Marks and Spencer 2006 Annual Report Download - page 49

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47Marks and Spencer Group plc
Restricted Share Plan
Maximum Maximum
receivable at receivable at
2 April 2005 1 April 2006
or date of Awarded Vested Lapsed or date of Date of Date of
appointment1in year in year in year leaving award vesting
Executive directors
Steven Sharp 90,000–––90,000 24/06/2005 24/07/2007
1A Restricted Share Plan was established in 2000 as part of the reward strategy for retention of senior employees who are vital to the success of the business recovery
and growth. The plan operates for senior executives below executive director level. Awards under the plan are made as part of ongoing reviews of reward packages,
and recruitment tools for new employees. The shares are held in trust for a period of between one and three years, at which point they are released to the employee,
subject to them still being in employment. Steven Sharp was awarded these shares before he was appointed an executive director.
Executive Share Matching Plan Maximum Maximum
receivable at receivable at Performance
2 April 2005 1 April 2006 period for
or date of Awarded Vested Lapsed or date of Date of matching
appointment1in year in year in year leaving award award
Directors leaving during the year
Alison Reed276,841 – 16,596 60,245 –30/07/2002 2002 – 2005
246,983 – 8,232 238,751 –23/06/2003 2003 – 2006
323,824 – 24,828 298,996 –
No current executive directors participate in the Share Matching Plan.
1The number of matching shares is the maximum (a match of 2.5:1) that could be receivable by the executive if the TSR performance conditions outlined on page 43 are
met in full. These calculations have been independently performed by New Bridge Street Consultants LLP using data from Datastream (an independent data services
provider).
2All outstanding matching shares lapsed when Alison Reed left the Group’s employment, apart from 16,596 shares, which represented a 0.54:1 match respectively on
shares purchased with invested bonus, and 8,232 matching shares, which represented a 0.25:1 match on shares purchased with compulsorily invested bonus. The
Remuneration Committee used its discretionary authority to waive the time pro-rating of options. The TSR performance was calculated at 31 December 2005. The
matching shares vested on 30 April 2005 when the share price was 336.5p, giving an equivalent gain of £84,000.