Marks and Spencer 2004 Annual Report Download - page 23

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a) Executive Share Matching Plan continued
Maximum Maximum
receivable at receivable at Performance
30 March 2003 3 April 2004 period for
or date of Awarded Vested Lapsed or date of matching
appointment1in year in year in year retirement1award
Retired directors
Justin King 37,907 – – (37,907) – 30 Jul 20022,4 2002-05
– 179,719 – (179,719) – 23 Jun 20033,4 2003-06
37,907 179,719 – (217,626) –
David Norgrove 71,625 – – (71,625) – 30 Jul 20022,5 2002-05
– 216,483 (1,804) (214,679) – 23 Jun 20033,5 2003-06
71,625 216,483 (1,804) (286,304) –
1The number of matching shares are the maximum (a match of 2.5:1) that could be receivable by the executive if the TSR performance conditions
outlined in the policy section above are fully met. These calculations have been independently performed by New Bridge Street Consultants using data
from Datastream (an independent data services provider).
2Market price on award date was 339p. After two years of the 2002-05 performance period, Marks & Spencer’s TSR is ranked 64th out of 96 in the
FTSE 100 Comparator Group and 16th out of 19 in the Retailers Comparator Group. None of the matching shares would be receivable if these
positions were to be maintained for the full three-year performance period.
3Market price on award date was 304.5p. After one year of the 2003-06 performance period, Marks & Spencer’s TSR is ranked 99th out of 99 in the
FTSE 100 Comparator Group and 19th out of 19 in the Retailers Comparator Group. No matching shares would be receivable on shares purchased
voluntarily with bonus if these positions were to be maintained for the full three-year performance period. A minimum match of 0.25:1 is receivable
on shares purchased compulsorily with bonus.
4All outstanding matching shares lapsed when Justin King left the Group’s employment.
5All outstanding matching shares lapsed when David Norgrove left the Group’s employment, apart from the 1,804 matching shares which represented
a 0.25:1 match on shares purchased with compulsorily invested bonus. These matching shares vested on 31 March 2004 when the share price was
278.5p.
b) Directors’ Share Option Schemes
The options detailed in the table below may not be exercisable for any one of the following reasons:
(i) The options have not been held for three years and therefore cannot be exercised under scheme rules; or
(ii) The options have not met the appropriate performance criteria.
At 30 March Exercised/ At 3 April
2003 Granted lapsed 2004 or Option Exercise
or date of during during date of price price Option
appointment the year the year retirement (pence) (pence) period
Luc Vandevelde
Exercisable (B) 1,992,337 261.0 Mar 2003 – Feb 2010
Not exercisable (B) 4,365,532 2,373,195 260.01Jun 2004 – Jun 2012
Not exercisable (A) 500,000 500,000 350.0 Jun 2005 – Jun 2012
Roger Holmes
Exercisable (B) 871,794 195.0 Dec 2003 – Jun 2010
Not exercisable (B) 1,120,816 249,022 256.0 Dec 2004 – Jun 2011
Not exercisable (A) 439,284 893,828 323.01Dec 2004 – Jun 2013
Granted 454,544 297.0 Jun 2006 – Jun 2013
SAYE 6,951 228.0 Jan 2009 – Jun 2009
SAYE granted 6,951 228.0 Jan 2009 – Jun 2009
Maurice Helfgott
Exercisable (B) 139,534 139,534 215.0 Sep 2003 – Sep 2010
Exercisable (A) 41,899 41,899 358.0 Jun 2002 – Jun 2009
Not exercisable (B) 99,608 173,682 262.01Jun 2004 – Jun 2013
Not exercisable (A) 334,683 334,683 334.01Jun 2002 – Jun 2013
Granted 74,074 270.01Nov 2006 – Nov 2013
SAYE 6,209
SAYE exercised26,209 156.0 289.25
Laurel Powers-Freeling
Not exercisable (A) 548,569 784,259 334.01Dec 2004 – Jun 2013
Granted 235,690 297.0 Jun 2006 – Jun 2013
SAYE 4,046 228.0 Jan 2007 – Jun 2007
SAYE granted 4,046 228.0 Jan 2007 – Jun 2007
Vittorio Radice
Not exercisable (A) 555,553 555,553 306.0 Mar 2006 –Mar 2013
Date of
award