Barclays 2003 Annual Report Download - page 32

30
Executive Directors: shares provisionally allocated and shares under option under Executive Share
Award Scheme (ESAS)(a)
During 2003 Nil cost Awarded in
Awarded in Market Number option Date 2004 in
Number at respect of price at at 31st granted from Latest respect of
1st January the results release December at 3rd which expiry the results
2003 for 2002 Released(b) date £ 2003 anniversary(c) exercisable date for 2003(d)
Executive
MW Barrett 185,724 60,225 ––245,949 66,932 21/2/03 20/2/05 169,327
CJ Lendrum 91,164 17,520 8,152 3.80 100,532 37,060 26/2/02 20/2/05 –
JS Varley 195,704 23,214 79,080 3.80 139,838 62,304 26/2/02 20/2/05 37,493
Former Director
JM Stewart(e) 25,940 –––25,940 ––––
Notes
(a) The size of any award under ESAS is subject to the same Group and individual performance criteria as the annual bonus. Awards under ESAS are
granted in the form of provisional allocations over Barclays PLC ordinary shares, which do not give rise to any entitlement to these shares.
Normally, the trustees will permit the executive to call for the shares from the end of the third year from grant of an award by granting a right to
acquire shares (a nil cost option) exercisable for two years. As this nil cost option is part of the structure of an ESAS award described above, which
is a deferred share award scheme, it would not be appropriate to attach a performance condition to the exercise of options. If the right is not
exercised, the trustees may at the end of the fifth year release all of the shares, including bonus shares equal to 30% of the basic award. If the
right is exercised, an executive may lose the opportunity of receiving one-third of the bonus shares. The number of shares shown in the table
includes the bonus shares.
(b) The trustees may release additional shares to participants which represent accumulated net dividends in respect of shares under award. During
2003, the trustees released the following accumulated dividend shares – 1,456 to Chris Lendrum and 14,121 to John Varley. These are not awarded
as part of the original award and consequently are not included in the Released column.
(c) The shares under option shown in this column are already included in the numbers shown at 1st January 2003 and relate to provisional
allocations made in 1999 and 2000 except that the figures do not include accumulated dividend shares under option as follows: 4,779 shares for
Matthew Barrett, 2,636 shares for Chris Lendrum and 4,426 shares for John Varley. Under ESAS, a participant pays £1 to exercise an option,
irrespective of the number of shares involved. No options were either exercised or lapsed during the year.
(d) The awards in respect of 2003 were made in February 2004. The shares awarded represent shares purchased by the trustees after 16th February
2004 at £4.91 in respect of a recommendation by the Company for an award, including a maximum potential 30% bonus shares, of £831,395 to
Matthew Barrett and £184,092 to John Varley.
(e) John Stewart ceased to be a Director with effect from 27th February 2003.
Corporate Governance
Barclays Report on Remuneration