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14 TESCO PLC
REPORT OF THE DIRECTORS ON REMUNERATION continued
TABLE 2 Gains made on share options
Number of shares at exercise price (pence) Value realisable
Price at
exercise 2001 2000
61.7 59.7 66.0 98.3 117.7 151.7 160.3 Total (pence) £000 £000
Mr T P Leahy –––––––––––
Mr D E Reid ––––––––––623
Mr R S Ager 51,153 75,714 106,833 250,170 94,335 – – 578,205 224.75 795 –
Mr P A Clarke – – – 165,504–––165,504 209.00 183 –
Mr J Gildersleeve –––––––––––
Mr A T Higginson ––––––411,642 411,642 268.50 445 –
Mr T J R Mason – – – 284,745–––284,745 210.00 318 –
Mr D T Potts – – – 97,581 – 119,238 – 216,819 260.25 287 –
Mr J M Wemms ––––––––––479
Date of grant 27.5.1993 10.6.1994 29.9.1994 3.7.1996 17.4.1997 7.10.1997 17.11.1997
The value realisable from shares acquired on exercise is the difference between the fair market value at exercise and the exercise price of the
options, although the shares may have been retained. Where individual Directors exercised options on different dates and sold the shares,
the price at exercise shown represents an average of the prices on these dates weighted to the number of options exercised. The market
price of the shares at 24 February 2001 was 271p. The share price during the 52 weeks to 24 February 2001 ranged from 169p to 286p.
TABLE 3 Pension details of the Directors
Increase in accrued Transfer Accrued total
pension during value of increase pension at
Age at Years of the year (a) during the year 24 Feb 2001 (b)
24 Feb 2001 service £000 £000 £000
Mr T P Leahy 45 22 50 585 286
Mr D E Reid 54 16 35 557 290
Mr R S Ager 55 15 17 281 203
Mr P A Clarke 40 26 30 297 109
Mr J Gildersleeve 56 36 18 301 309
Mr A T Higginson (c) 43 3 16 173 45
Mr T J R Mason 43 19 17 188 148
Mr D T Potts 43 28 25 279 125
a The increase in accrued pension during the year excludes any increase for inflation.
b The accrued pension is that which would be paid annually on retirement at 60 based on service to 24 February 2001.
c Part of Mr A T Higginson’s benefits, in respect of pensionable earnings in excess of the earnings limit imposed by the Finance Act 1989,
are provided on an unfunded basis within a separate unapproved arrangement.