RBS 2006 Annual Report Download - page 124
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123
RBS Group • Annual Report and Accounts 2006
Governance
Restricted Stock Award
Awards
granted End of the
in 2006 Market period for
and held at price on qualifying
31 December award conditions to
2006 £ be fulfilled (3)
Mr Whittaker (1) 56,285 19.38 01.02.07(2)
30,483 19.38 01.02.08
25,322 19.38 01.02.09
12,421 19.38 01.02.10
124,511
Notes:
(1) Awards were granted to Mr Whittaker in lieu of unvested share awards from his previous employer. Further information on these awards is set out on page 116.
(2) Award has now vested and shares will be released to Mr Whittaker on 1 March 2007.
(3) The end period for qualifying conditions is subject to any restrictions on dealing in the Group’s shares which may be in place and to which Mr Whittaker may be subject. As a
result of the close period prior to the announcement of the Group’s results on 1 March 2007, the end of the period for qualifying conditions to be fulfilled in 2007 is 1 March 2007.
Phantom 2000 Plan Awards granted during year
End of the period for
Phantom 2000 units at Units awarded Market price qualifying conditions Benefits received Phantom 2000 units at
1 January 2006 during year on award to be fulfilled during year 31 December 2006
Mr Fish 1,000,000 01.01.05 US$6,100,000 —
No variation was made to any of the terms of the plan during the year. The performance measures are detailed on page 116.
Citizens Long Term Incentive Plan (1)
Benefits received
Interests at 1 January 2006 Awards granted during year during year Interests at 31 December 2006
Mr Fish LTIP awards for the LTIP award for the LTIP award for the LTIP awards for the
3 year periods: 3 year period: 3 year period: 3 year periods:
01.01.03 – 31.12.05 01.01.03 – 31.12.05
01.01.04 – 31.12.06 was US$1,268,747 01.01.04 – 31.12.06
01.01.05 – 31.12.07 01.01.05 – 31.12.07
01.01.06 – 31.12.08 01.01.06 – 31.12.08
Note:
(1) A new cash LTIP was approved by shareholders at the company’s Annual General Meeting in April 2005. Details are given on page 116. This replaced the previous LTIP which
provided for a target payment of 60% of average salary over the three year period and a maximum payment of 105% of average salary.
No variation was made to any of the terms of the plan during the year. The performance measures are detailed on page 116.