Marks and Spencer 2004 Annual Report Download - page 24

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Marks and Spencer Group plc
Remuneration report continued
b) Directors Share Option Schemes continued
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
Alison Reed
Exercisable (B) 148,836 215.0 Sep 2003 – Sep 2010
Exercisable (A) 54,788 70,661 433.01Jun 1997 – Jun 2007
Not exercisable (B) 289,460 140,624 256.0 Jun 2004 – Jun 2011
Not exercisable (A) 465,499 677,691 345.01Jun 2003 – Jun 2013
Granted 235,690 297.0 Jun 2006 – Jun 2013
Lapsed 7,625
SAYE 10,166 10,166 166.01Jan 2005 – Jun 2006
Retired directors
Justin King
Not exercisable 514,288
Granted 235,690 297.0 Jun 2006 – Jun 2013
Lapsed 749,978
David Norgrove
Exercisable (B) 384,386 232.01Sep 2003 – Mar 2005
Exercisable (A) 23,612 367,003 434.01Jun 1997 – Mar 2005
Not exercisable (B) 384,386
Not exercisable (A) 415,277
Granted 166,666 297.0 Jun 2006 – Jun 2013
Lapsed 238,552
SAYE 4,846
SAYE exercised22,483 156.0 275.75
SAYE lapsed 2,363
1Weighted average price.
2David Norgrove exercised an option during the year with a gain of £3,000 and Maurice Helfgott also exercised an option with a gain of £8,000.
The market price of the shares at the end of the financial year was 284.0p; the highest and lowest share price during the
financial year were 339.0p and 268.5p respectively.
Exercisable (A) – option price is above market value on 3 April 2004, options have vested.
Exercisable (B) – option price is below market value on 3 April 2004, options have vested.
Not exercisable (A) – option price is above market value on 3 April 2004, options have not matured.
Not exercisable (B) – option price is below market value on 3 April 2004, options have not matured.
In addition, the performance criteria attached to the Executive Share Matching plan and Executive Share Option schemes as
described in long-term incentive schemes (section (a) and (b) on pages 17 and 18) have been audited.
3 Directors’ pension information
a) Pension Benefits
The directors’ remuneration report regulations 2002 require disclosure of defined benefit pension arrangements on a
different basis to that specified in the Listings Rules. Details of pension benefits earned by the executive directors during the
year ended 3 April 2004 are shown below on both bases.
Transfer value
Additional of additional
pension pension in Transfer Transfer Increase
Accrued Additional earned in excess of Accrued value of value of in transfer
entitlement pension the year in inflation (net entitlement pension at pension at value (net
at 29 March earned in excess of of director’s at 3 April Age at 29 March 3 April of director’s
2003 the year inflation contribution) 2004 3 April 2003 2004 contribution)
£000 £000 £000 £000 £000 2004 £000 £000 £000
Required under Listing Rules Required under Directors’ Remuneration
Report Regulations
Roger Holmes1, 2 7332110 44 40 71 31
Maurice Helfgott368 21 14 70 89 36 297 455 158
Justin King1, 2 6442210 42 40 70 30
David Norgrove4104 24 21 1,113 128 56 1,348 2,788 1,440
Laurel Powers-Freeling132219546 22 46 24
Alison Reed 141 16 12 105 157 47 1,005 1,369 364
1Roger Holmes, Justin King and Laurel Powers-Freeling are subject to the pension earnings ‘cap’ (£99,000 at 3 April 2004) which is reviewed annually
by the Government. As a result, they also receive a pension-related salary supplement of 10% of the difference between the pension earnings ‘cap’
and their base salary.