BT 2004 Annual Report Download - page 68

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Share options held at 31 March 2004
Number of shares under option
Option exercise
price per share
Usual date
from which
exercisable
Usual expiry
date1April 2003 Granted Lapsed 31 March 2004
Sir Christopher Bland 314,244
a
314,244 318p 01/05/04 01/05/11
B Verwaayen 1,121,121
b
––1,121,121 250p 11/02/05 11/02/12
935,830
c
––935,830 187p 29/07/05 29/07/12
561,500
d
––561,500 187p 29/07/05 29/07/12
1,052,632
e
–1,052,632 199.5p 24/06/06 24/06/13
2,618,451 1,052,632 3,671,083
P Danon 601,610
c
––601,610 187p 29/07/05 29/07/12
360,970
d
––360,970 187p 29/07/05 29/07/12
– 676,692
e
–676,692 199.5p 24/06/06 24/06/13
962,580 676,692 1,639,272
A Green 2,905
f
––2,905 255p 14/08/05 13/02/06
568,190
c
––568,190 187p 29/07/05 29/07/12
340,910
d
––340,910 187p 29/07/05 29/07/12
639,098
e
–639,098 199.5p 24/06/06 24/06/13
912,005 639,098 1,551,103
I Livingston 7,290
f
––7,290 227p 14/08/07 13/02/08
601,610
c
––601,610 187p 29/07/05 29/07/12
360,970
d
––360,970 187p 29/07/05 29/07/12
– 676,692
e
–676,692 199.5p 24/06/06 24/06/13
969,870 676,692 – 1,646,562
Dr P Reynolds 4,555
g
––4,555 218p 14/02/07 13/08/07
534,760
c
––534,760 187p 29/07/05 29/07/12
320,860
d
––320,860 187p 29/07/05 29/07/12
– 601,504
e
–601,504 199.5p 24/06/06 24/06/13
860,175 601,504 – 1,461,679
Total 6,637,325 3,646,618 – 10,283,943
All of the above options were granted for nil consideration. No options were exercised during the year.
a
Options granted under the GSOP on 22 June 2001. The option is not subject to a performance measure. It was a term of Sir Christopher Bland’s initial
service contract that (i) he purchased BT shares to the value of at least £1 million; and (ii) as soon as practicable after the purchase of the shares
(‘invested shares’), the company would grant a share option over shares to the value of at least £1 million. Sir Christopher Bland was the legal and
beneficial owner of the invested shares on 1 May 2004, so the option became exercisable on that date.
b
Options granted under the GSOP on 11 February 2002. The exercise of options is subject to a performance measure being met. The performance
measure is relative TSR compared with the FTSE 100. BT’s TSR must be in the upper quartile for all of the options to become exercisable. At median,
40% of the options will be exercisable. Below that point, none of the options may be exercised.
c
Options granted under the GSOP on 29 July 2002. The exercise of options is subject to a performance measure being met. The performance measure
is relative TSR compared with the FTSE 100. Details are set out on page 60.
d
Options granted under the GSOP on 29 July 2002. The exercise of options is subject to a performance measure being met. The performance measure
is earnings per share. Details are set out on page 60.
e
Options granted under the GSOP on 24 June 2003. The exercise of options is subject to a performance measure being met. The performance measure is
relative TSR compared with the FTSE 100. Details are set out on page 60.
f
Options granted on 24 June 2002 under the Employee Sharesave Scheme, in which all employees of the company are eligible to participate.
g
Options granted on 21 December 2001 under the Employee Sharesave Scheme, in which all employees of the company are eligible to participate.
h
Details of the GSOP and performance conditions are set out on pages 59 and 60.
The market price of the shares at 31 March 2004 was 177p (2003 – 157p) and the range during the 2004
financial year was 162p – 206.75p.
There were no unrealised gains on the above share options at 31 March 2004 (2003 – nil), based on
the share price of the shares at that date.
BT Annual Report and Form 20-F 200467 Report on directors’ remuneration