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61
Tesco PLC Annual Report and Financial Statements 2013
OVERVIEW BUSINESS REVIEW PERFORMANCE REVIEW GOVERNANCE FINANCIAL STATEMENTS
Table 3 Gains on share options and share options held by Directors and not exercised at 23 February 2013
Discretionary Share Option Plan (2004)
Date of grant
Options at
25 February
2012
Options
exercised in
year
Options
lapsed in
year
Options at
23 February
2013
Exercise price
(pence)
Date from
which
exercisable Expiry date
Richard Brasher 08.05.2007 278,627 – – 278,627 473.75 08.05.2010 08.05.2017
12.05.2008 353,114 – – 353,114 427.00 12.05.2011 12.05.2018
06.05.2009 467,848 – – 467, 848 338.40 06.05.2012 06.05.2019
07.05.2010 386,850 – – 386,850 419.80 07.05.2013 07.05.2020
1,486,439 – – 1,486,439
Philip Clarke 22.04.2005 379,856 – – 379,856 312.75 22.04.2008 22.04.2015
08.05.2006 404,896 – – 404,896 318 .60 08.05.2009 08.05.2016
08.05.2007 298,844 – – 298,844 473.75 08.05.2010 08.05.2017
12.05.2008 353,114 – – 353,114 427.00 12.05.2011 12.05.2018
06.05.2009 467,848 – – 467, 848 338.40 06.05.2012 06.05.2019
07.05.2010 386,850 – – 386,850 419.80 07.05.2013 07.05.2020
2,291,408 – – 2,291,408
Andrew Higginson 22.04.2005 379,856 – – 379,856 312.75 22.04.2008 22.04.2015
08.05.2006 404,896 – – 404,896 318 .60 08.05.2009 08.05.2016
08.05.2007 298,844 – – 298,844 473.75 08.05.2010 08.05.2017
12.05.2008 353,114 – – 353,114 427.00 12.05.2011 12.05.2018
06.05.2009 467,848 – – 467, 848 338.40 06.05.2012 06.05.2019
07.05.2010 386,850 – – 386,850 419.80 07.05.2013 07.05.2020
2,291,408 – – 2,291,408
Tim Mason 10.08.2007 333,319 – – 333,319 424.75 10.08.2010 10.08.2017
12.05.2008 353,114 – – 353,114 427.00 12.05.2011 12.05.2018
06.05.2009 467,848 – – 467, 848 338.40 06.05.2012 06.05.2019
07.05.2010 386,850 –386,850 –419.80 – –
1,541,131 –386,850 1,154,281
Laurie McIlwee 08.05.2007 77,192 – – 77,192 473.75 08.05.2010 08.05.2017
12.05.2008 91,335 – – 91,335 427.0 0 12.05.2011 12.05.2018
06.05.2009 325,059 – – 325,059 338.40 06.05.2012 06.05.2019
07.05.2010 290,138 – – 290,138 419.80 07.05.2013 07.05.2020
783,724 – – 783,724
Lucy Neville-Rolfe 08.05.2007 189,973 – – 189,973 473.75 08.05.2010 08.05.2017
12.05.2008 231,850 – – 231,850 427.00 12.05.2011 12.05.2018
06.05.2009 327,494 – – 327,494 338.40 06.05.2012 06.05.2019
07.05.2010 290,138 – – 290,138 419.80 07.05.2013 07.05.2020
1,039,455 – – 1,039,455
Total 9,433,565 –386,850 9,046,715
Discretionary Share Option Plan
• Executive share options are subject to performance conditions measured over three years. The first 100% is subject to the achievement of underlying diluted EPS growth of at least
RPI plus 9% over three years and the balance vests for achieving growth of at least RPI plus 15%.
• Executives have until the tenth anniversary of the date of grant to exercise their options.
• No options have been granted to Executive Directors under the Discretionary Share Option Plan since 2010. Maximum awards of up to 200% of base salary can be granted under
the Discretionary Share Option Plan. However, it is not intended that this plan will be used and awards will only be granted in exceptional circumstances.
Performance against targets
• EPS growth for the period 2009/10 to 2011/12 exceeded RPI by 17.1% and therefore the share options awarded in 2009 vested in full on 6 May 2012.
• EPS growth for the period 2010/11 to 2012/13 did not meet the performance target and therefore the share options awarded in 2010 will lapse on 7 May 2013.
Market prices of Tesco PLC shares
• The share price as at 23 February 2013 was 372.25p. The share price during the 52 weeks to 23 February 2013 ranged from 297.1p to 374.4p.
Leaving provisions
• Where a Director ceased to be a Director of Tesco PLC in the year, the figures in this table are at the date on which they ceased to be a Director of Tesco PLC.
• Richard Brasher stepped down from the Board on 15 March 2012 and left the Company on 31 July 2012. His vested awards may be exercised for one year after leaving. His unvested
award (2010) will lapse on 7 May 2013 as the performance conditions have not been met.
• Andrew Higginson retired from the Board on 1 September 2012. His vested awards may be exercised for three years after leaving. His unvested award (2010) will lapse on 7 May 2013
as the performance conditions have not been met.
• Tim Mason stepped down from the Board on 5 December 2012. His vested awards may be exercised for one year after leaving. His unvested award (2010) lapsed on leaving.
• Lucy Neville-Rolfe retired from the Board on 2 January 2013. Her vested awards may be exercised for three years after leaving. Her unvested award (2010) will lapse on 7 May 2013
as the performance conditions have not been met.