BT 2000 Annual Report Download - page 93

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30. Employee share schemes (continued)
Options granted, exercised and lapsed under these share option schemes during the years ended 31 March 1998, 1999 and
2000 and options exercisable at 31 March 1998, 1999 and 2000 were as follows:
Savings
related
schemes
millions
Other
share option
schemes
millions
Total
millions
Exercise
price
range
Weighted
average
exercise
price
Outstanding, 31 March 1997 249 14 263 243p±460p 297p
Granted 60 ± 60 359p±596p 363p
Exercised (46) (6) (52) 243p±430p 275p
Lapsed (10) ± (10) 243p±430p 313p
Outstanding, 31 March 1998 253 8 261 262p±596p 316p
Granted 45 1 46 518p±1053p 536p
Exercised (46) (3) (49) 262p±583p 321p
Lapsed (15) ± (15) 265p±773p 328p
Outstanding, 31 March 1999 237 6 243 267p±1053p 356p
Granted 33 1 34 844p±1206p 862p
Exercised (36) (1) (37) 267p±949p 333p
Lapsed (8) ± (8) 267p±1043p 366p
Outstanding, 31 March 2000 226 6 232 267p±1206p 432p
Exercisable, 31 March 1998 ± 7 7 262p±460p 362p
Exercisable, 31 March 1999 ± 4 4 289p±460p 369p
Exercisable, 31 March 2000 ± 3 3 289p±460p 368p
BT Executive Share Plan, BT Performance Share Plan and BT Deferred Bonus Plan
The BT Executive Share Plan (ESP) and the BT Performance Share Plan (PSP) were introduced for employees of the group
in 1994 and 1995, respectively. Under the plans, company shares are acquired by an employee share ownership trust and
are conditionally awarded to participants. Participants are only entitled to these shares in full at the end of a ¢ve-year
period under the ESP and the end of a three-year period, which may be extended to four or ¢ve years, under the PSP if, at
the end of the applicable period, the company has met the relevant pre-determined corporate performance measure and,
normally, if the participants are still employed by the group. Awards of shares were granted in each of the years from 1994
to 1999 under the ESP and from 1995 to 1997 under the ¢rst performance cycle of the PSP. Further awards of shares were
granted in 1998 and 1999 under the second three-year performance cycle of the PSP. The corporate performance measure
assesses the company's overall performance against those top 100 companies listed on the London Stock Exchange, as
rated by the Financial Times (the FT-SE 100 index), at the beginning of the relevant performance period.
The ¢rst ¢ve-year performance cycle of the ESP ended on 31 July 1999 and on the basis of the corporate measure, the
company's Total Shareholder Return target relative to the other companies in the FT-SE 100, 100% of the shares vested on
2 August 1999 in 25 participants and 0.6 million shares were transferred to those participants.
The ¢rst three-year performance cycle of the PSP ended on 31 July 1998 and on the basis of the corporate measure, the
company's Total Shareholder Return target relative to the other companies in the FT-SE 100, 90% of the shares vested on
19 August 1998 in 745 participants and 5.0 million shares were transferred to those participants.
The BT Deferred Bonus Plan (DBP) was established in 1998 and awards were granted to employees of the group in
July 1998 and 1999. Under this plan, shares in the company are acquired by an employee share ownership trust and
transferred to participants at the end of three years if he or she has continued to be employed by the group throughout
that period.
Notes to the financial statements
92 Annual report and Form 20-F