total.
(b) On 13 June 2012 the Company announced that options over 322,000 shares granted to each of David Matthew Ackery, Chris Mentis and John Evyn Slack-Smith, a total of 966,000
options over 966,000 shares, previously granted on 29 November 2010 (“First Tranche of Options”) have lapsed and will never be exercisable.
(c) 750,000 options over 750,000 shares of the Second Tranche of Options may be exercised subject to the satisfaction of service conditions and the terms and conditions of the 2010
Share Option Plan. 2,250,000 options over 2,250,000 shares of the Second Tranche of Options cannot be exercised but remain in existence.
-
-
966,000
$840,420
29