RBS 2013 Annual Report Download - page 82
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Annual report on remuneration
80
Directors’ interests under the Group’s share plans (audited)
Long-Term Incentive Plan (LTIP) awards
Awards to executive directors under the LTIP are structured as conditional rights to receive shares and are subject to performance conditions and
clawback provisions prior to vesting.
Awards held a
t
1 January 2013 (or date
of appointment if later)
Awards granted
in 2013
Award price
£
Awards lapsed
in 2013
Awards held a
t
31 December 2013
(or date of cessation)
End of period fo
r
qualifying conditions
to be fulfilled
Stephen Hester (2) 857,843 4.90 857,843
—
—
1,011,417 4.45 56,189 955,228 07.03.14
1,286,174 2.80 500,179 785,995 09.03.15
1,164,295 3.09 840,880 323,415 08.03.16
3,155,434 1,164,295 2,255,091 2,064,638(1)
Bruce Van Saun (2) 518,280 4.90 518,280
—
—
632,136 4.45 632,136 07.03.14
803,859 2.80 803,859 09.03.15
727,685 3.09 727,685 08.03.16
1,954,275 727,685 518,280 2,163,680
Ross McEwan (3) 562,929 2.14 562,929(4) 07.06.14 -07.08.15
696,152 3.09 696,152 08.03.16
1,259,081 1,259,081
Nathan Bostock (3,5) 449,519 4.45 449,519 07.03.14
893,176 2.80 893,176 09.03.15
808,539 3.09 808,539 08.03.16
2,151,234 2,151,234
Deferred awards
Awards are structured as conditional rights to receive shares under the RBS 2010 Deferral Plan and are subject to clawback prior to vesting.
Awards held at
1 January 2013 (o
r
date of appointment
if later)
Awards
granted
in 2013
Award price
£
Awards
vested
in 2013
Market price
on vesting
£
Value on
Vesting
£
Awards held at
31 December 2013
(or date of cessation)
End of period fo
r
qualifying conditions
to be fulfilled
Stephen Hester 229,254 4.45 229,254 3.06 701,517 — —
Bruce Van Saun 151,544 4.45 151,544 3.06 463,725 — —
300,000 2.80 150,000 3.06 459,000 150,000 09.03.13 – 09.03.14
316,947(6) 3.09 316,947 08.03.14 – 08.03.15
451,544 316,947 301,544 466,947
Ross McEwan 56,395 3.09 56,395 08.03.14 - 08.03.16
454,106 (4) 2.14 454,106 3.40 1,543,960 — —
510,501 454,106 56,395
Nathan Bostock(5) 28,657 4.45 28,657 07.03.14
125,045 2.80 125,045 09.03.14 - 09.03.15
135,834 3.09 135,834 08.03.14 - 08.03.16
289,536 289,536
Notes:
(1) Stephen Hester and the Committee agreed that the maximum number of shares available for vesting would be capped at 65% (a total of 1,342,014 shares). The actual number of shares will depend
on the performance assessment and may be less.
(2) Stephen Hester and Bruce Van Saun stepped down from the Board on 30 September 2013.
(3) Ross McEwan and Nathan Bostock were appointed to the Board on 1 October 2013.
(4) This relates to an award made to Ross McEwan on joining RBS as CEO UK Retail in September 2012, in recognition of awards forfeited on leaving Commonwealth Bank of Australia.
(5) In accordance with the plan rules, Nathan Bostock’s outstanding LTIP, Deferred awards and MPP award have subsequently been lapsed and the Executive Share Option will lapse on his final date of
employment.
(6) This relates to a bonus award in respect of the 2012 performance year, awarded in March 2013.