Barclays 2015 Annual Report Download - page 117

home.barclays/annualreport Barclays PLC Annual Report 2015 I 115
Executive Directors’ policy on payment for loss of office (including a takeover) continued
Standard provision Policy Details
Treatment of unvested
awards under the LTIP
Outstanding unvested awards under the LTIP would lapse if the
executive Director leaves by reason of resignation or termination
for gross misconduct. However, in line with the plan rules
approved by shareholders, in the case of death or if the Director
is an ‘eligible leaver’ defined as leaving due to injury, disability or
ill health, retirement, redundancy, the business or company
which employs the executive Director ceasing to be part of the
Group (or for any other reason if the Committee decides at its
discretion), he or she would continue to be entitled to be
considered for an award. Awards are also subject to malus
provisions which enable the Committee to reduce the vesting
level of awards (including to nil).
In the event of a takeover or other major corporate event (but
excluding an internal reorganisation of the Group), the
Committee has absolute discretion to determine whether all
outstanding awards vest subject to the achievement of any
performance conditions. The Committee has discretion to apply
a pro rata reduction to reflect the unexpired part of the vesting
period. The Committee may also determine that participants may
exchange awards for awards over shares in an acquiring company
with the agreement of that company. In the event of an internal
reorganisation, the Committee may determine that outstanding
awards will be exchanged for equivalent awards in another
company.
In an eligible leaver situation, awards may be
considered for release on the scheduled
release date, pro rated for time and
performance, subject to the Committee’s
discretion to determine otherwise in
exceptional circumstances. After release, the
shares (net of deductions for tax) are subject
to an additional holding period of two years.
Repatriation Except in a case of gross misconduct or resignation, where a
Director has been relocated at the commencement of
employment, the Company may pay for the Director’s repatriation
costs in line with Barclays’ general employee mobility policy
including temporary accommodation, payment of removal costs
and relocation flights. The company will pay the executive
Director’s tax on the relocation costs but will not tax equalise and
will also not pay tax on his or her other income relating to the
termination of employment.
Other Except in a case of gross misconduct or resignation, the
Company may pay for the executive Director’s legal fees and tax
advice relating to the termination of employment and provide
outplacement services. The Company may pay the executive
Director’s tax on these particular costs.
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