Barclays 2009 Annual Report Download - page 186

184 Barclays PLC Annual Report 2009 www.barclays.com/annualreport09
Corporate governance
Remuneration report
continued
Share and long-term incentive plans continued
Table 20: Plans under which awards made in 2009 continued
Executive
Directors
Plan name eligible? Description
Long Term No – The LTCP is a forward-looking plan introduced for 2009, under which conditional awards of cash are made to
Cash Plan eligible employees (excluding executive Directors).
(LTCP) –Awards are released in portions over a period of time (two years for 2009 awards), subject to continued employment.
– At the time of the final release, for 2009 awards, a service credit (10% of the initial value of the award) is added.
– Participants must normally be in employment at the time of release in order to receive each portion of the payment.
– Participants who leave employment before the release date of any portion of the award will normally forfeit any
outstanding amounts. For categories of eligible leavers an award will vest, pro rated for time in service.
– On a change of control awards may vest at the discretion of the Committee.
Sharesave Yes – Sharesave was approved for a ten-year period in 2000 and is due to expire at the end of 2010. Shareholder approval
will be sought at the AGM to establish a replacement scheme on substantially the same terms.
– Sharesave is a share option plan under which all eligible employees in the UK, Ireland and Spain (including executive
Directors) are invited to participate. It is HMRC approved in the UK and approved by the Revenue Commissioners in
Ireland.
– Participants are granted options over Barclays PLC shares which may be at a discount to the market value at the date
of award (currently 20%).
– At the expiry of a fixed term (three, five or seven years) participants may use savings to acquire the shares by
exercising their option within 6 months of the date of vesting. Participants may save up to £250 per month (¤500 in
Ireland, ¤135 in Spain) for this purpose.
– On cessation of employment eligible leavers (as defined) may exercise their option to acquire shares to the extent of
their savings for a period of 6 months.
– On a change of control, participants may be able to exercise their options to acquire shares to the extent of their
savings for a period of 6 months (or a shorter period in certain circumstances).
Sharepurchase Yes – Sharepurchase is an HMRC approved share incentive plan under which all employees in the UK (including executive
Directors) are invited to participate.
– Participants may purchase up to £1,500 of shares each tax year. To encourage employee share ownership, Barclays
matches the first £600 of shares purchased by participants on a one-for-one basis. Dividends are also earned in
the form of additional shares.
– Purchased shares may be withdrawn from the plan at any time. Matching and dividend shares must be held in trust
for three years before release, but may be kept in trust for five years.
– On cessation of employment participants must withdraw all shares and depending on the reason for and timing of
cessation, the matching shares may be forfeited.
– On a change of control, participants are able to instruct the Sharepurchase trustee how to act or vote on their behalf.
– The plan was approved by shareholders in April 2000.
Global Yes – Global Sharepurchase is an extension of the Sharepurchase plan that is offered to employees in the UK.
Sharepurchase When the Sharepurchase plan was approved by shareholders in April 2000, the approval included the option of
extending the plan to other jurisdictions.
– Employees in certain jurisdictions are invited under the terms of the Global Sharepurchase plan to purchase shares in
Barclays PLC, which attract a matching share award awarded by Barclays (up to a cap) and associated dividend shares.
– Global Sharepurchase operates in substantially the same way as Sharepurchase.