CSL Ltd Annual Report 2019

4.7 Summary of Executive KMP allocated equity Executive KMP LTI opportunities are detailed in Table 6 below – grants made under the Executive Performance and Alignment Plan. To determine the number of PSUs issued, a five day weighted average share price is used. The LTI opportunity for each Executive KMP is divided by the calculated face value to determine the number of awards granted. The number and both face and fair value (as determined by accounting standards) of PSUs awarded to Executive KMP in 2019 is shown in the following table in US Dollars. The awards had a grant date of 1 September 2018, 25% of each award will vest on 1 September in 2019, 2020, 2021 and 2022 provided performance hurdles have been met. For Dr Mezzanotte, the award had a grant date of 1 March 2019 and the same vesting dates and performance criteria apply. Table 6: LTI awards granted in 2019 Executive Performance Share Units Opportunity at Target level achievement as % of FR Number of Performance Share Units granted 18 Face Value of grant 19 Fair Value of grant 20 P Perreault 350% 37,449 6,111,242 5,916,860 G Boss 175% 6,648 1,084,876 1,050,370 W Campbell 200% 7,559 1,233,541 1,194,309 A Cuthbertson 200% 8,947 1,460,047 1,413,610 K Etchberger 175% 6,075 991,369 959,840 D Lamont 125% 7,059 1,151,947 1,115,310 WMezzanotte 21 93% 5,189 728,881 688,012 G Naylor 125% 7,038 1,148,520 1,111,995 V Romberg 175% 6,379 1,040,979 1,007,871 E Walker 175% 4,731 772,044 747,491 18 The number of Performance Share Units was calculated based on a five day weighted average share price being A$225.41. The AUD value was converted to USD at an average exchange rate for the 2019 financial year of 1.39293. For WMezzanotte who received his grant 1 March 2019, the price was A$189.05. 19 The face value is calculated using a share price of A$227.31 being the share price on the date of grant – 1 September 2018. This is the maximum possible total value of the grant. The minimum possible total value is nil. For WMezzanotte the face value for the grant made 1 March 2019 is A$195.66 being the CSL share price at 1 March 2019. 20 The number of Performance Share Units is calculated based on an assessment of the fair market value of the instruments in accordance with the accounting standards (refer to Note 18 in the Financial Statements). The fair value of each Performance Share Unit granted on 1 September 2018 was Tranche 1: A$223.06; Tranche 2: A$221.72; Tranche 3: A$219.41 and Tranche 4: A$216.13. For the awards granted 1 March 2019 the fair values were Tranche 1: A$187.94; Tranche 2: A$185.74; Tranche 3: A$183.60 and Tranche 4: A$181.47. 21 WMezzanotte was granted a “top-up” award on promotion to the role of EVP Research and Development. The grant was made 1 March 2019. CSL Limited Annual Report 2019 72 Directors' Report