BT 2006 Annual Report Download - page 61

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Share options held at 31 March 2006
Number of shares under option
1 April 2005 Granted Lapsed 31 March 2006
Option price per
share
Usual date from
which exercisable Usual expiry date
Sir Christopher Bland 314,244
a
––314,244 318p 01/05/2004 01/05/2011
B Verwaayen 1,121,121
b
––1,121,121 250p 01/04/2005 11/02/2012
935,830
c
––935,830 187p 29/07/2005 29/07/2012
1,052,632
d
––1,052,632 199.5p 24/06/2006 24/06/2013
546,875
e
––546,875 192p 24/06/2007 24/06/2014
3,656,458 ––3,656,458
A Green 568,190
c
––568,190 187p 29/07/2005 29/07/2012
639,098
d
––639,098 199.5p 24/06/2006 24/06/2013
332,032
e
––332,032 192p 24/06/2007 24/06/2014
5,712
f
––5,712 165p 14/08/2007 13/02/2008
1,545,032 ––1,545,032
H Lalani 177,810
c
––177,810 187p 29/07/2005 29/07/2012
210,527
d
––210,527 199.5p 24/06/2006 24/06/2013
156,250
e
––156,250 192p 24/06/2007 24/06/2014
5,346
g
––5,346 173p 14/08/2006 13/02/2007
105,264
h
––105,264 199.5p 24/06/2004 24/06/2013
655,197 ––655,197
I Livingston 601,610
c
––601,610 187p 29/07/2005 29/07/2012
676,692
d
––676,692 199.5p 24/06/2006 24/06/2013
351,563
e
––351,563 192p 24/06/2007 24/06/2014
7,290
i
––7,290 227p 14/08/2007 13/02/2008
1,637,155 ––1,637,155
Dr P Reynolds 534,760
c
––534,760 187p 29/07/2005 29/07/2012
601,504
d
––601,504 199.5p 24/06/2006 24/06/2013
312,500
e
––312,500 192p 24/06/2007 24/06/2014
4,555
j
––4,555 218p 14/02/2007 13/08/2007
1,453,319 ––1,453,319
Total 9,261,405 ––9,261,405
All of the above options were granted for nil consideration. No options were exercised during the year.
aOptions 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.
bOption granted under the GSOP on 11 February 2002. The exercise of the option is subject to a performance measure being met. The performance measure is relative TSR compared with the FTSE
100 as at 1 April 2002. BT’s TSR must be in the upper quartile for all of the option to become exercisable. At median, 40% of the option will be exercisable. Below that point, none of the option
may be exercised. On 31 March 2005, BT’s TSR was at 74th position against the FTSE 100 and on 31 March 2006, BT’s TSR was at 73rd position against the FTSE 100. As a result, the option did
not become exercisable. The TSR will be re-tested against a fixed base on 31 March 2007.
cOptions 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 as
at 1 April 2002. BT’s TSR must be in the upper quartile for all of the options to become exercisable. At median, 30% of the options will be exercisable. Below that point, none of the options may be
exercised. On 31 March 2005, BT’s TSR was at 74th position against the FTSE 100 and on 31 March 2006, BT’s TSR was at 73rd position against the FTSE 100. As a result, the options did not
become exercisable. The TSR will be re-tested against a fixed base on 31 March 2007
dOptions 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
as at 1 April 2003. BT’s TSR must be in the upper quartile for all of the options to become exercisable. At median, 30% of the options will be exercisable. Below that point, none of the options may
be exercised. On 31 March 2006, BT’s TSR was at 85th position against the FTSE 100. As a result, the options did not become exercisable. The TSR will be re-tested against a fixed base on 31
March 2008.
eOptions granted under the GSOP on 24 June 2004. The exercise of options is subject to a performance measure being met. The performance measure is relative TSR compared with a group of
companies from the European Telecom Sector as at 1 April 2004. BT’s TSR must be in the upper quartile for all the options to become exercisable. At median 30% of the options will be exercisable.
Below that point none of the options may be exercised.
fOption granted on 25 June 2004 under the Employee Sharesave Scheme, in which all employees of the company are eligible to participate.
gOption granted on 27 June 2003 under the Employee Sharesave Scheme, in which all employees of the company are eligible to participate.
hOption granted under the GSOP (Special Incentive Award) on 24 June 2003, prior to Mr Lalani’s appointment as a director. This option is not subject to a performance measure as the grant was
linked to personal performance.
iOption granted on 25 June 2002 under the Employee Sharesave Scheme, in which all employees of the company are eligible to participate.
jOption granted on 21 December 2001 under the Employee Sharesave Scheme, in which all employees of the company are eligible to participate.
The market price of a share at 31 March 2006 was 222p (2005 – 205.5p) and the range during the financial year 2005/06 was
196.5p – 235p.
From 31 March 2006, two thirds of Hanif Lalani’s option granted on 24 June 2003 was exercisable giving an unrealised gain as
at that date of £15,790. There were no further unrealised gains on the above share options at 31 March 2006 (2005 – £2,105),
based on the market price of the shares on 31 March 2006.
Report on directors’ remuneration BT Group plc Annual Report and Form 20-F 2006 59