Marks and Spencer 2005 Annual Report Download - page 24

22 MARKS AND SPENCER GROUP PLC
Remuneration report continued
2 Directors’ interests in long-term incentive schemes
a) Executive Share Matching Plan
Maximum Maximum
receivable at receivable at Performance
3 April 2004 2 April 2005 period for
or date of Awarded Vested Lapsed or date of Date of matching
appointment1in year in year in year leaving1award award
Executive directors
Alison Reed 76,841 – – – 76,841 30 July 200222002 – 2005
246,983 – – – 246,983 23 June 200332003 – 2006
323,824 – – – 323,824
Directors leaving during the year
Maurice Helfgott535,064 – – 35,064 – 30 July 200222002 – 2005
108,188 – 1,702 106,486 – 23 June 200332003 – 2006
143,252 – 1,702 141,550 –
Roger Holmes6113,525 – – 113,525 – 30 July 200222002 – 2005
396,279 – 3,302 392,977 – 23 June 200332003 – 2006
509,804 – 3,302 506,502 –
Laurel Powers-Freeling726,324 – 5,686 20,638 – 30 July 200222002 – 2005
244,860 – 8,162 236,698 – 23 June 200332003 – 2006
– 8,236 8,236 – – 28 June 200442004 – 2007
271,184 8,236 22,084 257,336 –
Vittorio Radice8234,181 – 2,384 231,797 – 23 June 200332003 – 2006
Luc Vandevelde9178,788 – – 178,788 – 30 July 200222002 – 2005
1The number of matching shares are the maximum (a match of 2.5:1) that could be receivable by the executive if the TSR performance conditions are fully met as
outlined in pages 17 and 18. These calculations have been independently performed by New Bridge Street Consultants using data from Datastream (an
independent data services provider).
2Market price on date of award was 339.0p. As at the end of March 2005, Marks & Spencer’s TSR was ranked 53rd out of 96 in the FTSE 100 Comparator Group
and 13th out of 19 in the Retailers Comparators Group. No match would be receivable if these positions are maintained. The final measure for this scheme will be
21 May 2005.
3Market price on date of award was 304.5p. After two years of the 2003-06 performance period, Marks & Spencer’s TSR was ranked 87th out of 98 in the FTSE
100 Comparator Group and 14th out of 17 in the Retailers Comparators Group. No matching shares would be receivable on shares purchased voluntarily with
bonus if these positions were to be maintained for the full three-year performance period. A minimum match of 0.25:1 is receivable on shares purchased
compulsorily with bonus.
4Market price on date of award was 362.25p. Laurel Powers-Freeling was the only executive director who was a member of this scheme until she left the Group.
5All outstanding shares lapsed when Maurice Helfgott left the Group’s employment, apart from the 1,702 matching shares which represented a 0.25:1 match on
shares purchased with compulsorily invested bonus. These matching shares vested on 30 November 2004 when the share price was 328.25p, giving an
equivalent gain of £6,000.
6All outstanding shares lapsed when Roger Holmes left the Group’s employment, apart from the 3,302 matching shares which represented a 0.25:1 match on
shares purchased with compulsorily invested bonus. These matching shares vested on 31 May 2004 when the share price was 359.5p, giving an equivalent gain
of £12,000.
7All outstanding matching shares lapsed when Laurel Powers-Freeling left the Group’s employment, apart from 5,686 and 8,236 shares which represented a
0.54:1 and 2.5:1 match respectively on shares purchased with invested bonus, and 8,162 matching shares which represented a 0.25:1 match on shares
purchased with compulsorily invested bonus. These matching shares vested on 31 December 2004 when the share price was 343.0p, and when the TSR
performance was calculated, giving an equivalent gain of £76,000.
8All outstanding shares lapsed when Vittorio Radice left the Group’s employment, apart from the 2,384 matching shares which represented a 0.25:1 match on
shares purchased with compulsorily invested bonus. These matching shares vested on 11 June 2004 when the share price was 366.0p, giving an equivalent gain
of £9,000.
9All outstanding matching shares lapsed when Luc Vandevelde left the Group’s employment.