Marks and Spencer 2005 Annual Report Download - page 26

24 MARKS AND SPENCER GROUP PLC
Remuneration report continued
b) Directors’ Share Option Schemes continued
At 3 April Exercised/ At 2 April
2004 or Granted lapsed 2005 or Option Exercise
date of during during date of price price Option
appointment the year the year leaving (p) (p) period
Vittorio Radice
Exercisable (B) 216,048 306.0 Jun 2004 – Jun 2005
Not Exercisable (B)
Not Exercisable (A) 555,553
Lapsed3339,505
Luc Vandevelde
Exercisable (B) 1,992,337 4,684,976 266.71Mar 2003 – May 2005
Not Exercisable (B) 2,373,195
Not Exercisable (A) 500,000
Lapsed3180,556
1Weighted average price.
2Maurice Helfgott exercised 139,534 options at an option price of 215.0p and 99,608 options at an option price of 256.0p. All were exercised at 352.5p, giving a
gain of £288,000.
3Options may have lapsed under one of the following scheme rules:
(i) The options have not been held for 12 months as at date of leaving.
(ii) The options vesting period has expired.
(iii) The options exercisable on leaving have been pro-rated with the balance lapsing.
The market price of the shares at the end of the financial year was 344.75p; the highest and lowest share price during the financial year were 374.0p and 264.0p
respectively.
Within the table, the breakdown of options is as follows:
Exercisable (A) – option price is above the market value on 2 April 2005, or date of leaving, options have vested.
Exercisable (B) – option price is below the market value on 2 April 2005, or date of leaving, options have vested.
Not Exercisable (A) – option price is above the market value on 2 April 2005, options have not matured.
Not Exercisable (B) – option price is below the market value on 2 April 2005, options have not matured.
In addition, the performance criteria attached to the Executive Share Matching Plan and the 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 Listing Rules. Details of pension benefits earned by the executive directors during the year ended 2 April 2005 are
shown below on both bases.
Transfer
value of
Additional additional Transfer
pension pension Accrued value of
Additional earned in excess entitlement Transfer pension Increase
Accrued pension in the of inflation at 2 April Age at value of at 2 April in transfer
entitlement earned year in (net of 2005 2 April pension 2005 value (net of
at 3 April in the excess of director’s or date 2005 at 3 April or date director’s
2004 year inflation contribution) of leaving or date 2004 of leaving contribution)
£000 £000 £000 £000 £000 of leaving £000 £000 £000
Roger Holmes1,2 10221812 44 71 91 20
Maurice Helfgott289 20 18 96 109 37 455 573 118
Laurel Powers-Freeling1,2 54432947 46 81 35
Alison Reed 157 25 20 186 182 48 1,369 1,697 328
1Roger Holmes and Laurel Powers-Freeling were subject to the pensions earnings ‘cap’ (£102,000 at 6 April 2004) which is reviewed annually by the Government.
As a result, they also received a pension-related salary supplement of 10% of the difference between the pensions earnings ‘cap’ and their base salary.
2The pensions for Roger Holmes, Maurice Helfgott and Laurel Powers-Freeling are based on their deferred pension on respective leaving dates of 31 May 2004,
30 November 2004 and 31 December 2004.