Holiday Inn 2013 Annual Report Download - page 94

Scheme interests awarded during 2013 (audited information)
During 2013, awards relating to shares were granted under the 2013/15 LTIP. Awards were made to each Executive Director over shares
with a value of 205% of salary using an average share price over the three business days immediately prior to grant. These are in the
form of conditional awards over IHG shares and do not carry the right to dividends or dividend equivalents during the vesting period.
These awards will vest, and the shares will be transferred to the award holder in February 2016 to the extent performance targets are
met (see page 90 for an explanation of the performance measures).
Executive Director Award date Maximum shares awarded
Market price per
share at grant1
£
Face value of
award at grant
£000
Number of shares
received if minimum
performance achieved2
2013/15 cycle
Richard Solomons 5 April 2013 76,319 19.85 1,515 15,263
Kirk Kinsell 5 April 2013 53,049 19.85 1,053 10,609
Tracy Robbins 5 April 2013 43,819 19.85 870 8,763
Tom Singer35 April 2013 56,883 19.85 1,129 11,376
1 Share price was the closing mid-market share price on 4 April 2013.
2 Minimum performance is equal to 20% of maximum award.
3 Tom Singer’s award lapsed as a result of his resignation with effect from 1 January 2014.
The vesting date for these awards is the day after the announcement of our annual results in 2016. Net rooms growth and RevPAR growth
will be measured by reference to the three years ending 30 September 2015; TSR will be measured by reference to the three years ending
31December 2015.
Other outstanding awards
During 2012, awards relating to shares were granted under the 2012/14 LTIP, as shown below on the same basis as the 2013/15 LTIP cycle
(shown above). These awards will vest in February 2015 to the extent performance targets are met (see page 90 for an explanation of the
performance measures).
Executive Director Award date Maximum shares awarded
Market price per
share at grant1
£
Face value of
award at grant
£000
Number of shares
received if minimum
performance achieved2
2012/14 cycle
Richard Solomons 5 April 2012 103,722 14.25 1,478 20,744
Kirk Kinsell 5 April 2012 68,463 14.25 976 13,692
Tracy Robbins 5 April 2012 59,270 14.25 845 11,854
Tom Singer35 April 2012 51,789 14.25 738 10,358
1 Share price was the closing mid-market share price on 4 April 2012.
2 Minimum performance is equal to 20% of maximum award.
3
Following Tom Singer’s resignation with effect from 1 January 2014, Tom Singer’s award will vest in line with the LTIP plan rules on a pro-rated basis for the
proportion of the performance period in which Tom Singer remained in employment, as determined by the Committee. The pro-rated award is shown in the table
above. Vesting will not be accelerated.
The vesting date for these awards is the day after the announcement of our annual results in 2015. Net rooms growth and RevPAR growth
will be measured by reference to the three years ending 30 September 2014; TSR will be measured by reference to the three years ending
31 December 2014.
Tracy Robbins did not participate in any IHG pension plan in 2013.
As a result of the reduction in the Lifetime Allowance in 2012,
contributions ceased and instead Tracy Robbins receives a cash
allowance in lieu of pension contributions. For 2013, the cash
allowance received was £126,400.
Tom Singer did not participate in any IHG pension plan and for
2013, received a cash allowance of £164,400.
Life assurance cover of four times pensionable salary was also
provided for both Tracy Robbins and Tom Singer.
Kirk Kinsell participates in the US 401(k) Plan and the US Deferred
Compensation Plan. The US 401(k) Plan is a tax qualified plan
providing benefits on a defined contribution basis, with the
member and relevant company both contributing. The US Deferred
Compensation Plan is a non-tax qualified plan, providing benefits
on a defined contribution basis, with the member and the relevant
company both contributing.
Contributions made by, and in respect of, Kirk Kinsell in these
plans for the year ended 31 December 2013 were:
Item £1
Director’s contributions to US Deferred
Compensation Plan 164,912
Director’s contributions to US 401(k) Plan 14,720
Company contributions to US Deferred
Compensation Plan 107,726
Company contributions to US 401(k) Plan 6,528
Age at 31 December 2013 58
1 Sterling values have been calculated using an exchange rate of $1=£0.64.
92 IHG Annual Report and Form 20-F 2013
Directors’ Remuneration Report continued
Annual Report on Directors’ Remuneration continued