Vodafone 2007 Annual Report Download - page 87

Vodafone Group Plc Annual Report 2007 85
Long term incentives
Performance shares
Conditional awards of ordinary shares made to executive directors under the Vodafone Group Plc 1999 Long Term Stock Incentive Plan and the Vodafone
Global Incentive Plan are shown below. Long Term Incentive shares that vested and were sold or transferred during the year ended 31 March 2007 are also
shown below:
Shares forfeited Shares sold or
in respect transferred in
Total interest of awards for respect of awards
in long term incentives the 2004, 2005, for the 2004, 2005, Total interest in long
at 1 April 2006 or date Shares conditionally awarded 2006 and 2007 2006 and 2007 term incentives at 31 March
of appointment(1) during the 2007 financial year financial years financial years 2007
Value at date of
award(2) Number Total value(5)
Number Number £’000 Number(3) Number(3) of shares £’000
Arun Sarin 5,578,789 2,508,380 2,891 1,363,354 481,509 6,242,306 8,427
Vittorio Colao – 1,073,465 1,455 – – 1,073,465 1,449
Andy Halford 841,562 946,558 1,091 122,652 43,318 1,662,150 2,190
Thomas Geitner(4) 2,422,198 1,227,587 1,415 3,292,331 357,454 – –
Sir Julian Horn-Smith 3,438,834 – – 3,156,954 281,880 – –
Notes:
(1) Restricted share awards under the Vodafone Group Plc 1999 Long Term Stock Incentive Plan and the Vodafone Global Incentive Plan.
(2) Except for Vittorio Colao, the value of awards under the Vodafone Global Incentive Plan is based on the price of the Company’s ordinary shares on 24 July 2006 of 115.25p. The value of the award made
to Vittorio Colao is based on the price of the Company’s ordinary shares on 14 November 2006 of 135.5p.
(3) Shares in respect of awards made in the 2004 financial year, granted on 30 July 2003, were sold or transferred on 3 July 2006. The closing middle market price of the Company’s ordinary shares was
119.25p on 30 July 2003, the date of the award, and 115.0p on 29 June 2006, the date of vesting.
(4) Thomas Geitner received shares that vested in respect of the 2007 financial year. These awards were granted on 25 July 2006 and vested when he left the Company on 31 December 2006. The closing
middle market price of the Company’s ordinary shares was 115.25p on 25 July 2006, the date of the award, and 141.5p on 29 December 2006, the date of vesting.
(5) The value at 31 March 2007 is calculated using the closing middle market price of the Company’s ordinary shares at 30 March 2007 of 135.5p.
(6) All employees, including Executive Directors with the exception of those retiring in the 2007 financial year, received an award of 340 shares on 1 July 2006, under the Global Incentive Plan. The awards
vest after two years and are not subject to performance conditions.
The aggregate number of shares conditionally awarded during the year to the Company‘s senior management is 4,431,962 shares. For a description of the
performance and vesting conditions see “Long term incentives” on pages 80 to 81. In some cases local performance conditions attach to the awards.
Share options
The following information summarises the directors’ options under the Vodafone Group 1998 Sharesave Scheme, the Vodafone Group Plc Executive Share
Option Scheme and the Vodafone Group 1998 Company Share Option Scheme, which are all HM Revenue & Customs approved schemes. The table also
summarises the directors’ options under the Vodafone Group 1998 Executive Share Option Scheme, Vodafone Group Plc 1999 Long Term Stock Incentive
Plan and the Vodafone Global Incentive Plan, which are not HM Revenue & Customs approved. No other directors have options under any of these
schemes.
Only under the Vodafone Group 1998 Sharesave Scheme may shares be offered at a discount in future grants of options. For a description of the
performance and vesting conditions see “Long term incentives” on pages 80 to 81.
Weighted
Options held at Options Options average
1 April 2006 Options granted exercised during lapsed during Options exercise Earliest
or date of during the 2007 the 2007 the 2007 held at price at date from Latest
appointment(1)(2) financial year financial year financial year 31 March 2007 31 March 2007 which expiry
Number Number Number Number Number Pence exercisable date
Arun Sarin 26,416,279 8,115,350 – 6,250,000 28,281,629 123.3 July 2006 July 2016
Vittorio Colao – 3,472,975 – – 3,472,975 135.5 Nov 2009 Nov 2016
Andy Halford 2,704,093 3,072,598 – 8,705 5,767,986 130.4 July 2002 July 2016
Thomas Geitner(3) 18,396,960 3,971,607 5,497,618 5,329,579 11,541,370 139.3 July 2003 Dec 2007
Sir Julian Horn-Smith(3) 25,200,598 – 2,337,104 9,126,792 13,736,702 136.1 July 2002 July 2007
72,717,930 18,632,530 7,834,722 20,715,076 62,800,662
Notes:
(1) The weighted average exercise price of options over shares in the Company granted during the year and listed above is 119.0p. The earliest date from which they are exercisable is July 2009 and the
latest expiry date is 15 November 2016. For a description of the performance and vesting conditions see “Long term incentives” on pages 80 to 81.
(2) Vittorio Colao was appointed to the Board on 9 October 2006.
(3) In accordance with the terms of the plan rules, options granted to Thomas Geitner and Sir Julian Horn-Smith have been pro-rated for both time and performance.
The aggregate number of options granted during the year to the Company’s senior management, other than executive directors, is 14,712,424. The
weighted average exercise price of the options granted to senior management during the year is 115.96 pence. The earliest date from which they are
exercisable is July 2009 and the latest expiry date is 13 February 2017.
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