Barclays 2003 Annual Report Download - page 35

Barclays PLC Annual Report 2003 33
Directors: closed Group incentive schemes (Executive Share Option Scheme (ESOS) and
Woolwich Executive Share Option Plan (ESOP))
In addition, executive Directors continue to have interests under the ESOS and Woolwich plc 1998 ESOP schemes (as indicated in the table below).
No further awards will be made under these schemes. Under the ESOS, options granted (at market value) to executives were exercisable only if the
growth in earnings per share of the Company over a three-year period was, at least, equal to the percentage increase in the UK Retail Prices Index plus
6%, over the same period. The performance target for the 1999 ESOS grant was met.
Under the ESOP, options originally granted over Woolwich plc shares at market value were exercised in 2001 or exchanged, in accordance with the
proposals made under the Offer to acquire the Woolwich, for options over Barclays PLC shares. Under the rules of ESOP, the performance conditions
attached to the exercise of options were disapplied on acquisition of Woolwich plc by Barclays.
Directors: awards under closed Group incentive schemes(a)
Number Market Weighted
Number at at 31st Exercise price on average Date from Latest
1st January During the year(b) December price per exercise exercise which expiry
2003 Exercised Lapsed 2003(c) share date price exercisable date
££
Executive
MW Barrett(d)
ESOS 766,628 ––766,628 ––4.43 04/10/02 03/10/09
Former Director
JM Stewart(e)
Woolwich ESOP(f ) 396,516 ––396,516 ––3.65 14/12/02 06/02/04
Notes
(a) The register of Directors’ interests, which shows full details of Directors’ current share awards and options, is available for public inspection at the
Group’s Head office in London.
(b) No options were granted under these plans.
(c) Or on cessation of employment if earlier.
(d) The independent trustee of the Barclays Group (PSP and ESOS) employees’ benefit trust granted Matthew Barrett a share award in 1999 comprising
an option on similar terms to options granted under ESOS. For convenience these are described as granted under ESOS in the above table.
(e) John Stewart ceased to be a Director with effect from 27th February 2003. After ceasing to be a Director, he remained an employee of Barclays
until 7th August 2003.
(f) Under The Woolwich ESOP, John Stewart held an option over Woolwich plc shares. This was rolled over into a new option over Barclays PLC shares
under the terms of The Woolwich ESOP in accordance with proposals offered to all Woolwich employees participating in The Woolwich ESOP
following the acquisition of Woolwich plc.