Our performance in 2009 - Sappi

160
Notes to the group annual financial statements continued
28. Post-employment benefits – other than pensions continued
Expected benefit payments for other than pension benefits are as follows:
Payable in the year ending September:
South
Africa
North
America Total
2010 4 8 12
2011 4 8 12
2012 4 8 12
2013 4 7 11
2014 4 7 11
Years 2015 – 2019 24 35 59
Aggregate total of present value of the defined benefit obligation in the benefit plans
for the current annual period and for the previous four annual periods (ignoring unrecognised adjustments):
2009 2008 2007 2006 2005
Defined benefit obligations 175 143 173 164 178
Aggregate gains and losses arising on plan liabilities
for the current annual period and for the previous four annual periods:
2009 2008 2007 2006 2005
Plan liabilities (losses) gains (22) 23 – (1) –
29. Share-based payments
The Sappi Limited Share Incentive Trust and The Sappi Limited Performance Share Incentive Trust
At the annual general meeting of shareholders held on 07 March 2005, shareholders adopted The Sappi Limited Performance
Share Incentive Trust (the Plan) in addition to The Sappi Limited Share Incentive Trust (the Scheme) which had been adopted
on 05 March 1997, and fixed the aggregate number of shares which may be acquired by all participants under the Plan
together with the Trust at 19,000,000 shares (equivalent to 7.95% of the shares then in issue), subject to adjustment in case
of any increase or reduction of Sappi’s issued share capital on any conversion, redemptions, consolidations, sub-division
and/or any rights or capitalisation issues of shares. Subsequent to the December 2008 rights offering, this number has been
adjusted to 42,700,870 shares (still equivalent to 7.95% of the shares currently in issue), in accordance with the rules of the
Scheme and of the Plan.
The Sappi Limited Share Incentive Trust (the Scheme)
Under the rules of the Scheme, participants (a) may be offered the opportunity to acquire ordinary shares (Scheme shares),
(b) may be offered options to acquire ordinary shares (Share options), or (c) may be granted options to enter into agreements
with the company to acquire ordinary shares (Allocation shares).
Under the rules of the Scheme, participants may be offered options to acquire ordinary shares (Share options). This entails
that employees are offered options to purchase or subscribe for shares. Each share option will confer to the holder the right
to purchase or subscribe for one ordinary share. This is based on the terms and conditions of the Scheme. Share options
may only be released to participants as described below.
Under the rules of the Scheme, participants may be granted options to enter into agreements with the company to acquire
ordinary shares (Allocation shares). These options need to be exercised by the employee within 12 months, failing which the
option will automatically lapse. The exercise of the option must be accompanied by a deposit (if any) as determined by the
board of directors of Sappi (the board). The participant will be entitled to take delivery of and pay for Allocation shares which
are subject to the rules as described below.