National Grid 2008 Annual Report Download - page 688

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 18348
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-15.1, Doc: 16, Page: 161
Description: EXHIBIT 15.1
0/4357.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/357/4*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 18348
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-15.1, Doc: 16, Page: 161 Description: EXHIBIT 15.1
0/4357.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/357/4*
Table of Contents
Annual Report and Accounts 2007/08
169
36. Share options and reward plans continued
Additional information in respect of active share schemes
Non-active share plans
We also have a number of historical plans where awards are still outstanding but no further awards will be granted. These
include the Executive Share Option Plan and the Share Matching Plan.
The Executive Share Option Plan applied to senior executives, including Executive Directors. Options granted were subject to
the achievement of performance targets related to TSR over a three year period and those for 2000 are awaiting retest. The
share options are generally exercisable between the third and tenth anniversaries of the date of grant if the relevant
performance target is achieved.
The Share Matching Plan applied to Executive Directors and other senior employees whereby a predetermined part of each
participant’s bonus entitlement was automatically deferred into National Grid plc shares (known as qualifying shares) and a
matching award may be exercised under the Plan after a three year period provided the Director or senior employee remains
employed by the Company or its subsidiary undertakings.
In addition to the above, following the sale of the UK Wireless business, Transitional Share Awards and Special Share Awards
which were made durin
g
the year ended 31 March 2005 to former Wireless employees vested in full on completion.
Additional information in respect of non-active share schemes
2008 2007 2006
millions millions millions
Performance Share Plan
Awards of ordinar
y
share e
q
uivalents at 1 A
p
ril 8.0 9.2 6.6
Awards made 3.1 2.6 3.1
La
p
ses/forfeits
(
3.4
)
(
3.8
)
(
0.5
)
Awards vested
(
0.2
)
–
–
Awards of ordinar
y
share e
q
uivalents at 31 March 7.5 8.0 9.2
Conditional awards available for release at 31 March
–
–
–
Deferred Share Plan
Awards of ordinar
y
share e
q
uivalents at 1 A
p
ril 0.4
–
–
Awards made 0.2 0.4
–
La
p
ses/forfeits
–
–
–
Awards vested (0.1) – –
Awards of ordinar
y
share e
q
uivalents at 31 March 0.5 0.4
–
Conditional awards available for release at 31 March
–
0.1
–
Retention Award Plans
Awards of ordinar
y
share e
q
uivalents at 1 A
p
ril
–
–
–
Awards made 0.8 – –
La
p
ses/forfeits
–
–
–
Awards vested
–
–
–
Awards of ordinary share equivalents at 31 March 0.8 – –
Conditional awards available for release at 31 March
–
–
–
2008 2007 2006
000s 000s 000s
Share Matchin
g
Plan
Awards at 1 A
p
ril 384 436 342
Awards granted 1 – 149
La
p
ses/forfeits
–
–
(
1
)
Awards exercised
(
183
)
(
52
)
(
54
)
Awards at 31 March 202 384 436
O
p
tions exercisable at 31 March 109 164 45
Transitional Share Awards/Special Share Awards
Awards of ordinar
y
share e
q
uivalents at 1 A
p
ril 77 133 234
Awards made
–
–
–
La
p
ses/forfeits
(
1
)
(
6
)
(
39
)
Awards vested (73) (50) (62)
Awards of ordinar
y
share e
q
uivalents at 31 March 3 77 133
Conditional awards available for release at 31 March 3 1
–