BT 2003 Annual Report Download - page 72

Report on directors’ remuneration
Deferred Bonus Plan awards at 31 March 2003
The following deferred bonuses have been awarded to the directors under the DBP. These shares will normally be
transferred to participants at the end of the three-year deferred period if those participants are still employed
by BT Group.
1 April 2002 Awarded
e
Vested
cf
Lapsed
d
Dividends
re-invested
Total number
of award shares
31 March
2003
Expected
vesting date
Market value
2003
£000
Market value
2002
£000
B Verwaayen – 75,247 – – 1,749 76,996 01/08/05 121 –
P Danon 21,872 – – – 420 22,292 01/08/04 35 61
– 74,257 – – 1,726 75,983 01/08/05 119 –
A Green
a
8,478 – 8,478 – – –––
10,719 – – – 205 10,924 01/08/03 17 30
44,327 – – – 852 45,179 01/08/04 71 124
– 49,504 – – 1,150 50,654 01/08/05 80 –
Dr P Reynolds
a
2,914 – 2,914 – – –––
4,336 – – – 83 4,419 01/08/03 7 12
32,195 – – – 618 32,813 01/08/04 52 90
– 44,554 – – 1,036 45,590 01/08/05 72 –
Former directors
Sir Peter Bonfield
ac
156,056 – 156,056 – – –––
85,090 – – – 1,635 86,725 01/08/03 136 238
149,626 – – – 2,876 152,502 01/08/04 239 419
R Brace
ab
11,191 – 11,191 – – ––31
B Cockburn
ab
37,995 – 37,995 – – –– 106
P Hampton
d
15,553 – – 15,553 – ––43
a
Andy Green, Paul Reynolds, Sir Peter Bonfield, Robert Brace and Bill Cockburn received 68p per share on their awards vesting as compensation for
the difference between the price of a BT share at the date of vesting and the demerger when the awards should have vested. The Remuneration
Committee determined that the awards should continue until their normal vesting date and that participants should be compensated if there was
a subsequent fall in the share price.
b
The awards granted to Bill Cockburn and Robert Brace were preserved at the discretion of the Remuneration Committee on leaving until the normal
vesting date.
c
Under the terms of his service agreement, the awards granted to Sir Peter Bonfield were preserved on his leaving until the normal vesting date.
d
The award granted to Philip Hampton lapsed on his leaving the company on 30 April 2002.
e
Awards granted on 29 July 2002. On that date, the market price of a BT Group share was 202p.
f
Awards granted on 28 June 1999, vested on 1 August 2002. On that date, the market price of a BT Group share was 199p. The market price on the date
of grant was 764p.
g
Details of the DBP are set out on page 59.
Share awards under all-employee share ownership plans at 31 March 2003
1 April 2002 Awarded Vested
Total number
of award shares
31 March 2003
Expected
vesting date
P Danon
ESIP
a
– 130 – 130 14/08/07
e
A Green
ESIP
a
– 130 – 130 14/08/07
e
ESOS 1999
bc
68 – 68 –
ESOS 2000
d
85 – – 85 17/08/03
ESOS 2001 66 – – 66 30/07/04
P Reynolds
ESIP
a
– 130 – 130 14/08/07
e
ESOS 1999
bc
68 – 68 –
ESOS 2000
d
85 – – 85 17/08/03
ESOS 2001 66 – – 66 30/07/04
a
Awards granted under the Employee Share Investment Plan (ESIP) on 14 August 2002. On that date the market price of a BT Group share was 195.75p.
b
Awards granted under the Employee Share Ownership Scheme (ESOS) on 2 August 1999 vested on 2 August 2002. On that date, the market price
of a BT Group share was 191p. The market price on the date of award was 753p.
c
Includes 16 shares purchased under the rights issue in 2001 and attaching to shares originally awarded.
d
Includes 19 shares purchased under the rights issue in 2001 and attaching to shares originally awarded.
e
The fifth anniversary of the award, at which date shares can be taken out of the ESIP with no tax charge.
BT Annual Report and Form 20-F 2003 71