Vodafone 2001 Annual Report Download - page 21

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BOARD’S REPORT TO SHAREHOLDERS ON DIRECTORS’ REMUNERATION continued
Vodafone Group Plc
Annual Report & Accounts
for the year ended
31 March 2001
19
Long Term Incentives
Conditional awards of ordinary shares made to executive directors under the Vodafone Group 1998 Long Term Incentive Plan and Vodafone Group
1999 Long Term Stock Incentive Plan, and dividends on those shares paid under the terms of the Company’s scrip dividend scheme, are shown
below. No LTIP shares vested during the year for any director.
Number of shares
added during the
Total interest in LTIP Number of shares conditionally year through scrip Total interest in LTIP
at 1 April 2000 awarded during the year dividend scheme at 31 March 2001
Value at date
of award (3) Number of Total value (4)
Plan(1),(2) Number Number £000 Number shares £000
Chris Gent 1 285,830 209,627 675 1,980 497,437 960
2 – 1,600,000 5,000 4,432 1,604,432 3,097
Peter Bamford 1 147,282 114,130 368 1,035 262,447 507
2– –––––
Julian Horn-Smith 1 159,586 114,130 368 1,097 274,813 530
2 – 640,000 2,000 1,772 641,772 1,239
Ken Hydon 1 151,958 114,130 368 1,060 267,148 516
2 – 640,000 2,000 1,772 641,772 1,239
Notes
1. Restricted share awards under the Vodafone Group 1998 Long Term Incentive Plan.
2. Restricted share awards under the Vodafone Group 1999 Long Term Stock Incentive Plan.
3. The value of awards under the Vodafone Group 1998 Long Term Incentive Plan is based on the purchase price of the Company’s ordinary shares on 2 June 2000 of 322p. The value of awards under the
Vodafone Group 1999 Long Term Stock Incentive Plan is based on the purchase price of the Company’s ordinary shares on 14 April 2000 of 312.5p.
4. The value at 31 March 2001 is calculated using the closing middle market price of the Company’s ordinary shares of 193p.
Arun Sarin received £434,000 (translated at the average exchange rate for the year of $1.48 : £1) on termination of his employment as an
executive director. This was payable under the accelerated vesting provisions of the AirTouch Long Term Cash Incentive Program in respect of
awards made in 1998, 1999 and 2000.
On 5 July 1999, Arun Sarin was granted a Restricted Stock Award (the “Award”) over 3,040,150 Vodafone shares under the Vodafone Group 1999
Long Term Stock Incentive Plan. The Award was split into three tranches. The first tranche of 1,040,150 vested immediately on grant. The second
and third tranches, which were due to vest on 5 July 2000 and 5 July 2001, vested on 15 April 2000, when he resigned as an executive director
and was appointed a non-executive director. The value of the shares at the date of vesting was £6,005,000, based on the middle market price of
the Company’s ordinary shares of 300.25p.
Sam Ginn holds 1,135,935 phantom ADRs awarded under the AirTouch Communications, Inc. 1993 Long Term Stock Incentive Plan, which
expire on 28 January 2007, and which are payable in the form of ADRs. Don Fisher’s interest in 16,230 phantom ADRs was released to him
on 20 December 2000, on which date their value was £398,000 based on the middle market price of the Company’s ordinary shares of 245p.