Report on directors' remuneration
Notes contentsTable 5: Movements in directors' interests in share options
Shares under option are designated as: a executive; b worldwide save for shares; c premium priced; d long-term incentive; and * where options are exercisable.
Date of grant | 1 Jan 09 | Granted | Exercised | Lapsed | 31 Dec 09 | Option price | Earliest exercise date | Expiry date | Date of exercise | Price on exercise | Gain on exercise | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Marjorie Scardino | ||||||||||||
c8/6/99 | 37,583 | 37,583 | 0 | 1372.4p | 8/6/02 | 8/6/09 | ||||||
c8/6/99 | 37,583 | 37,583 | 0 | 1647.5p | 8/6/02 | 8/6/09 | ||||||
d*9/5/01 | 41,550 | 41,550 | 1421.0p | 9/5/02 | 9/5/11 | |||||||
d*9/5/01 | 41,550 | 41,550 | 1421.0p | 9/5/03 | 9/5/11 | |||||||
d*9/5/01 | 41,550 | 41,550 | 1421.0p | 9/5/04 | 9/5/11 | |||||||
d*9/5/01 | 41,550 | 41,550 | 1421.0p | 9/5/05 | 9/5/11 | |||||||
Total | 241,366 | 0 | 0 | 75,166 | 166,200 | £0 | ||||||
David Bell | ||||||||||||
b5/5/06 | 297 | 297 | 0 | 629.6p | 1/8/09 | 1/2/10 | 5/8/09 | 704.0p | £221 | |||
b4/5/07 | 821 | 821 | 690.4p | 1/8/10 | 1/2/11 | |||||||
c8/6/99 | 18,705 | 18,705 | 0 | 1372.4p | 8/6/02 | 8/6/09 | ||||||
c8/6/99 | 18,705 | 18,705 | 0 | 1647.5p | 8/6/02 | 8/6/09 | ||||||
d*9/5/01 | 16,350 | 16,350 | 1421.0p | 9/5/02 | 9/5/11 | |||||||
d*9/5/01 | 16,350 | 16,350 | 1421.0p | 9/5/03 | 9/5/11 | |||||||
d*9/5/01 | 16,350 | 16,350 | 1421.0p | 9/5/04 | 9/5/11 | |||||||
d*9/5/01 | 16,350 | 16,350 | 1421.0p | 9/5/05 | 9/5/11 | |||||||
Total | 103,928 | 0 | 0 | 37,707 | 66,221 | £221 | ||||||
Will Ethridge | ||||||||||||
c8/6/99 | 10,802 | 10,802 | 0 | 1372.4p | 8/6/02 | 8/6/09 | ||||||
c8/6/99 | 10,802 | 10,802 | 0 | 1647.5p | 8/6/02 | 8/6/09 | ||||||
d*9/5/01 | 11,010 | 11,010 | $21.00 | 9/5/02 | 9/5/11 | |||||||
d*9/5/01 | 11,010 | 11,010 | $21.00 | 9/5/03 | 9/5/11 | |||||||
d*9/5/01 | 11,010 | 11,010 | $21.00 | 9/5/04 | 9/5/11 | |||||||
d*9/5/01 | 11,010 | 11,010 | $21.00 | 9/5/05 | 9/5/11 | |||||||
d*1/11/01 | 14,680 | 14,680 | $11.97 | 1/11/02 | 1/11/11 | |||||||
d*1/11/01 | 14,680 | 14,680 | $11.97 | 1/11/03 | 1/11/11 | |||||||
d*1/11/01 | 14,680 | 14,680 | $11.97 | 1/11/04 | 1/11/11 | |||||||
Total | 109,684 | 0 | 0 | 21,604 | 88,080 | £0 | ||||||
Rona Fairhead | ||||||||||||
b4/5/07 | 2,371 | 2,371 | 690.4p | 1/8/12 | 1/2/13 | |||||||
d*1/11/01 | 20,000 | 20,000 | 822.0p | 1/11/02 | 1/11/11 | |||||||
d*1/11/01 | 20,000 | 20,000 | 822.0p | 1/11/03 | 1/11/11 | |||||||
d*1/11/01 | 20,000 | 20,000 | 822.0p | 1/11/04 | 1/11/11 | |||||||
Total | 62,371 | 0 | 0 | 0 | 62,371 | £0 | ||||||
Robin Freestone | ||||||||||||
b9/5/08 | 1,757 | 1,757 | 534.8p | 1/8/11 | 1/2/12 | |||||||
Total | 1,757 | 1,757 | £0 | |||||||||
John Makinson | ||||||||||||
b9/5/03 | 4,178 | 4,178 | 424.8p | 1/8/10 | 1/2/11 | |||||||
c8/6/99 | 21,477 | 21,477 | 0 | 1372.4p | 8/6/02 | 8/6/09 | ||||||
c8/6/99 | 21,477 | 21,477 | 0 | 1647.5p | 8/6/02 | 8/6/09 | ||||||
d*9/5/01 | 19,785 | 19,785 | 1421.0p | 9/5/02 | 9/5/11 | |||||||
d*9/5/01 | 19,785 | 19,785 | 1421.0p | 9/5/03 | 9/5/11 | |||||||
d*9/5/01 | 19,785 | 19,785 | 1421.0p | 9/5/04 | 9/5/11 | |||||||
d*9/5/01 | 19,785 | 19,785 | 1421.0p | 9/5/05 | 9/5/11 | |||||||
Total | 126,272 | 0 | 0 | 42,954 | 83,318 | £0 | ||||||
Total | 645,378 | 0 | 0 | 177,431 | 467,947 | £221 |
Note 1 No variations to the terms and conditions of share options were made during the year.
Note 2 Each plan is described below.
a Executive – The plans under which these options were granted were replaced with the introduction of the long-term incentive plan in 2001. No executive options have been granted to the directors since 1998.
All options have now lapsed, having been unexercised at the tenth anniversary of the date of grant.
b Worldwide save for shares – The acquisition of shares under the worldwide save for shares plan is not subject to the satisfaction of a performance target.
David Bell, Rona Fairhead, Robin Freestone and John Makinson hold options under this plan. Details of these holdings are itemised as b.
c Premium priced – The plan under which these options were granted was replaced with the introduction of the long-term incentive plan in 2001. No Premium Priced Options (PPOs) have been granted to the directors since 1999.
The share price targets for the three-year and five-year tranches of PPOs granted in 1999 have already been met prior to 2009. The share price target for the seven-year tranche of PPOs granted in 2000 was not met in 2009 and the options lapsed. The secondary real growth in earnings per share target for any PPOs to become exercisable has already been met prior to 2009.
All PPOs that remain outstanding lapse if they remain unexercised at the tenth anniversary of the date of grant.
Marjorie Scardino, David Bell, Will Ethridge and John Makinson hold PPOs under this plan. Details of these awards are itemised as c.
d Long-term incentive – All options that remain outstanding are exercisable and lapse if they remain unexercised at the tenth anniversary of the date of grant.
Details of the option grants under this plan for Marjorie Scardino, David Bell, Will Ethridge, Rona Fairhead and John Makinson are itemised as d.
Note 3 In addition, Marjorie Scardino contributes US$1,000 per month (the maximum allowed) to the US employee stock purchase plan. The terms of this plan allow participants to make monthly contributions for one year and to acquire shares at the end of that period at a price that is the lower of the market price at the beginning or the end of the period, both less 15%.
Note 4 The market price on 31 December 2009 was 891.0p per share and the range during the year was 578.0p to 892.5p.
Approved by the board and signed on its behalf by
David Arculus Director
10 March 2010