Barclays 2007 Annual Report Download - page 159

2
Governance
Executive Directors: plans used in previous years (ESOS, ISOP and the BGI EOP)
The executive Directors continue to have interests in Barclays PLC ordinary shares under ESOSaand ISOPb, and in BGI Holdings under the BGI EOP c
(as indicated in the table below). No awards were made to Directors under these plans during 2007.
Executive Directors: awards under plans used in previous years e
Maximum Maximum
number of number of Weighted Vested
shares under shares under average number
option Market option exercise of shares
at price on at 31st price of Date from Latest at 31st
1st January During 2007 exercise December outstanding which expiry December
2007 Exercised Lapsed date 2007 options exercisable date 2007
££
Executive Directors
John Varley
ISOP 2,060,000 – 1,140,000 – 920,000 4.41 18/05/03 22/03/14 920,000
Robert E Diamond Jr
ESOS 100,000 – – – 100,000 3.97 14/08/01 13/08/08 100,000
ISOP 1,340,000 – 780,000 – 560,000 4.54 12/03/04 22/03/14 560,000
BGI EOP 100,000 – – – 100,000 20.11 26/03/07 26/03/14 100,000
Gary Hoffman
ISOP 1,320,000 – 780,000 – 540,000 4.51 12/03/04 22/03/14 540,000
Chris Lucasd
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Frits Seegersd
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Former Director
Naguib Kheraj
ESOS 60,000 – – – 60,000 3.97 14/08/01 13/08/08 60,000
ISOP 1,360,000 – 840,000 – 520,000 4.47 12/03/04 31/12/08 520,000
Barclays PLC Annual Report 2007 157
Notes
aUnder ESOS, options granted (at market value) to executives were exercisable only if
the growth in Barclays earnings per share over the 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 condition for the 1999 ESOS grant was met.
bUnder ISOP, executives were awarded options (at market value) over Barclays shares
which are normally exercisable after three years. The number of shares over which
options can be exercised depends upon performance against specific performance
conditions. For ISOP awards granted in 2000 to 2003, the first 40,000 target shares
under option for each award was subject to an EP performance condition, tested over
a period of three years. Any amount over 40,000 target shares was subject to a relative
TSR performance condition, to be tested initially over three years. Because the TSR
performance condition was not met over three years in relation to the awards in 2003,
the TSR condition was tested over a period of four years from the original start date.
Awards in 2004 were subject to a relative TSR performance condition. For the 2003
and 2004 grants under ISOP, which became exercisable in 2007, Barclays was ranked
6th in the peer group under the TSR performance condition. This was sufficient for only
25% of the maximum number of shares under the TSR condition to vest. The remaining
75% lapsed.
cRobert E Diamond Jr received a grant under the BGI EOP in March 2004. He was not a
Director of Barclays PLC at that time. The BGI EOP is an option plan, approved by
shareholders in 2000 and offered predominantly to participants in the US. Under the BGI
EOP, participants receive an option to purchase shares in Barclays Global Investors UK
Holdings Limited. The exercise price is based on the fair value at the time of grant. The
option normally vests in three equal tranches on the first, second, and third anniversary
of the date of grant. Participants must, in accordance with the Articles of Association of
Barclays Global Investors UK Holdings Limited, keep their shares for 355 days after the
date of exercise, before they may be offered for sale. In line with market practice, the
options were not subject to performance conditions. Robert E Diamond Jr is not eligible
to receive further awards under the BGI EOP. The shares shown in respect of the BGI EOP
in the above table are shares in Barclays Global Investors UK Holdings Limited.
dFrits Seegers was appointed as an executive Director on 10th July 2006, and Chris Lucas
on 1st April 2007, and therefore no participation in the above plans has been offered
to them.
eNothing was paid by the participants on the grant of options.