LensCrafters 2011 Annual Report Download - page 253

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| 177 >CONSOLIDATED FINANCIAL STATEMENTS - NOTES
Pursuant to the PSP plan adopted in 2008, on May 7, 2009, the Board of Directors granted
certain of our key employees 1,435,000 rights to receive ordinary shares (“PSP 2009”), which
can be increased by 25 percent up to a maximum of 1,793,750 units, if certain consolidated
cumulative earning per share targets are achieved during the three-year period from
2009-2011. As of December 31, 2011, the consolidated cumulative earning per share
targets were achieved and therefore the plan vested. As of December 31, 2011, 256,250
units of the 1,793,500 granted were forfeited.
Pursuant to the PSP plan adopted in 2008, on April 29, 2010, the Board of Directors granted
certain of our key employees 692,000 rights to receive ordinary shares (“PSP 2010”), which
can be increased by 25 percent up to a maximum of 865,000 units, if certain consolidated
cumulative earning per share targets are achieved over the three-year period from
2010-2012. Management expects that the target will be met. As of December 31, 2011,
50,000 units of the 865,000 granted were forfeited.
Pursuant to the PSP plan adopted in 2008, on April 29, 2011, the Board of Directors granted
certain of our key employees 665,000 rights to receive ordinary shares (“PSP 2011”), which
can be increased by 15 percent up to a maximum of 764,750 units, if certain consolidated
cumulative earning per share targets are achieved over the three-year period from
2011-2013. Management expects that the target will be met. As of December 31, 2011,
11,500 units of the 764,750 granted were forfeited.