BT 2011 Annual Report Download - page 83

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80
Share awards under long-term incentive plans held at 31 March 2011, or date of appointment, if later
Details of the company’s ordinary shares provisionally awarded to directors, as awards of incentive shares are as follows:
Total
number of Monetary
award value of
shares Market vested
1 April Dividends 31 March Price price award
2010 Awarded re-invested Vested Lapsed 2011 Vesting date on grant at vesting £000
I Livingston
2008a1,433,332 – 66,093 – 1,499,425 – 31/3/2011 203p – –
2009b2,037,329 – 93,945 – – 2,131,274 31/3/2012 128.41p – –
2010c–1,675,769 77,273 – – 1,753,042 31/3/2013 134.26p – –
T Chanmugam
2008a148,951 – 6,867 – 155,818 – 31/3/2011 203p – –
2009b948,755 – 43,749 – – 992,504 31/3/2012 128.41p – –
2010c–707,546 32,626 – – 740,172 31/3/2013 134.26p – –
G Patterson
2008b702,612 – 32,398 – 735,010 – 31/3/2011 203p – –
2009b998,689 – 46,051 – – 1,044,740 31/3/2012 128.41p – –
2010c–744,786 34,343 – – 779,129 31/3/2013 134.26p – –
aAwards granted on 25 June 2008. The number of shares subject to awards was calculated using the average middle market price of a BT share for the three days prior to the grant. The awards would vest
subject to meeting a performance condition, on 31 March 2011. The performance measure was relative TSR compared with a group of 15 companies from the European Telecom Sector as at 1 April 2008.
BT’s TSR had to be in the upper quartile for all the shares to vest. At median, 25% of the shares would vest. Below that point, no shares would vest. At 31 March 2011, BT’s TSR was at 9th position against
the comparator group. As a result all of the awards lapsed on that date.
bAwards granted on 7 August 2009. The number of shares subject to awards was calculated using the average middle market price of a BT share for the three days prior to the grant. 50% of each award of
shares is linked to TSR compared with a group of 25 companies and 50% is linked to a three-year cumulative free cash flow measure. The awards will vest subject to meeting the two performance conditions,
on 31 March 2012.
cAwards granted on 25 June 2010. The number of shares subject to awards was calculated using the average middle market price of a BT share for the three days prior to the grant. 50% of each award of
shares is linked to TSR compared with a group of 25 companies and 50% is linked to a three-year cumulative free cash flow measure. The awards will vest subject to meeting two performance conditions, on
31 March 2013.
Vesting of outstanding awards of incentive shares
31 March 2011 31 March 2010
Free cash Percentage of Percentage of Free cash Percentage of Percentage of
Vesting date flow position shares vesting TSR position shares vesting flow position shares vesting TSR position shares vesting
2007a31/3/2010 N/A N/A 14 0% – – 14 0%
2008b31/3/2011 N/A N/A 9 0% – – 14 0%
2009c31/3/2012 100% 50% 4 50% 100% 50% 10 31%
2010d31/3/2013 100% 50% 2 50% 100% 50% – –
aThe performance period for the 2007 awards ended on 31 March 2010. BT’s TSR position was at 14th position against the European Telecom Sector of 15 companies. As a result, all the shares lapsed on that
date.
bThe performance period for the 2008 awards ended on 31 March 2011. BT’s TSR position was at 9th position against the European Telecom Sector of 15 companies. As a result all the shares lapsed on that
date.
cThe performance period for the 2009 awards ends on 31 March 2012. 50% of each award of shares is linked to TSR; and 50% is linked to a three-year cumulative free cash flow measure. (See Long-term
share-based incentives on page 72). The awards will vest subject to meeting the two performance conditions on 31 March 2012.
dThe performance period for the 2010 awards ends on 31 March 2013. 50% of each award of shares is linked to TSR; and 50% is linked to a three-year cumulative free cash flow measure. (See Long-term
share-based incentives on page 72). The awards will vest subject to meeting the two performance conditions on 31 March 2013.
Note: For awards granted in 2009 and 2010, the vesting level is the anticipated level based on performance to date.
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