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12 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 2002 2001
117.7 151.7 176.7 Total (pence) £000 £000
Sir Terry Leahy –––––––
Mr D E Reid –––––––
Mr R S Ager ––––––795
Mr P A Clarke – 76,281 17,718 93,999 263.00 100 183
Mr J Gildersleeve –––––––
Mr A T Higginson ––––––445
Mr T J R Mason 30,000 – – 30,000 250.25 40 318
Mr D T Potts ––––––287
Mr J M Wemms –––––––
Date of grant 17.4.1997 7.10.1997 21.5.1998
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, 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
23 February 2002 was 253.50p. The share price during the 52 weeks to 23 February 2002 ranged from 228.75p to 269.50p.
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 23 Feb 2002 (b)
23 Feb 2002 service £000 £000 £000
Sir Terry Leahy (c) 46 23 39 392 331
Mr D E Reid 55 17 32 457 327
Mr R S Ager 56 16 20 305 226
Mr P A Clarke 41 27 28 229 138
Mr J Gildersleeve 57 37 20 316 334
Mr A T Higginson (d) 44 4 18 169 64
Mr T J R Mason 44 20 19 176 170
Mr D T Potts 44 29 27 259 154
(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 23 February 2002.
(c) Sir Terry Leahy is entitled to retire at any age from 57 to 60 inclusive with an immediate pension of two-thirds of base salary.
Part of his pension may be provided on an unfunded basis within a separate unapproved arrangement.
(d) Part of Mr A T Higginson’s benefit, in respect of pensionable earnings in excess of the earnings limit imposed by the Finance Act 1989,
is provided on an unfunded basis within a separate unapproved arrangement.