Barclays 2009 Annual Report Download - page 187

www.barclays.com/annualreport09 Barclays PLC Annual Report 2009 185
Share and long-term incentive plans continued
Table 21: New plans under which awards to be made in 2010
Executive
Directors
Plan name eligible? Description
Share Value Plan No – The SVP is a new share incentive plan to be introduced for 2010.
(SVP) – Share awards in 2010 will be discretionary awards that may be made to selected employees (excluding executive
Directors), subject to trustee discretion.
– Awards vest in three annual instalments over three years, subject to continued employment and the discretion of
the trustee. Dividends received are normally awarded as additional shares and released at the same time.
– Vesting of the awards may be reduced (to nil if appropriate) on occurrence of certain events (e.g. where the
Company’s accounts have been materially restated at any time during the vesting period).
– Participants who leave employment voluntarily or are dismissed for gross misconduct before the release date of any
instalment will normally forfeit any outstanding awards. For categories of eligible leavers awards will vest.
– On a change of control awards may vest subject to the discretion of the Committee and the trustee.
– The SVP is not an HMRC approved plan.
Cash Value Plan No – The CVP is a new cash incentive plan to be introduced for 2010.
(CVP) – Discretionary awards of cash are made to eligible employees (excluding executive Directors).
– The CVP operates in substantially the same way as the SVP with the intention that 2010 awards are paid in three
annual instalments over a three-year period, at the discretion of the Company’s Cash Plans Committee.
– In addition to cash awards, participants may be awarded a service credit (10% of the initial value of the award) to be
paid at the same time as the final instalment of their award, subject to continued employment in the Group.
– Similar leaver and change of control provisions apply under the CVP as for the SVP.