TyraTech, Inc. Annual Report 2008
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Directors´ Pension ArrArrArrangements
The Executive Directors can participate in the Group´s 401(k) plan and the Group will match any contributions into the plan up to 4% of salary not to exceed US$9,200 in 2008 with a tax deferral limit of US$15,500 and additional tax deferral provisions for employees over 50 years old.
Directors´ Share OpOptions
The aggregate emoluments disclosed above do not include any amounts for the value of options to acquire ordinary shares in the Group granted to or held by the directors. On the December 31, 2008, the Directors held no options in the Group. Subsequent to the year-end on January 16, 2009, Dr. Armstrong was granted 85,883 shares and Mr. Bigsby was granted 63,553 shares at an exercise price of 42.5p and they all vest on the first anniversary
of the grant. A further grant of 50,000 shares was awarded to
Mr. Bigsby on January 16, 2009 at an exercise price of 42.5p and they vest in four equal annual installments starting on the first anniversary of the grant.
In addition, the shares held by Dr. Armstrong and Mr. Bigsby were granted as founder shares, the shares are restricted and subject to re-purchase at the Group´s option at par for a period of 4 years subject to 25% of the shares becoming fully vested on the first anniversary of the grant date and for the following three anniversaries thereafter.
Date Granted
Number of Shares
Directors:
R.D. Armstrong
December 12, 2006
602,561
K.E. Bigsby
April 20, 2007
172,161
The market price of the shares at December 31, 2008 was £0.425 (2007: £4.975) and the range during the year was £0.425 to £4.975.
Approval
The report was approved by the Board of Directors on April 1, 2009 and signed on its behalf by:
Alan Reade
Chairman, Remuneration Committee
April 1, 2009
