Barclays 2008 Annual Report Download - page 178

Corporate governance
Remuneration Report
176 Barclays PLC Annual Report 2008 |Find out more at www.barclays.com/annualreport08
Table 3: Long-term plans and deferred share plans
Number of
shares under Adjusted
award/option Market weighted Number
1st January 2008 Awarded in price on average released/
(maximum) year (maximum) award date exercise price exercised
John Varley
PSP 2005-2007 426,135 – £5.30 ––
PSP 2006-2008 461,244 – £6.75 ––
PSP 2007-2009 491,130 – £7.08 ––
PSP 2008-2010 – 791,208 £4.25 ––
ISOP 920,000 ––£4.29 –
Sharesave 3,638 ––£4.70 –
ESAS 344,711 135,715 £4.25 –(23,214)
Robert E Diamond Jr
PSP 2005-2007 156,249 – £5.30 ––
PSP 2006-2008 2,306,208 – £6.75 ––
PSP 2007-2009 2,803,548 – £7.08 ––
PSP 2008-2010 – 1,978,020 £4.25 ––
ISOP 560,000 ––£4.42 –
ESOS 100,000 ––£3.97 –
RIO cash release –– –––
BGI EOP 100,000 ––£20.11 –
ESAS 4,863,749 4,131,868 £4.25 –(2,131,463)
Chris Lucas
PSP 2007-2009 248,730 – £7.08 ––
PSP 2008-2010 – 527,472 £4.25 ––
Sharesave 3,638 ––£4.70 –
ESAS 69,091 42,857 £4.25 –(34,546)
Frits Seegers
PSP 2006-2008 473,184 – £6.30 ––
PSP 2007-2009 409,278 – £7.08 ––
PSP 2008-2010 – 1,054,944 £4.25 ––
Sharesave 3,390 ––£4.70 –
ESAS 231,383 125,000 £4.25 –(80,221)
Share Plans
Barclays operates a number of share plans to align the interests of executive
Directors with shareholders. The following tables summarise the interests
of each executive Director in each plan and the relevant performance
conditions for outstanding PSP cycles. The interests shown are the
maximum number of shares that may be received under each plan.
Executive Directors do not pay for any share plan award.
Table 4: Performance conditions attaching to the share plans in which the executive Directors participate
Performance Performance
Scheme period measure Target
PSP 2008 -2010 50%of award calibrated against TSR 33%of maximum award released for above median performance
(6th place) with 100%released in 1st place and a scaled basis
in between
50%of award calibrated against Cumulative 33%of maximum award released for £6,921m scaled to 100%
EP over the three year performance period of maximum award at £8,350m
2007-2009 50%of award calibrated against TSR As above
50%of award calibrated against Cumulative 33%of maximum award released for £7,618m scaled to 100%
EP over the three year performance period of maximum award at £8,668m
2006-2008 50%of award calibrated against TSR As above
50%of award calibrated against Cumulative 33%of maximum award released for £5,661m scaled to 100%
EP over the three year performance period of maximum award at £7,073m
2005-2007 100%of award calibrated against TSR As above
During 2008, the number of shares under each award or option
has been increased in accordance with the rules by 2.68%and option
exercise prices per share have been correspondingly reduced to reflect
the impact of the capital raising in July. No other adjustments were made
for capital raisings during the year.
Summary descriptions of principal share plans operated by
Barclays are shown on pages 183 to 186.
Numbers shown for ESAS above represent provisional allocations that have been awarded.
Numbers shown as aggregate ESAS amounts also include shares under option as at
31st December 2008. Nil cost options are normally granted under mandatory ESAS awards
at the third anniversary of grant and are exercisable (over initial allocation and two-thirds of
bonus shares) typically for two years. The aggregate exercise price of a nil cost option is £1
(further detail is included on page 183). At the fifth anniversary of the provisional allocation
the nil cost options normally lapse and the shares under provisional allocation (including
bonus shares) are released at the discretion of the ESAS trustee. In 2008, nil cost options were
granted to Mr Varley over 91,213 shares. Nil cost options (granted in 2003) lapsed during the
year. Mr Varley held 63,447 nil cost options under ESAS as at 1st January 2008, and 146,282
as at 31st December 2008. The first and last exercise dates were 13th March 2006 and
7th March 2010 respectively.