Holiday Inn 2011 Annual Report Download - page 57

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OVERVIEW GREAT BRANDS HOW WE OPERATE WHERE WE OPERATE
Summary remuneration report 55
FACTS AND FIGURES
Special share awards
Details of special share awards that were granted and vested during the year ended 31 December 2011 are set out below:
Value based
on share
price of
Awards Awards Shares Market price Value at Awards 1,157.0p at
held at during vested during per share vesting held at 31 Dec 2011
Directors 1 Jan 2011 the year the year at vesting £ 31 Dec 2011 £
James Abrahamson1 90,000 45,000 1,373.4p 618,030 –
Thomas Singer2 – 46,635 46,635 539,567
1 James Abrahamson received a special share award which was to vest over three years as part of his recruitment terms in 2009. Vesting each year was subject to continued
service. His award of 45,000 shares due to vest on 15 February 2012 lapsed upon his resignation as a Director on 13 June 2011.
2 Thomas Singer received a special share award which vests one year from his appointment as a Director as part of his recruitment terms. Vesting is subject to continued service.
Long Term Incentive Plan awards
In 2011, there were three cycles in operation and one cycle which vested. The awards made to Directors who served during the year ended
31 December 2011 in respect of cycles ending on 31 December 2010, 2011, 2012 and 2013, and the maximum pre-tax number of ordinary
shares due if performance targets are achieved in full are set out in the table below. For the cycle ending on 31 December 2011, the
Company outperformed the DJGH index in TSR by 7.9 percentage points and achieved 2.5% per annum adjusted EPS growth. Accordingly,
73.9% of the award will vest on 15 February 2012.
Maximum
value based on
Maximum Maximum Maximum share price of
LTIP awards LTIP shares LTIP shares Market price Value at LTIP awards 1,157.0p at
held at awarded during vested during per share vesting held at 31 Dec 2011
Directors 1 Jan 2011 the year1 the year2 at vesting £ 31 Dec 2011 £
Andrew Cosslett3 686,567 137,4 38 187,126 1,373.4p 2,569,988 330,14 3 3,819,754
Richard Solomons 436,155 87,23 4 118,995 1,373.4p 1,634,277 362,148 4,190,052
James Abrahamson4 382,711 72,872 121,750 1,373.4p 1,672,115 – –
Kirk Kinsell 292,064 72,872 62,284 1,373.4p 855,408 280,539 3,245,836
Tracy Robbins 234,841 55,248 63,697 1,373.4p 874,815 203,778 2,357,711
Thomas Singer5 – 148,648 148,648 1,719,858
Total 2,032,338 574,312 1,325,256 15,333,211
1 This award is based on performance to 31 December 2013 where the performance measures relate to the Company’s TSR relative to the DJGH index and the growth in
adjusted earnings per share (EPS) over the performance period.
2 This award was based on performance to 31 December 2010 where the performance measure related to both the Company’s TSR relative to the index and the cumulative
annual growth rate (CAGR) in adjusted EPS over the performance period. The Company out-performed the DJGH index in TSR by 8 percentage points and achieved 9.6%
per annum adjusted EPS growth. Accordingly, 73.8% of the award vested on 16 February 2011.
3 Andrew Cosslett retired as Chief Executive on 30 June 2011. Shares awarded to him in respect of cycles ending on 31 December 2011, 2012 and 2013 were pro-rated to reflect
his contractual service during the applicable performance periods.
4 James Abrahamson resigned as a Director on 13 June 2011. Shares awarded to him in respect of cycles ending on 31 December 2011, 2012 and 2013 have lapsed.
5 Thomas Singer’s LTIP awards are pro-rated as explained on page 49.
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.
Weighted
Options Exercised Options average
held at during held at option price at
Directors 1 Jan 2011 the year 31 Dec 2011 31 Dec 2011
Kirk Kinsell 109,1501 109,1502 531.06p
Richard Solomons 330,8701 330,8702 532.36p
1 Executive share options granted in 2004 and 2005.
2 Executive share options granted in 2004 are exercisable up to April 2014. Executive options granted in 2005 are exercisable up to April 2015.
No Director exercised options during the year; therefore there is no disclosable gain by Directors in aggregate for the year ended
31 December 2011 (2010 nil).