SAPPI LTD (SAP) 6-K

Executive directors(4)
2007
Prior year Contributions Benefit
bonuses Sums paid under received
and paid pension from
performance by way of and Shared
Salary related payments (5) expense allowance medical aid schemes Incentive Other Total(6) (7)
In USD
W Pfarl(1) 536,552 255,071 2,708 132,087 – 393,688 1,320,106
M R Thompson 272,354 84,910 448 100,515 – – 458,227
E van As(2) 696,953 – – – – 146,360 843,313
R J Boëttger(3) 161,737 – – 46,412 516,248 – 724,397
1,667,596 339,981 3,156 279,014 516,248 540,048 3,346,043
(1) Retired June 2007. Mr Pfarl received a pension disbursement benefit of USD346,085 included in other benefits.
(2) Mr van As received a salary of USD696,953 (ZAR5 million) while acting as chief executive officer. Includes board fees paid to Mr van As for the period September 2006 till August 2007
when his executive responsibilities terminated upon the appointment of Mr Boëttger as chief executive officer.
(3) Appointed as chief executive officer in July 2007. Mr Boëttger received 35,000 restricted shares which vested on 31 December 2007 included under benefit received from credit scheme
share funding. A share based expense of USD516,248 was recognised in the current year income statement, based on a share price of ZAR106.00.
(4) Executive directors are paid remuneration packages which aim to be competitive in the countries in which they live and work, and they are generally paid in the currency of those
countries.
(5) Bonuses and performance related payments are in respect of the previous year’s performance paid in the current year.
(6) No other fees were paid or accrued to a third party in lieu of directors’ fees.
(7) The Sappi directors’ total remuneration and benefits have been included in the above table.
14.2. Directors' participation in the Sappi Limited Share Incentive Trust and Performance Share Incentive Plan
14.2.1. Share options, allocation shares and performance shares
The following table sets out all share options (whether vested or unvested), all other unvested allocation shares and performance shares granted to, and
exercised by, each executive director in terms of The Sappi Limited Share Incentive Trust and Performance Share Incentive Plan during the year ended
September 2007. Details of share dealings are included in the second table.
Non-executive directors do not have any allocation shares, share options or performance shares. Executive directors who retire have 12 months in which to
settle their share options and allocation shares, unless extension is granted by the compensation committee of the board of directors. For performance shares
there is a formula by which retired executive directors will receive a proportion of any shares which may have vested at the end of the four year period.
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