RBS 2007 Annual Report Download - page 115
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113
RBS Group • Annual Report and Accounts 2007
Governance
Restricted Stock Award
Interests at 1 January 2007 and the related prices on award and vesting in the table below have been restated to reflect the bonus
issue of ordinary shares in May 2007.
End of the
Awards Market Market Value of Awards period for
held at price on Awards price on awards held at qualifying
1 January award vested in vesting vested 31 December conditions to
2007 £ 2007 £ £ 2007 be fulfilled(2)
Mr Whittaker(1) 168,855 6.46 168,855 6.78 1,144,837 —
91,449 6.46 91,449 01.02.08(3)
75,966 6.46 75,966 01.02.09
37,263 6.46 37,263 01.02.10
373,533 204,678
Notes:
(1) Awards were granted to Mr Whittaker in lieu of unvested share awards from his previous employer.
(2) 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, the end of the period for qualifying conditions to be fulfilled in 2008 is 28 February 2008.
(3) Award has now vested and shares will be released to Mr Whittaker on 28 February 2008.
Citizens Long Term Incentive Plan (1)
Benefits received
Interests at 1 January 2007 Awards granted during year during year Interests at 31 December 2007
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:
01.01.04 – 31.12.06 01.01.04 – 31.12.06
was US$1,389,148
01.01.05 – 31.12.07 01.01.05 – 31.12.07
01.01.06 – 31.12.08 01.01.06 – 31.12.08
01.01.07 – 31.12.09 01.01.07 – 31.12.09
Note:
(1) A new cash LTIP was approved by shareholders at the company’s Annual General Meeting in April 2005. Performance is measured on a combination of growth in Profit before
tax and Relative Return on Equity based on a comparison of Citizens with comparator US banks.
No variation was made to any of the terms of the plan during the year.