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36 The Carphone Warehouse Group PLC Annual Report 2009
Directors’ Report – Governance
Remuneration Report – continued
Performance Shares*
Details of Executive Directors’ conditional right to receive nil priced options in the Company are shown in the following table:
At 31 March
Granted Exercised Lapsed 2009
At 30 March during the during the during the or date of Exercisable Expiry
2008 period period period resignation from date
A Harrison(i) 536,850 – – – 536,850 28/07/2007 28/07/2014
562,500 – – – 562,500 28/07/2008 28/07/2015
310,202 – – – 310,202 04/06/2010 04/12/2016
310,203 – – – 310,203 04/06/2011 04/12/2016
1,719,755 – – – 1,719,755
D Goldie(i) 50,625 – – – 50,625 28/07/2007 28/07/2014
675,000 – – – 675,000 28/07/2008 28/07/2015
200,000 – – – 200,000 28/07/2008 28/07/2015
379,136 – – – 379,136 04/06/2010 04/12/2016
379,136 – – – 379,136 04/06/2011 04/12/2016
1,683,897 – – – 1,683,897
R Taylor 675,000 – – – 675,000 28/07/2007 28/07/2014
675,000 – – – 675,000 28/07/2008 28/07/2015
482,537 – – – 482,537 04/06/2010 04/12/2016
482,538 – – – 482,538 04/06/2011 04/12/2016
2,315,075 – – – 2,315,075
(i) Up until date of resignation from the Board.
For awards made in July 2004 the performance conditions set out in previous annual reports have been satised.
For awards made in December 2006 the performance conditions are:
(i) The vesting criteria for 50% of the award is Group TSR performance relative to the constituents of the FTSE 100 index
(“relative performance”) measured at June 2010. The vesting criteria for the remaining 50% of the award is Group TSR
performance compared to the position at December 2006 (“absolute performance”) measured at June 2010 and June 2011.
(ii) Subject to these performance criteria, shares vest in two equal tranches in June 2010 and June 2011.
(iii) Specic targets for the awards are as follows:
TSR absolute
TSR relative % of potential performance % of potential
performance award vesting increases award vesting
Base Award Below Median 0% Less than 10% 0%
per annum
Median or above 100% 10% per annum 100%
Stretch Award Between Median 0% to 50% Between 10% 0% to 50%
and Upper Quartile (pro rata) and 15% per annum (pro rata)
Upper Quartile or above 50% 15% per annum 50%
Super Stretch Between Upper Quartile 0% to 50% Between 15% 0% to 50%
Award and Upper Decile (pro rata) and 20% per annum (pro rata)
Upper Decile or above 50% 20% per annum 50%
Executive Directors’ Service Contracts
All Executive Directors have service contracts which are terminable by the Company or the Executive Director with 12 months’
notice or less.
The dates of each contract are set out on page 37 and none specically provides for compensation for early termination.