Marks and Spencer 2006 Annual Report Download - page 48

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46 Marks and Spencer Group plc
Remuneration report continued
2 Directors’ interests in long-term incentive schemes
Performance Share Plan Maximum Maximum
receivable at receivable at
2 April 2005 1 April 2006 Performance
or date of Awarded Vested Lapsed or date of Date of period for
appointment in year in year in year leaving1award award
Chief Executive
Stuart Rose – 473,868 – – 473,868 25/07/2005 2005 – 2008
Executive directors
Ian Dyson – 234,146 – – 234,146 25/07/2005 2005 – 2008
Steven Sharp 234,146–––234,146 25/07/2005 2005 – 2008
1The number of performance shares is the maximum (100% of the award vesting) that could be receivable by the executive if the EPS performance conditions
are fully met as outlined on page 42. For the year ending in March 2006, the EPS growth in excess of inflation (RPI) was 39.5%. The maximum vesting would be
receivable if this percentage is maintained.
Directors’ Share Option Schemes
At 2 April Exercised/ At 1 April
2005 or Granted lapsed 2006 or Option Exercise
date of during during date of price price Option
appointment the year the year leaving (p) (p) period
Chief Executive
Stuart Rose
Not Exercisable (B) 979,825 979,825 347.0 Jul 2007 – Jul 2014
SAYE 4,613 349.0 Jan 2011 – Jun 2011
Executive directors
Ian Dyson
SAYE 4,613 349.0 Jan 2011 – Jun 2011
Steven Sharp
Not Exercisable (B) 406,603 406,603 344.31Jul 2007 – Nov 2014
SAYE 2,679 349.0 Jan 2009 – Jun 2009
Directors leaving during the year
Alison Reed3
Exercisable (B) 289,460 525,150 262.81Sept 2003 – Apr 2006
Exercisable (A) 286,150 474,720 372.91Jun 1998 – Apr 2006
Not Exercisable (B) 235,690
Not Exercisable (A) 344,188
Lapsed2155,618
SAYE 10,166 9,478 166.71May 2005 – Oct 2005
SAYE Lapsed 688
Charles Wilson
Not Exercisable (A) 576,367 Jul 2007 – Jul 2014
Lapsed2576,367 347.0
1Weighted average price.
2Options may have lapsed under one of the following scheme rules:
(i) The options vesting period has expired.
(ii) The options lapsed on resignation from the Company.
3The Remuneration Committee used its discretionary authority to waive to the time pro-rating of Alison Reed’s options on leaving.
The market price of the shares at the end of the financial year was 556.5p; the highest and lowest share prices during the financial year were 575.75p and 319.25p
respectively.
Within the table, the breakdown of options is as follows:
Exercisable (A) – option price is above the market value on either 1 April 2006 or date of leaving, options have vested.
Exercisable (B) – option price is below the market value on either 1 April 2006 or date of leaving, options have vested.
Not Exercisable (A) – option price is above the market value on 1 April 2006, options have not matured.
Not Exercisable (B) – option price is below the market value on 1 April 2006, options have not matured.
In addition, the performance criteria attached to the Executive Share Matching Plan and the Executive Share Option Schemes as described in long-term incentive
schemes on page 42 and page 43 have been audited.