BT 2016 Annual Report Download - page 129

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Share awards under long-term incentive schemes held at 31 March 2016 (audited)
Details of the company’s ordinary shares under conditional share awards made to directors, as participants under the ISP are as follows:
1 April 2015 Awarded
Dividends
re-invested Vested Lapsed
Total number
of award shares
31 March 2016
Performance
period end
Price on
grant
Market
price at
vesting
Monetary
value of
vested
award
£000
Gavin Patterson
ISP 2012a618,278 – – 416,719 201,559 –31/03/2015 202.26p 469.49p 1,956
ISP 2013b382,724 –11,415 – – 394,139 31/03/2016 315.00p 463.00p 1,497
ISP 2013c390,036 –11,633 – – 401,669 31/03/2016 372.00p 463.00p 1,525
ISP 2014d1,017,227 –30,340 – – 1,047,567 31/03/2017 384.20p – –
ISP 2015e–865,341 25,810 – – 891,151 31/03/2018 449.50p – –
Tony Chanmugam
ISP 2012a580,314 – – 391,131 189,183 –31/03/2015 202.26p 469.49p 1,836
ISP 2013b359,223 –10,714 – – 369,937 31/03/2016 315.00p 463.00p 1,405
ISP 2014d472,206 –14,084 – – 486,290 31/03/2017 384.20p – –
ISP 2015e–402,372 12,001 – – 414,373 31/03/2018 449.50p – –
a Awards granted on 20 June 2012. 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 grant of 198.83p. 40%
of each award is linked to TSR compared with a group of 25 companies, 40% is linked to a three‑
year adjusted cumulative free cash ow measure and 20% to a measure of growth in underlying
revenue (excluding transit) over three years. The awards vested in May 2015.
b Awards granted on 20 June 2013. 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 grant of 202.26p. 40%
of each award is linked to TSR compared with a group of 25 companies, 40% is linked to a three
year normalised free cash ow measure and 20% to a measure of growth in underlying revenue
(excluding transit) over three years. The market price at vesting is an estimate of the value using the
three‑month average share price from 1 January 2016 to 31 March 2016 of £4.63. The award
will vest at 82.01% of the total number of award shares in May 2016.
c Award granted on 12 November 2013 following appointment as Chief Executive. 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 grant of 372p. 40% of each award is linked to TSR compared with a group
of 24 companies, 40% is linked to a three‑year normalised free cash ow measure and 20% to
a measure of underlying revenue growth (excluding transit) over three years. The market price
at vesting is an estimate of the value using the three-month average share price from 1 January
2016 to 31 March 2016 of £4.63. The award will vest at 82.01% of the total number of award
shares in May 2016.
d Awards granted on 19 June 2014. 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 grant of 384.2Op. 40%
of each award is linked to TSR compared with a group of 23 companies, 40% is linked to a three‑
year normalised free cash ow measure and 20% to a measure of growth in underlying revenue
(excluding transit) over three years.
e Awards granted on 18 June 2015. 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 grant of 449.50p. 40%
of each award is linked to TSR compared with a group of 23 companies, 40% is linked to a three‑
year normalised free cash ow measure and 20% to a measure of underlying revenue growth
(excluding transit) over three years.
Share options held at 31 March 2016 (audited)
Number of shares under option:
Granted Lapsed Exercised 31 March 2016
Option
price per
share
Market price
at date of
exercise
Usual date
from which
exercisable
Usual expiry
date 1 April 2015
Sir Michael Rake 1,485a– – 1,485 –104p 463p 01/08/201501/02/2017
5,172c– – – 5,172 319p –01/08/2019 01/02/2020
Gavin Patterson 5,642c– – – 5,642 319p –01/08/2019 01/02/2020
Tony Chanmugam 6,024b– – – 6,024 249p –01/08/2018 01/02/2019
501c- – – 501 359p –01/08/2017 01/02/2018
All of the above options were granted for nil consideration.
a Option granted on 17 June 2010 under the employee sharesave scheme, in which all employees of
the company are entitled to participate.
b Option granted on 27 June 2013 under the employee saveshare scheme, in which all employees of
the company are entitled to participate.
c Option granted on 26 June 2014 under the employee sharesave scheme, in which all employees of
the company are entitled to participate.