BT 2002 Annual Report Download - page 67

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Report on directors' remuneration
Details of share options held at 1 April 2001 are as follows:
Number of BT
shares under
option
1 April
2001
a
Option
exercise
price per
Share
Usual
date
from
which
exercisable
Usual
expiry
date
Sir Iain Vallance 57,957 333p 09/03/95 09/03/02
20,770 430p 04/03/96 04/03/03
3,760 375p 08/12/97 08/12/04
Sir Peter Bon®eld 6,460 267p 14/08/01 14/02/02
b
R P Brace 24,890 430p 04/03/96 04/03/03
c
30,180 460p 15/11/96 15/11/03
c
23,470 375p 08/12/97 08/12/04
c
B Cockburn 3,330 518p 14/08/03 14/02/04
d
Total 170,817
a
Shares in British Telecommunications plc.
b
Sir Peter Bon®eld exercised the option over 6,460 shares (adjusted to 7,194 shares as a result of the rights issue) at 240p per share on 15 August 2001. The
market price of the shares on the date of exercise was 448p per share. In addition, compensation in respect of the September 1997 special dividend was
paid, amounting to £3,000.
c
Robert Brace exercised an option over 34,496 shares at 255p per share on 19 December 2001. This was in respect of an option granted in 1994 over 23,470
BT shares at an option price of 375p per share which was replaced by an option granted under the BT Group Legacy Option Plan (see note 34 to the ®nancial
statements). The market price of the shares on the date of exercise was 255p per share. His remaining options lapsed on 31 December 2001.
d
Bill Cockburn's option under the BT Employee Sharesave Scheme lapsed on 30 September 2001.
Unrealised gains on the above share options at 31 March 2002, based on the market price of the shares at that date
(280p), excluding the employee compensation for the special dividend which is discretionary in respect of directors' share
options, were as shown below:
Options exercisable Options not exercisable
Unrealised gains Unrealised gains
Number of
shares
2002
£000
2001
a
£000
Number of
shares
2002
£000
2001
a
£000
Sir Christopher Bland ± ±± 314,244 ±±
B Verwaayen ± ±± 1,121,121 339 ±
Dr P Reynolds 1,483 ±± 4,555 3±
A Green 567 ±± ± ±±
Sir Peter Bon®eld ± ±± 6,460 ±16
Sir Iain Vallance 36,054 ±125 ± ±±
R P Brace 78,540 ±67 ± ±±
B Cockburn ± ±± 3,330 ±±
a
Based on options outstanding at 31 March 2001 and the market price of the shares at that date.
The market price of the shares at 31 March 2002 was 280p (2001 ± 510p) and the range during the period from
19 November 2001 to 31 March 2002 was 216p ± 290p. The range of market prices for a British Telecommunications
share from 1 April 2001 to 16 November 2001 was 310p ± 600p.
66 BT Group Annual Report and Form 20-F 2002