macquarie.com.au  2014 Annual Financial Report  Macquarie Group Limited and its subsidiaries  Notes to the financial statements  for the financial year ended 31 March 2014  continued  Note 33  Employee equity participation  continued  Vesting periods are as follows:  (1) Vesting will occur on the first day of a staff trading window following 1 July of the specified year.  (2)  Vesting will occur on the first day of a staff trading window following 1 July of the specified year. If an Executive Director has been on  leave without pay (excluding leave to which the Executive Director may be eligible under local laws) for 12 months or more, the vesting  period may be extended accordingly. (3)  Subject to achieving certain performance hurdles – refer below. $^{ }$  In limited cases, the Application Form for awards may set out a different vesting period, in which case that period will be the vesting  period for the Award. For example, staff in jurisdictions outside Australia may have a different vesting period due to local regulatory  requirements.  For Retained Profit Share Awards representing 2013 retention, the allocation price was the weighted average price of the Shares  acquired for the 2013 Purchase Period, which was 14 May 2013 to 25 June 2013 inclusive (excluding the period from 23 May to 6  June 2013). That price was calculated to be $43.56 (2012 retention: $26.97).  166  Award type Level  Vesting Retained Profit Share Awards  and Promotion Awards Below Executive Director  1/3rd on or after each 1 July, in the 2nd, 3rd and 4th year  following the year of grant (1) Retained DPS Awards  representing 2009 retention Executive Director  1/5th on or after each 1 July, in the 3rd, 4th, 5th, 6th and  7th year following the year of grant (2) Retained DPS Awards for 2010  and all future years’ retention  Executive Committee member and  Designated Executive Director  1/5th on or after each 1 July in the 3rd, 4th, 5th, 6th and  7th year following the year of grant (2) Retained DPS Awards for 2010  and all future years’ retention  All other Executive Directors  1/3rd on or after each 1 July in the 3rd, 4th and 5th year  following the year of grant (1) PSU Awards granted in relation  to 2012 and following years  Executive Committee members  50% on or after each 1 July, three and four years after the  year of grant (3) PSU Awards granted in relation  to 2009, 2010 and 2011  Executive Committee members  1/3rd on or after each 1 July, two, three and four years  after the year of grant (3) Pre-2009 DPS Transitioned into  the MEREP  Executive Committee members  1/7th each year from 1 July 2010 to 1 July 2016 (2) Pre-2009 DPS Transitioned into  the MEREP  Executive Directors (other than  those on the Executive Committee)  1/5th each year from 1 July 2010 to 1 July 2014 (2) Commission Awards Below Executive Director  1/3rd on or after each 1 July, in the 2nd, 3rd and 4th year  following the year of grant (1) Incentive Awards  All Macquarie Group staff  1/3rd on each first day of a staff trading window on or after  the 2nd, 3rd and 4th anniversaries of the date of allocation  New Hire Awards  All Director-level staff  1/3rd on each first day of a staff trading window on or after  the 2nd, 3rd and 4th anniversaries of the date of allocation 