BT 2014 Annual Report Download - page 102

99
Governance
Governance
Share awards under long-term incentive schemes held at 31 March 2014 (audited)
Details of the company’s ordinary shares provisionally awarded to directors, as participants under the ISP are as follows
01/04/2013 Awarded
Dividends
re-invested Vested Lapsed
Total
number of
award shares
31/03/2014
Performance
period end
Price on
grant
Market
price at
vesting
Monetary
value of
vested
award
£000
G Patterson
ISP 2010a 842,960 – 842,960 – – 31/3/2013 134.26p 305.5p 2,575
ISP 2011b 620,315 – 17,530 – – 637,845 31/3/2014 198.83p 387.5p 1,945
ISP 2012c 584,643 – 16,521 – – 601,164 31/3/2015 202.26p – –
ISP 2013d– 361,904 10,226 – – 372,130 31/3/2016 315.00p – –
ISP 2013e– 375,906 3,334 – – 379,240 31/3/2016 372.00p – –
T Chanmugam
ISP 2010a 800,811 – 800,811 – – 31/3/2013 134.26p 305.5p 2,446
ISP 2011b 582,224 – 16,452 – – 598,676 31/3/2014 198.83p 387.5p 1,826
ISP 2012c 548,744 – 15,507 – – 564,251 31/3/2015 202.26p – –
ISP 2013d– 339,682 9,598 – – 349,280 31/3/2016 315.00p – –
Former director
I Livingstonf
ISP 2010a1,896,661 – 1,896,661 – – 31/3/2013 134.26p 305.5p 5,794
ISP 2011b1,258,315 – 24,184 812,784 469,715 – 31/3/2014 198.83p 374.9p 3,047
ISP 2012c1,185,955 – 22,793 – 1,208,748 – 31/3/2015 202.26p – –
ISP 2013d– 734,126 14,109 – 748,235 – 31/3/2016 315.00p – –
a Awards granted on 25 June 2010. The number of shares subject to awards was calculated using
the average middle market price of a BT share for the three days prior to grant of 134.26p. 50%
of each award of shares is linked to TS5 compared with a group of 25 companies and 50%{is linked
to a three-year cumultative free cash Ʈow measure. Awards vested in full on 13{May 2013.
b Awards granted on 27 June 2011. The number of shares subject to awards was calculated using
the average middle market price of a BT share for the three days prior to grant of 198.83p. 40%
of each award is linked to TS5 compared with a group of 25 companies, 40% is linked to a three-
year adjusted cumulative free cash Ʈow measure and 20% to a measure of growth in underlying
revenue excluding{transit) over three years. The market price at vesting is an estimate of the value
using a three-month average share price from 1 February 2014 to
30{April 2014 of £3.8751. The award will vest at 78.7% of the total number of award shares in
May 2014. The award vested for Ian /ivingston on 6 November 2013 at 374.9p, as set out on
pages{94 and 96.
c Awards granted on 20 June 2012. The number of shares subject to awards was calculated using
the average middle market price of a BT share for the three days prior to grant of 202.26p. 40%
of each award is linked to TS5 compared with a group of 25 companies, 40% is linked to a three-
year normalised free cash Ʈow measure and 20% to a measure of growth in underlying revenue
excluding transit) over three years.
d Awards granted on 20 June 2013. The number of shares subject to awards was calculated using
the average middle market price of a BT share for the three days prior to grant of 315.00p. 40%
of each award is linked to TS5 compared with a group of 24 companies, 40% is linked to a three-
year normalised free cash Ʈow measure and 20% to a measure of growth in underlying revenue
excluding transit) over three years.
e Award granted on 12 November 2013 following appointment as Chief Executive. The number of
shares subject to awards was calculated using the average middle market price of a BT share for the
three days prior to grant of 372.00p. 40% of each award is linked to TS5 compared with a group
of 24 companies, 40% is linked to a three-year normalised free cash Ʈow measure and 20% to a
measure of growth in underlying revenue excluding{transit) over three years.
f Ian /ivingston retired from the Board on 10 September 2013 and details of the ISP 2011 award
vesting and the ISP 2012 and ISP 2013 awards lapsing are set out on page 96.