Tesco 2014 Annual Report Download - page 52
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Please find page 52 of the 2014 Tesco annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Between22February2014and24April2014PhilipClarkeacquired71partnershipsharesundertheall-employeeShareIncentivePlan.
Therewerenootherchangesinshareinterests.
Share dealing policy
TescohasasharedealingpolicyinplaceforExecutiveDirectorsandformembersoftheExecutiveCommittee.Thispolicyprevents
ExecutiveDirectorsandExecutiveCommitteemembersandtheirconnectedpersonsdealinginsharesattimeswhenthiswouldbe
prohibitedbytheUKListingAuthority’sListingRules.Atalltimes,ExecutiveDirectorsandExecutiveCommitteemembersmustseek
advanceclearancebeforedealinginsharesontheirownbehalforinrespectoftheirconnectedpersons.
Share awards awarded during 2013/14
Thistablehasbeenaudited.
Plan Typeofaward
Dateof
awards
Numberof
shares Facevalue1
Threshold
vesting(%
ofscheme
interest)
Maximum
vesting(%
ofscheme
interest)
Performance
period
Dividend
shares
awardedin
year
Outstanding
awardsat
22February
2014
PhilipClarke
Performance
SharePlan
Nilcost
options
subjectto
performance
23July
2013
863,049 £3,148,748
0% 100%
24February
2013to
27February
2016
12,371 875,420
LaurieMcllwee 546,662 £1,994,442 7, 836 554,498
1 Facevaluehasbeencalculatedusingtheaveragemid-marketclosingsharepriceoverthefivedaysprecedingtheawardof364.84pwhichwasthesharepriceusedto
determinethenumberofsharessubjecttotheawardinaccordancewiththerules.
Thepercentageofawardvestingforawardsgrantedin2013isbasedonEPSgrowthandROCEasoutlinedbelow:
ROCE
EPSgrowthp.a.
Threshold Stretch
Targets 3% 10%
Stretch
15%
45%
Straight-line
vestingbetween
thesepoints
100%
Threshold
12%
0% 70%
Noawardsweregrantedduringtheyearunderthedeferredbonusplan.
Outstanding share awards subject to performance conditions
Awardsgrantedinpreviousyearswhichremainsubjecttoperformance
Director Dateofaward
Sharepriceon
award/grant
(pence)
Outstandingawards
23February2013
Dividendshares
awardedinyear
Outstandingawards
at22February2014 Performanceperiod
PhilipClarke
11July2011 407.19
791,946 36,052 8 27,998 27February2011
to
22February2014
LaurieMcllwee 501,872 22,847 524,719
PhilipClarke
30July2012 317.10
98 9,162 45,031 1,034,193 26February2012
to
28February2015
LaurieMcllwee 626,8 51 28,537 655,388
Theseawardsaregrantedintheformofnilcostoptionswithanexercisepriceof0p.Awardsvestonthethirdanniversaryofgrantandcan
normallybeexerciseduntilthetenthanniversaryofgrant.Followinghisresignationon2April2014,expirydatesforLaurieMcllwee’sawards
willbeearlierassetoutonpage51.
Performancetargetsforawardsgrantedin2011werenotmetandawardswilllapseinJuly2014.
Thepercentageofawardvestingforawardsgrantedin2012isbasedonEPSgrowthp.a.andROCE,asoutlinedbelow:
ROCE
EPSgrowthp.a.
Threshold Stretch
Targets 5% 12%
Stretch
14·6%
45%
Straight-line
vestingbetween
thesepoints
100%
Threshold
13·6%
20% 85%
Other information
Governance Financial statementsStrategic report
Tesco PLC Annual Report and Financial Statements 2014 49