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LPL » Topics » 17 Share-Based Payments

This excerpt taken from the LPL 6-K filed Nov 6, 2009.

17 Share-Based Payments

 

(a) The terms and conditions of grants as of September 30, 2009 are as follows:

 

    

Descriptions

Settlement method

    Cash settlement

Type of arrangement

    Stock appreciation rights (granted to senior executives)

Date of grant

    April 7, 2005

Weighted-average exercise price (*1)

    (Won)44,050

Number of rights granted

    450,000

Number of rights forfeited (*2)

    230,000

Number of rights cancelled (*3)

    110,000

Number of rights outstanding

    110,000

Exercise period

    From April 8, 2008 to April 7, 2012

Vesting conditions

    Two years of service from the date of grant

 

(*1) The exercise price at the grant date was (Won)44,260 per stock appreciation right (“SARs”). However, the exercise price was subsequently adjusted to (Won)44,050 due to additional issuance of common shares in 2005.
(*2) SARs were forfeited in connection with senior executives who left the Company before meeting the vesting requirement.
(*3) If the appreciation of the Company’s share price is equal or less than that of the Korea Composite Stock Price Index (“KOSPI”) over the three-year period following the grant date, only 50% of the outstanding SARs are exercisable. As the actual increase rate of the Company’s share price for the three-year period ending April 7, 2008, was less than that of the KOSPI for the same three-year period, only 110,000 shares, 50% of the outstanding SARs as of September 30, 2009 are exercisable.

 

(b) The changes in the number of SARs outstanding for the nine-month period ended September 30, 2009 and for the year ended December 31, 2008 are as follows:

 

(In share)          
     Stock appreciation rights
     2009    2008

Balance at beginning of period

    110,000    220,000

Forfeited or cancelled

    —      110,000

Outstanding at end of period

    110,000    110,000
         

Exercisable at end of period

    110,000    110,000
         

 

30

Table of Contents

LG DISPLAY CO., LTD.

Notes to Interim Non-Consolidated Financial Statements—(Continued)

September 30, 2009

(Unaudited)

 

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