BT 2006 Annual Report Download - page 62

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Share awards under long-term incentive plans held at 31 March 2006
Details of the company’s ordinary shares provisionally awarded to directors, as participants under the ISP and RSP are as follows:
1 April 2005 Awarded
a
Dividends
re-invested Vested
e
Lapsed
Total number
of award
shares
31 March
2006
Expected
vesting date Price on grant
Market price
at vesting
Monetary
value of
vested
award
£000
Sir Christopher Bland
RSP 2003 299,753 – 15,032 ––
314,785 2007
f
182p
B Verwaayen
ISP 2004 252,798 – 12,677 ––
265,475 31/03/07 193.42p
ISP 2005 – 307,354 15,413 ––
322,767 31/03/08 227.75p
A Green
ISP 2004 153,484 – 7,696 ––
161,180 31/03/07 193.42p
ISP 2005 – 219,538 11,008 ––
230,546 31/03/08 227.75p
H Lalani
ISP 2004 72,224 – 3,621 ––
75,845 31/03/07 193.42p
ISP 2005 – 175,631 8,807 ––
184,438 31/03/08 227.75p
I Livingston
ISP 2004 162,512 – 8,149 ––
170,661 31/03/07 193.42p
ISP 2005 – 230,515 11,559 ––
242,074 31/03/08 227.75p
RSP 2002
b
183,698 ––183,698 – –20/05/05 273.5p 212.25p 390
RSP 2002
c
123,307 ––123,307 – –20/05/05 202.0p 212.25p 262
RSP 2005
d
– 511,169 25,634 ––536,803 09/11/07 213.25p
Dr P Reynolds
ISP 2004 144,456 – 7,244 ––
151,700 31/03/07 193.42p
ISP 2005 – 175,631 8,807 ––
184,438 31/03/08 227.75p
The number of shares subject to awards granted during the financial year 2005/06 was calculated using the average middle market price of a BT share for the three days prior to the grant.
aAwards under the ISP were granted on 3 August 2005. The awards will vest, subject to meeting a performance target, on 31 March 2008. The performance target is relative TSR compared with a
group of companies from the European Telecom Sector. BT’s TSR must be in the upper quartile for all of the awards to vest. At median, 25% of the shares will vest. Below that point, none of the
shares will vest.
bIn accordance with his service agreement, an award of 493,601 shares with an initial value of £1,350,000 was granted on 30 May 2002 to Ian Livingston under the RSP. This award vested in three
equal tranches on the first three anniversaries of his joining BT.
cIan Livingston purchased BT shares with a value of £300,000 on 20 May 2002 and was granted an award on that date under the RSP with a value of £300,000, which vested on the third
anniversary of the date of purchase of his purchased shares.
dIan Livingston was granted an award under the RSP on 31 May 2005. The award will vest in two tranches, 50% on 10 November 2006 and 50% on 9 November 2007.
eVesting of RSP awards is not subject to a performance target being met.
fThe award under the RSP granted to Sir Christopher Bland on 1 September 2003 will vest, subject to continued employment, at the conclusion of the 2007 AGM.
Vesting of outstanding share awards and options
Details of options granted under the GSOP in the financial years 2002/03 and 2003/04, which would vest based on BT Group’s
TSR compared with the other companies in the FTSE 100 for the relevant performance periods up to 31 March 2006, and details
of options granted under the GSOP in the financial year 2004/05 and awards of shares under the ISP in the financial years 2004/05
and 2005/06, which would vest based on BT Group’s TSR compared with a group of companies from the European Telecom Sector
for the relevant performance periods up to 31 March 2006, are as follows:
31 March 2006 31 March 2005
Expected vesting
date TSR position
Percentage of
shares vesting TSR position
Percentage of
shares vesting
GSOP 2002
a
29/07/05 73 – 74 –
GSOP 2003 24/06/06 85 – 84 –
GSOP 2004 24/06/07 9 44% 11 –
ISP 2004 31/03/07 9 40% 11 –
ISP 2005 31/03/08 8 55% ––
aThe options are not exercisable because the performance target has not been met, see note c to the table on page 59.
BT Group plc Annual Report and Form 20-F 2006 Report on directors’ remuneration60