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33. Related-party transactions continuedMr Jan Rupert has no beneficial interest in Compagnie Financière Rupert and shares referred to in the preceding paragraph do not form partof the interest held by Compagnie Financière Rupert and its associated parties. For the avoidance of doubt, Mr Johann Rupert, Group ExecutiveChairman and a cousin of Mr Jan Rupert, is not a director of the company referred to in the preceding paragraph and has no interest in itsholding of ‘A’ shares. He is neither a trustee of the trusts referred to in the preceding paragraph nor a beneficiary of those trusts. Details ofthe holding of Compagnie Financière Rupert and parties associated with Mr Johann Rupert are given in the corporate governance report.Mr Alain Dominique Perrin, an executive director, also has an indirect holding of 720 779 ‘A’ shares. This indirect holding followed theredemption during the year of indirect holdings of derivative instruments linked to 720 779 underlying shares.Mr Alan Grieve, a member of the Group Management Committee, also serves as a director of certain private companies established when theGroup was founded and linked to former investors in Compagnie Financière Rupert. These companies hold in total 9 791 954 Richemont ‘A’shares. Mr Grieve has no beneficial interest in those companies or in the ‘A’ shares that they hold. These companies have no current connectionwith Compagnie Financière Rupert and are not associated in any way with Mr Johann Rupert.Loans to members of governing bodiesAs at 31 March 2009, there were no loans or other credits outstanding to any current or former executive or non-executive director, or memberof the Group Management Committee. The Group policy is not to extend loans to directors or members of the Group Management Committee.There were also no non-business related loans or credits granted to relatives of any executive or non-executive director, or member of the GroupManagement Committee.34. Share-based paymentStock option planThe Group has a long-term share-based compensation plan whereby executives are awarded options to acquire shares at the market priceon the date of grant. Awards under the stock option plan vest over periods of three to eight years and have expiry dates, the date after whichunexercised options lapse, of between five and 13 years from the date of grant. The executive must remain in the Group’s employment untilvesting. The options granted as from 2008 onwards include a performance condition correlated to other luxury goods companies upon whichvesting is conditional.Stock option plan at 31 March 2009A reconciliation of the movement in the number of share awards granted to executives is as follows:Weighted averageexercise pricein CHF per shareNumber of optionsBalance at 1 April 2007 33.10 24 059 523Awarded 75.10 2 368 400Exercised 25.97 (2 697 893)Lapsed 37.81 (550 413)Balance at 31 March 2008 38.11 23 179 617Exercised 26.47 (705 657)Lapsed 48.66 (217 001)Balance at 20 October 2008 38.37 22 256 959Balance at 21 October 2008 18.54 38 281 276Awarded 21.20 5 069 241Exercised 11.03 (265 521)Lapsed 21.74 (277 572)Balance at 31 March 2009 18.88 42 807 424In the detail that follows, the comparative information has not been re-presented to reflect the modification that occurred from the Group’srestructuring during the year. Information prior to 20 October 2008 is presented on a unit basis and has not been re-presented for the impactof the de-twinning.Of the total options outstanding at 31 March 2009, options in respect of 10 087 258 shares had vested and were exercisable (2008: 7 337 178 units).The weighted average share price at the date of exercise for options exercised during the year was CHF 54.92 before the de-twinning andCHF 18.55 after the de-twinning (2008: CHF 76.42).Richemont Annual Report and Accounts 2009 103Consolidated financial statements