Barclays 2008 Annual Report Download - page 179

Barclays PLC Annual Report 2008 177
Adjusted End of three
number of year PSP
shares under performance
award/option at Vested period, or first Last
Market price Number Adjustment 31st December number Value of exercise/ exercise/
Cash on release/ lapsed in due to 2008 of shares release/ scheduled scheduled
released exercise date 2008 open offer (maximum) under option exercise release date release date
––(426,135) ––––31/12/07 16/06/08
–––12,360 473,604 ––31/12/08 21/03/09
–––13,164 504,294 ––31/12/09 22/03/10
–––21,204 812,412 ––31/12/10 20/03/11
–––24,655 944,655 944,655 – 18/05/03 22/03/14
–––97 3,735 ––01/11/14 01/05/15
– £4.56 – 12,255 469,467 – £0.1m 13/03/06 20/03/13
––(156,249) ––––31/12/07 16/06/08
–––61,806 2,368,014 ––31/12/08 21/03/09
–––75,138 2,878,686 ––31/12/09 22/03/10
–––53,010 2,031,030 ––31/12/10 20/03/11
–––15,008 575,008 575,008 – 12/03/04 22/03/14
––(100,000) ––––14/08/01 13/08/08
£7.425m –––––£7.42m 06/02/08 15/03/08
––––100,000 100,000 – 26/03/07 26/03/14
– £4.56/£4.57 –183,958 7,048,112 – £9.74m 28/02/06 20/03/13
–––6,666 255,396 ––31/12/09 22/03/10
–––14,136 541,608 ––31/12/10 20/03/11
–––97 3,735 ––01/11/14 01/05/15
– £4.45 –2,075 79,477 – £0.16m 31/03/08 20/03/13
–––12,684 485,868 ––31/12/08 04/08/09
–––10,968 420,246 ––31/12/09 22/03/10
–––28,272 1,083,216 ––31/12/10 20/03/11
–––90 3,480 ––01/11/12 01/05/13
– £2.91 –9,550 285,712 – £0.23m 29/06/07 20/03/13
2
Governance
TSR Peer group constituents Actual
UK Mainland Europe US Underpin performance
HBOS, HSBC, Lloyds TSB, Banco Santander, Citigroup, Cumulative EP over performance To be determined
Royal Bank of Scotland BBVA, BNP Paribas, JP Morgan period must exceed cumulative EP at vesting in
Deutsche Bank, UBS Chase over previous three years March 2011
–
As above As above To be determined
–at vesting in
March 2010
As above As above Performance condition
partially met
–
As above As above TSR performance
condition not met
For PSP, at the end of each perfomance period, independent
confirmation is provided to the Committee of the extent to which each
performance condition has been met. Relative Total Shareholder Return
(TSR) and Cumulative Economic Profit (EP) were selected in 2005 as
performance measures to support the Group’s long-term goals.
All awards and releases are recommended by the Committee
and are subject to trustee discretion.
The trustees may also release dividend shares to participants which
represent accumulated dividends (net of withholding) in respect of shares
under award.
During 2008 Barclays highest share price was £5.06 and the lowest
was £1.27. The share price at year end was £1.53.
Mr Diamond’s Retained Incentive Opportunity (RIO) reached the end of its performance period
on 31st December 2007. Vesting was based on Barclays Capital’s cumulative EP over the
three-year performance period (which exceeded the £2bn threshold at which the maximum
potential value would vest). This value of the RIO award was awarded 50%in cash and 50%in
shares, deferred for one year under ESAS. The ESAS number shown as awarded in the year to
Mr Diamond includes the deferred share element of his Retained Incentive Opportunity
(1,631,868 shares). No bonus shares are attributable to this award. The cash release made
in the year is also shown in the table above.
Mr Varley and Mr Diamond received 6,047 and 172,264 dividend shares respectively from
the ESAS released during the year (share price on release date was £4.56).