Barclays 2009 Annual Report Download - page 178

176 Barclays PLC Annual Report 2009 www.barclays.com/annualreport09
Corporate governance
Remuneration report
continued
Share plans
Barclays operates a number of share plans to align the interests of
employees with shareholders. The following tables summarise the interests
of each current executive Director in each plan and the relevant three-year
performance conditions for outstanding PSP cycles. The interests shown
are the maximum number of shares that may be received under each plan.
Executive Directors do not pay for any share plan award.
Summary descriptions of principal share plans operated by Barclays
are shown on pages 183 to 186.
For PSP, at the end of each performance period, independent
Table 3: Long-term plans and deferred share plans
Number of
shares under
award/option at Market Weighted Number
1st January 2009 Awarded in price on average released/
(maximum) year (maximum) award date exercise price exercised
John Varley
PSP 2006-2008 473,604 – £6.75 – –
PSP 2007-2009 504,294 – £7.08 – –
PSP 2008-2010 812,412 – £4.25 – –
ISOP 944,655 – – £4.29 –
Sharesave 3,735 – – £4.70 –
ESAS 469,467 – – – (38,498)
Robert E. Diamond Jr
PSP 2006-2008 2,368,014 – £6.75 – –
PSP 2007-2009 2,878,686 – £7.08 – –
PSP 2008-2010 2,031,030 – £4.25 – –
ISOP 575,008 – – £4.42 –
BGI EOP 100,000 – – £20.11 (100,000)
ESAS 7,048,112 – – – (3,682,230)
Chris Lucas
PSP 2007-2009 255,396 – £7.08 – –
PSP 2008-2010 541,608 – £4.25 – –
PSP 2009-2011 – 1,598,046 £2.34 – –
Sharesave 3,735 – – £4.70 –
ESAS 79,477 – – – (35,471)
Numbers shown for ESAS above represent provisional allocations that have been awarded.
Numbers shown as aggregate ESAS amounts also include shares under option as at 31st
December 2009. Nil cost options are normally granted under mandatory ESAS awards at the
third anniversary of grant and are exercisable (over initial allocation and two-thirds of bonus
shares) typically for two years. The aggregate exercise price of a nil cost option is £1. At the fifth
anniversary of the provisional allocation the nil cost options normally lapse and the shares
(including bonus shares) are released at the discretion of the ESAS trustee (further detail is
included on page 183). In 2009, nil cost options were granted to Mr Varley over 100,924 shares.
Nil cost options (granted in 2007) lapsed during the year. Mr Varley held 146,282 nil cost
options under ESAS as at 1st January 2009, and 206,934 as at 31st December 2009. The first
and last exercise dates were 12th March 2008 and 21st March 2011 respectively.
Mr Varley received 9,674 dividend shares and Mr Diamond and Mr Lucas received 578,308
and 6,211 dividend shares respectively from the ESAS released during the year (share price
on release date was £2.10).
Table 4: Performance conditions attaching to the share plans in which the executive Directors participate
Performance Performance
Scheme period measure Target
PSP 2009 -2011 50% of award calibrated against TSR 33% of maximum award released for above median performance
(6th place) with 100% released in 1st place and a scaled basis
in between
50% average RoRWA 17% of maximum award released for 0.83% scaled to a maximum
award at 1.34%
2008-2010 50% of award calibrated against TSR As above
50% of award calibrated against Cumulative 33% of maximum award released for £6,921m scaled to 100%
EP over the three-year performance period of maximum award at £8,350m
2007-2009 50% of award calibrated against TSR As above
50% of award calibrated against Cumulative 33% of maximum award released for £7,618m scaled to 100%
EP over the three-year performance period of maximum award at £8,668m