Holiday Inn 2008 Annual Report Download - page 49

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THE BOARD, SENIOR
MANAGEMENT AND
THEIR RESPONSIBILITIES
Remuneration report 47
1 Options exercisable at 31 December 2008. Executive share options granted
in 2004 are exercisable up to April 2014. Executive share options granted in
2005 are exercisable up to April 2015.
2 Following Stevan Porter’s death in August 2008, his outstanding vested
executive share options are all exercisable by his personal representatives
until 6 August 2009.
3 Sharesave options granted in 2003. These are exercisable between
March and August 2009.
Option prices range from 420.50p to 619.83p per IHG share. The closing
market value share price on 31 December 2008 was 562.00p and the range
during the year was 447.50p to 865.00p per share.
No Director exercised options during the year; therefore there is no
disclosable gain by Directors in aggregate for the year ended 31 December
2008 (2007 £nil).
Share options
Between 2003 and 2005, grants of options were made under the IHG Executive Share Option Plan. No executive share options have been
granted since 2005. In 2003, a grant of options was made under the IHG all-employee Sharesave Plan.
Ordinary shares under option Weighted
Options Granted Lapsed Exercised Options average
held at during during during held at option Option
Directors 1 Jan 2008 the year the year the year 31 Dec 2008 price (p) price (p)
Andrew Cosslett 157,300
157,3001619.83
Total 157,300 – – – 157,300 619.83
Stevan Porter 321,630
225,2602494.17
96,3702619.83
Total 321,630 – – – 321,6302531.82
Richard Solomons 334,639
230,3201494.17
100,5501619.83
3,7693420.50
Total 334,639 – – – 334,639 531.10
6 Directors’ pensions
The following information relates to the pension arrangements provided for Messrs Cosslett and Solomons under the executive section
of the InterContinental Hotels UK Pension Plan (the IC Plan) and the unfunded InterContinental Executive Top-Up Scheme (ICETUS).
The executive section of the IC Plan is a funded, registered, final salary, occupational pension scheme. The main features applicable to
the Executive Directors are: a normal pension age of 60; pension accrual of 1⁄30th of final pensionable salary for each year of pensionable
service; life assurance cover of four times pensionable salary; pensions payable in the event of ill health; and spouses’, partners’ and
dependants’ pensions on death. When benefits would otherwise exceed a member’s lifetime allowance under the post-April 2006 pensions
regime, these benefits are limited in the IC Plan, but the balance is provided instead by ICETUS.
Stevan Porter, until his death on 7 August 2008, had retirement benefits provided via the 401(k) Retirement Plan for employees
of Six Continents Hotels Inc. (401(k)) and the Six Continents Hotels Inc. Deferred Compensation Plan (DCP).
The 401(k) is a tax qualified plan providing benefits on a defined contribution basis, with the member and the relevant company both
contributing. The DCP is a non-tax qualified plan, providing benefits on a defined contribution basis, with the member and the relevant
company both contributing.