BT 2002 Annual Report Download - page 66

Report on directors' remuneration
Directors' interests
The interests of directors and their families in the company's shares at 31 March 2002 (BT Group plc) and 1 April 2001
(British Telecommunications plc), or date of appointment if later, are shown below:
No. of shares
Bene®cial holdings 2002 2001
Sir Christopher Bland 673,876 ±
a
B Verwaayen 387,876 ±
a
Dr P Reynolds 34,364 34,098
a,b,c
A Green 62,316 62,316
a,d
P Danon 29,590 23,628
a
Sir Anthony Greener 11,615 8,936
L Hughes 6,800 6,800
M van den Bergh 4,800 1,000
J F Nelson 50,000 800
a
C G Symon 3,819 3,819
a
Baroness Jay ±±
a
P Hampton 1,014 780
Total 1,266,070 142,177
a
At date of appointment.
b
Includes 2,462 shares purchased and held by Paul Reynolds in the ESP (see note 34 to the ®nancial statements).
c
Paul Reynolds purchased 50 shares on 12 April 2002 and 50 shares on 15 May 2002 as a participant in the BT Group Employee Share Investment Plan.
d
Includes 4,196 shares purchased and held by Andy Green in the ESP (see note 34 to the ®nancial statements).
Details of share options held at 31 March 2002 are as follows:
Number of shares
under option
31 March
2002
a
Option
exercise
price
per share
Usual
date
from
which
exercisable
Usual
expiry
date
b
Sir Iain Vallance
c
30,528 293p 04/03/96 04/03/03
5,526 255p 08/12/97 08/12/04
Sir Christopher Bland 314,244
d
318p 01/05/04 01/05/11
B Verwaayen 1,121,121
e
250p 11/02/05 11/02/12
Dr P Reynolds 1,483 465p 19/11/01 13/05/02
4,555 218p 14/02/07 14/08/07
A Green 567 653p 19/11/01 13/05/02
Total 1,478,024
a
Prior to the demerger, options under the BT Share Option Scheme and the BT Global Share Option Plan were surrendered by participants. Those options
were replaced by options over BT Group shares which were granted on 17 December 2001 under the BT Group Legacy Option Plan. The value of the
replacement options was determined by averaging the combined share price of the BT Group plc and the mmO2 plc shares over the 20 dealing days
following the demerger on 19 November 2001 (see note 34 to the ®nancial statements).
b
Options under the BT Employee Sharesave Scheme became exercisable on the scheme of arrangement and lapsed on 13 May 2002 (see note 34 to the
®nancial statements).
c
Sir Iain Vallance exercised an option over 85,187 shares at an option price of 226p on 27 February 2002. This option under the BT Group Legacy Option Plan
replaced an option over 57,957 shares with an option price of 333p granted in 1992: the market price of the shares on the date of exercise was 263p per
share. In addition, compensation in respect of the September 1997 special dividend was paid, amounting to £26,000.
d
Option granted on 22 June 2001. It was a term of Sir Christopher Bland's initial service agreement that (i) he purchased, as soon as permitted under the Share
Dealing Code, BT shares to the value of at least £1 million; and (ii) as soon as practical after the purchase of the shares (the Invested Shares), the company
would grant a share option over shares to the value of £1 million. So long as Sir Christopher is the legal and bene®cial owner of the Invested shares on 1 May
2004, the option will become exercisable on that date.
e
In accordance with the terms of his service agreement, an option was granted to Ben Verwaayen on 11 February 2002. The option will become exercisable on
the third anniversary of its date of grant subject to performance criteria being met.
BT Group Annual Report and Form 20-F 2002 65