Vodafone 2008 Annual Report Download - page 81

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 2008 are also shown below.
Total interest Shares Shares sold
in performance forfeited or transferred
shares at in respect of in respect of
1 April 2007 Shares conditionally awards for awards for
or date of awarded during the the 2005 the 2005 Total interest in long term
appointment(1) 2008 financial year financial year financial year incentives at 31 March 2008
Value at date
Number Number of award(2) Number Number Number Total value(5)
of shares of shares £’000 of shares(3) of shares(3) of shares(4) £’000
Arun Sarin 6,242,306 3,065,872 5,145 1,440,000 576,806 7,291,372 11,003
Vittorio Colao 1,073,465 1,557,409 2,613 – – 2,630,874 3,970
Andy Halford 1,622,150 1,190,305 1,997 – 135,617 2,676,838 4,039
Notes:
(1) Restricted share awards under the Vodafone Group Plc 1999 Long Term Stock Incentive Plan and the Vodafone Global Incentive Plan.
(2) The value of awards granted during the year under the Vodafone Global Incentive Plan is based on the price of the Company’s ordinary shares on 29 June 2007 of 167.8 pence.
These awards have a performance period running from 1 April 2007 to 31 March 2010. The vesting date will be in July 2010.
(3) Shares in respect of awards made in the 2005 financial year, granted on 28 July 2004, were sold or transferred on 28 July 2007. The closing middle market price of the Company’s ordinary
shares was 119.0 pence on 2 July 2004, the date of the award. The closing middle market price was 162.1 pence on 5 July 2007 (the date of vesting of Andy Halford’s 2004 share grant) and
148.1 pence on 30 July 2007 (the date of vesting of Arun Sarin’s 2004 share grant).
(4) The total interest at 31 March 2008 includes awards over three performance periods ending on 31 March 2008, 31 March 2009 and 31 March 2010.
(5) The value at 31 March 2008 is calculated using the closing middle market price of the Company’s ordinary shares at 31 March 2008 of 150.9 pence.
The aggregate number of shares conditionally awarded during the year to the Company‘s senior management is 4,391,443 shares. For a description of the performance
and vesting conditions see “2007 GLTI performance shares” on page 73.
Share options
The following information summarises the directors’ options under the Vodafone Group 1998 Sharesave Scheme, the Vodafone Group 1998 Company Share Option
Scheme, Vodafone Group Plc 1999 Long Term Stock Incentive Plan and the Vodafone Global Incentive Plan, which are all HMRC approved schemes. The table also
summarises the directors’ options under the Vodafone Group 1998 Executive Share Option Scheme, which is not HM Revenue & Customs approved. No other directors
have options under any of these schemes. Options have only been granted to directors during the 2008 financial year under the Vodafone Global Incentive Plan (under
which GLTI options were granted). For a description of the performance and vesting conditions see “2007 GLTI share options” on page 73.
Under the Vodafone Group 1998 Sharesave Scheme, options may be granted at a discount of 20% to the market value of the shares at the time of the grant. No other
options may be granted at a discount.
Options Options Options Weighted
Options held at granted exercised lapsed during average
1 April 2007 during the during the the 2008 Options exercise Earliest
or date of 2008 financial 2008 financial financial held at price at date from Latest
appointment(1) year year year 31 March 2008 31 March 2008 which expiry
Number Number Number Number Number Pence exercisable date
Arun Sarin 28,281,629 5,912,753 – 3,522,353 30,672,029 132.4 July 2006 July 2017
Vittorio Colao 3,472,975 3,003,575 – – 6,476,550 150.5 November 2009 July 2017
Andy Halford 5,767,986 2,295,589 – – 8,063,575 141.0 July 2002 July 2017
Note:
(1) The weighted average exercise price of options over shares in the Company granted during the year and listed above is 167.8 pence. The earliest date from which they are exercisable is July 2010
and the latest expiry date is July 2017. For a description of the performance and vesting conditions see “2007 GLTI share options” on page 73.
The aggregate number of options granted during the year to the Company’s senior management, other than executive directors, is 8,469,214. The weighted average
exercise price of the options granted to senior management during the year is 167.8 pence. The earliest date from which they are exercisable is July 2010 and the latest
expiry date is July 2017.
Vodafone Group Plc Annual Report 2008 79