Marks and Spencer 2011 Annual Report Download - page 68

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Date of grant
Maximum
options
receivable at
4 April 2010
or date of
appointment
Options
granted
during
the year
Options
exercised
during
the year
Options
lapsed
during
the year
Maximum
options
receivable at
2 April 2011
or on date
of leaving
Option
price
(p)
Share price
on date
of award
(p) Option period
Directors retiring from
the Board during the year
Sir Stuart Rose
Performance Share Plan109/06/08 1,184,486 – – 1,184,486 –0.0 381.6 –
09/06/09 789,933 – – – 789,933 0.0 286.1 28/02/11 – 27/02/12
Deferred Share Bonus Plan109/06/10 – 494,665 – – 494,665 0.0 341.2 28/02/11 – 27/02/12
Executive Share Option
Scheme320/07/04 979,825 – – – 979,825 347.0 347.0 20/07/07 – 28/02/12
SAYE 21/11/08 4,729 – – 4,729 –203.0 203.0 –
Total 2,958,973 494,665 – 1,189,215 2,264,423
Ian Dyson
SAYE 21/11/08 4,729 – – 4,729 –203.0 203.0 –
Total 4,729 – – 4,729 –
1 These awards were originally granted as conditional awards of shares vesting on a specified vesting date. For the Deferred Share Bonus Plan and Performance Share Plan the
vesting date is three years from the date of grant. For the Restricted Share Plan, the vesting date will vary by each award. To provide executives with greater flexibility in their
financial planning, the awards were restructured as nil cost options on 1 November 2010 to permit exercise of the options at any point between the vesting date and tenth
anniversary of grant. There has been no amendment to the original performance conditions or performance, deferred or restricted period, as a result of this change. Awards
under these plans that vested or lapsed before 1 November 2010 are shown in the previous Share Schemes table.
2 The number of options shown under the Performance Share Plan is the maximum (100%) number that could be receivable by the executive director if the EPS performance
conditions are fully met as outlined on page 59. The award made in 2008 will lapse on 5 June 2011 as it has not met the minimum EPS target of RPI +3%. The interim
measurement for the 2009 and 2010 awards indicates a current vesting of 100% and 98.9% respectively, based on latest reported results.
3 The Executive Share Options have all been held for three years and have met their performance targets and can therefore be exercised under the scheme rules;
The option price for grants made in July 2004 was above the market value on 2 April 2011;
The option price for grants made in November 2004 was below the market value on 2 April 2011.
4 As described in last year’s Remuneration report, this award was made in connection with Marc Bolland’s appointment to Chief Executive Officer, to compensate him for
incentive awards that were forefeited on cessation with his previous employer.
5 John Dixon was awarded these Restricted Share Plan options before he was appointed executive director
6 As described in the ‘Board Appointments’ section of this report, this award was made in connection with Alan Stewart’s appointment to Chief Finance Officer, to compensate
him for incentive awards that were forfeited on cessation from his previous employer.
The market price of the shares at the end of the financial year was 338.9p; the highest and lowest share price during the financial year were 427.5p and 326.4p respecti vely.
The explanation of the performance criteria attached to the Performance Share Plan and the Executive Share Option Scheme is set out under Long-Term Incentive Schemes on
page 59 have been audited.
Marks and Spencer Group plc Annual report and financial statements 2011
66
Governance
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continued