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Directors’ remuneration report continued
Table 9 Executive Incentive Plan1
Shares Shares Date of
Share price As at awarded/ released/ As at release/date
Date of on award 28 February options options 27 February from which
award/grant (pence) 2009 granted3 exercised4, 6, 7 2010 exercisable
Richard Brasher 20.05.2005 311.00 105,865 4,133 109,998 – 20.05.2008
26.05.2006 318.50 178,436 6,971 185,407 – 26.05.2009
24.05.20075 456.75 150,216 5,868 – 156,084 24.05.2010
02.05.20085 424.05 149,192 5,828 – 155,020 02.05.2011
19.05.2009 351.16 – 204,291 79,336 124,955 19.05.2012
Total 583,709 227,091 374,741 436,059
Philip Clarke 20.05.2005 311.00 157,210 4,321 161,531 – 20.05.2008
26.05.2006 318.50 209,257 8,175 217,432 – 26.05.2009
24.05.20076 456.75 161,118 6,294 68,639 98,773 24.05.2010
02.05.20086 424.05 149,192 5,828 63,559 91,461 02.05.2011
19.05.2009 351.16 – 204,291 79,336 124,955 19.05.2012
Total 676,777 228,909 590,497 315,189
Andrew Higginson 20.05.2005 311.00 157,210 4,272 161,482 – 20.05.2008
26.05.2006 318.50 209,257 5,723 214,980 – 26.05.2009
24.05.20076 456.75 161,118 6,294 68,639 98,773 24.05.2010
02.05.20086 424.05 149,192 5,828 63,559 91,461 02.05.2011
19.05.2009 351.16 – 204,291 79,336 124,955 19.05.2012
Total 676,777 226,408 587,996 315,189
Sir Terry Leahy 20.05.2005 311.00 272,606 10,645 283,251 – 20.05.2008
26.05.2006 318.50 366,610 14,323 380,933 – 26.05.2009
24.05.20075 456.75 282,268 11,028 – 293,296 24.05.2010
02.05.20085 424.05 403,030 15,746 – 418,776 02.05.2011
19.05.2009 351.16 – 443,564 172,255 271,309 19.05.2012
Total 1,324,514 495,306 836,439 983,381
Tim Mason2 20.05.2005 311.00 157,210 4,321 161,531 – 20.05.2008
24.05.2007 456.75 183,105 7,154 – 190,259 24.05.2010
02.05.2008 424.05 299,078 11,685 – 310,763 02.05.2011
19.05.2009 351.16 – 257,040 – 257,040 19.05.2012
Total 639,393 280,200 161,531 758,062
Lucy Neville-Rolfe 24.05.20075 456.75 76,815 3,000 – 79,815 24.05.2010
02.05.20085 424.05 97,957 3,827 – 101,784 02.05.2011
19.05.2009 351.16 – 143,003 55,535 87,468 19.05.2012
Total 174,772 149,830 55,535 269,067
David Potts 20.05.2005 311.00 157,210 6,138 163,348 – 20.05.2008
26.05.2006 318.50 209,257 8,175 217,432 – 26.05.2009
24.05.20076 456.75 161,118 6,294 68,639 98,773 24.05.2010
02.05.20086 424.05 149,192 5,828 63,559 91,461 02.05.2011
19.05.2009 351.16 – 204,291 79,336 124,955 19.05.2012
Total 676,777 230,726 592,314 315,189
Total 4,752,719 1,838,470 3,199,053 3,392,136
1 The Executive Incentive Plan replaced the Short-term Executive Incentive Scheme. The first award under the new plan was made in 2005. The awards are subject to performance
conditions based on TSR, earnings per share and corporate objectives.
2 Since 2007 Tim Mason’s awards have been made in the form of an unfunded promise to deliver shares. His 2005 award was made in the form of nil cost options.
3 The awards are increased to reflect dividends equivalents as each dividend is paid.
4 No options lapsed in the year under the Executive Incentive Plan.
5 Following approval by the Remuneration Committee, Executives were offered the opportunity to surrender the nil cost options awarded on 24 May 2007 and 2 May 2008 in exchange for
awards of an equivalent number of restricted shares, and to fund the income tax and national insurance due on these awards at the point of exchange (27 November 2009). The balance
of shares shown is in the form of restricted shares, and will not be released until the date specified in the table.
6 Following approval by the Remuneration Committee, Executives were given the opportunity to surrender the nil cost options awarded on 24 May 2007 and 2 May 2008 in exchange for
awards of an equivalent number of restricted shares on 25 February 2010, and to sell sufficient shares to cover the tax liability due. The post tax number of shares under award remains
subject to the retention period and will not be released until the date specified in the table. The share price on 25 February 2010 was 416.175p.
7 For all Directors except for Tim Mason, the 2009 award was made in the form of restricted shares. The Remuneration Committee gave approval for Executives to sell sufficient shares to
cover the tax liability due at the time of award. The post tax number of shares will not be released until 19 May 2012.
8 Directors exercised EIP awards as follows:
Director Date Price (pence) Options exercised Value realised £000 Director Date Price (pence) Options exercised Value realised £000
Richard Brasher 24.11.09 428.325 292,058 1,251 Sir Terry Leahy 27.11.09 429.275 656,652 2,819
23.02.10 421.225 3,347 14 23.02.10 421.225 7,532 32
Philip Clarke 12.05.09 350.85 157,210 552 Tim Mason 19.05.09 355.03 157,210 558
29.12.09 430.00 219,252 943 18.11.09 424.85 4,272 18
23.02.10 421.225 2,501 11 23.02.10 421.225 49 0
25.02.10 416.175 132,198 550 David Potts 23.02.10 421.225 380,780 1,604
Andrew Higginson 28.07.09 368.40 376,462 1,276 25.02.10 416.175 132,198 550
25.02.10 416.175 132,198 550
64 Tesco PLC Annual Report and Financial Statements 2010