Marks and Spencer 2010 Annual Report Download - page 73

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To find out more, visit marksandspencer.com/annualreport2010 69
Operating & Financial review p16
Governance
Financial statements p78
Date of award
Maximum shares
receivable at
29 March 2009
or date of
appointment
Shares
awarded
during
the year
Shares
vested
during
the year
Shares
lapsed
during the
year
Maximum
shares
receivable at
3 April 2010
Market value
on date of
award
(p)
Market value
on date of
vesting
(p)
Vesting
date
Steven Sharp
Performance Share
Plan119/07/06 331,878 – – 331,878 – 572.5 – 19/07/09
05/06/07 297,197 – – – 297,197 706.6 – 05/06/10
09/06/08 592,243 – – – 592,243 381.6 – 09/06/11
09/06/09 –592,450 – 197, 4 8 4 394,966 28 6.1 –09/06/12
Deferred Share Bonus
Plan205/06/06 64,772 11,9 21876,693 – – 550.0 285.6 05/06/09
05/06/07 111,4497– 45,8097– 65,6407706.6 342.8 05/07/10
Tot al 1,397,539 604,371 122,502 529,362 1,350,046
1 The number of performance shares is the maximum (100%) of the award that could be receivable by the executive director if the EPS performance conditions are fully met as
outlined on page 63. The award made in 2007 will lapse on 5 June 2010 as it has not met the minimum EPS target of RPI +4%.
2 Full details of the Deferred Share Bonus Plan are set out on page 97.
3 John Dixon was awarded the Restricted Shares before he was appointed an executive director.
4 For tax planning reasons, the vesting date for Sir Stuart Rose’s 2007 Deferred Share Bonus Plan award has been extended from 5 June 2010 to 5 July 2010.
5 For tax planning purposes, the 2007 Deferred Share Bonus Plan award for Kate Bostock and John Dixon was converted to a forfeitable shares award on 5 March 2010 and
a proportion of the award vested at that time so that sufficient shares could be sold to pay the Income Tax and National Insurance liability on the award. If the outstanding
award is forfeit before the vesting date then the director is obliged to pay back the value of the shares which vested in order to satisfy their Income Tax and National Insurance
liability. The same arrangement applies to Restricted Shares awarded to John Dixon in January 2009 which were also converted to a forfeitable share award on 5 March 2010.
6 For tax planning purposes, the 2007 Deferred Share Bonus Plan award for Ian Dyson was converted to a forfeitable shares award on 5 March 2010.
7 For tax planning purposes, the vesting date for Steven Sharp’s 2007 Deferred Share Bonus Plan award has been extended from 5 June 2010 to 5 July 2010. A proportion
of the award vested on 5 March 2010 so that sufficient shares could be sold to pay the Income Tax and National Insurance on the award. If this award is forfeit before the
extended vesting date then the director is obliged to pay back the value of the shares which vested in order to satsify his Income Tax and National Insurance liability.
8 These shares represent the dividends paid on this award over the vesting period.
9 All outstanding awards will lapse on leaving.