Lenovo 2009 Annual Report Download - page 112

2008/09 Annual Report Lenovo Group Limited
110
NOTES TO THE FINANCIAL STATEMENTS (Continued)
11 Emoluments of directors and highest paid individuals (continued)
(a) Directors’ and senior management’s emoluments (continued)
2008
Retirement
payments and
Long-term employer’s
Discretionary Inducement incentives contribution Other
bonuses fees awards to pension benefits-
Name of Director Fees Salary (note i) (note ii) (note iii) schemes in-kind Total
US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000
Executive directors
Mr. Yang Yuanqing – 894 1,084 – 2,979 83 18 5,058
Mr. William J. Amelio – 790 1,000 1,500 4,526 – 3,571 11,387
Non-executive directors
Mr. Liu Chuanzhi 40 – – – 94 465 – 599
Mr. Zhu Linan 40 – – – 94 – – 134
Ms. Ma Xuezheng 30 114 403 – 537 1,033 – 2,117
Mr. James G. Coulter 40 – – – 75 – – 115
Mr. William O. Grabe 50 – – – 94 – – 144
Mr. Shan Weijian 40 – – – 94 – – 134
Independent non-executive directors
Professor Woo Chia-Wei 40 – – – 94 – – 134
Mr. Ting Lee Sen 40 – – – 94 – – 134
Mr. John W. Barter III 60 – – – 94 – – 154
Mr. Tian Suning 27 – – – 29 – – 56
Mr. Wong Wai Ming 9 – – – 7 – – 16
416 1,798 2,487 1,500 8,811 1,581 3,589 20,182
Notes:
(i) Discretionary bonuses paid for the two years ended March 31, 2008 and 2009 represent the amounts in connection with the
performance bonuses for the two years ended March 31, 2007 and 2008 respectively.
(ii) Inducement fees paid to Mr. Amelio represent payment made to his former employer pursuant to an agreement entered into
between the Company, Mr. Amelio and his former employer (the “Agreement”). Under the terms of the Agreement, the Company
made a payment in the amount of US$7.5 million to his former employer. This amount reflects benefits realized by Mr. Amelio under
the long-term incentive plans of his former employer that were subject to certain repayment conditions. Inducement fees for the year
ended March 31, 2009 represent the accelerated amortized amount of US$2.98 million (2008: US$1.5 million) upon his resignation
as director of the Company. The inducement fees were previously amortized over a five-year period to December 2010 pursuant to
the Agreement.
(iii) Details of the long-term incentive program of the Company are set out in Note 30(a). The fair value of the employee services
received in exchange for the grant of the long-term incentive awards is recognized as an expense. The total amount to be amortized
over the vesting period is determined by reference to the fair value of the long-term incentive awards at the date of grant. The
amounts disclosed above represent the amortized amounts for the two years ended March 31, 2008 and 2009.
(iv) Mr. William O. Grabe, Professor Woo Chia-Wei, Mr. Ting Lee Sen and Mr. John W. Barter III have elected to defer their receipts of
the cash of director’s fee into fully vested share units under the long-term incentive program (Note 30(a)) in the year ended March
31, 2008. Mr. William O. Grabe, Professor Woo Chia-Wei and Mr. Ting Lee Sen have elected the same deferral from October 1,
2008 to March 31, 2009.
(v) Mr. Justin T. Chang (alternate director to Mr. James G. Coulter), and Mr. Daniel A. Carroll (alternate director to Mr. Shan Weijian)
did not receive any fees or remuneration during the years ended March 31, 2008 and 2009.