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NOTES TO THE GROUP FINANCIAL STATEMENTS continued
34. SHARE INCENTIVE SCHEMES (continued)
(ii) Conditional share plan
CSP awards provide senior executives with the opportunity to receive shares in Sun International Limited by way of a conditional award,
which is subject to the fulfilment of predetermined performance conditions on the expiry of a three-year performance period. The
performance condition is related to the company’s TSR over a three-year period, relative to the TSR of constituents in the INDI 25 index
and gambling/hotels sub-sectors of the travel and leisure sector that have a market capitalisation of greater than R1 billion. No awards
vest if the group’s TSR falls below the median TSR of the comparator group while all the awards vest if the group’s TSR falls within the
upper quartile. Between the median and upper quartile the CSP awards vest linearly as the ranking of the group’s TSR increases.
Movements in the number of share grants outstanding are as follows:
Number
of grants
2010 2009
Weighted
average
grant price
R
Number
of grants
Weighted
average
grant price
R
Balance at beginning of year 606 069 101.31 537 798 106.72
Lapsed – termination of employment (750) – (18 369) 91.21
Lapsed – performance condition not met (108 142) 149.55 (184 208) 82.74
Granted 298 488 84.12 270 848 77.25
Balance at end of year 795 665 88.26 606 069 101.31
Exercisable at end of year – – – –
Share grants outstanding at the end of the year vest
in the following years, subject to fulfilment of performance
conditions:
Year ending on 30 June
2010 – – 108 892 149.55
2011 226 329 90.47 226 329 90.47
2012 270 848 77.25 270 848 77.25
2013 298 488 84.12 – –
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