RBS 2012 Annual Report Download - page 342

340
Directors’ remuneration report Implementation Report continued
Deferred awards
Awards are structured as conditional rights to receive shares under the RBS 2010 Deferral Plan and are subject to clawback. No variation has been
made to any of the terms of the plan during the year. The figures shown below have been adjusted to reflect the share sub-division and consolidation,
which took effect in June 2012.
Awards held
at 1 January
2012
Awards
granted
in 2012
Market
price on
award
£
Awards
vested in
2012
Market price
on vesting
£
Value on
vesting
£
Awards held
at 31 December
2012
End of period
for qualifying
conditions to
be fulfilled
Stephen Hester (1) 458,509
(2) 4.45 229,255 2.62 600,648 229,254 07.03.12 - 07.03.13
Bruce Van Saun 95,707 (3) 3.79 95,707 2.35 224,911 — —
303,088 (2) 4.45 151,544 2.62 397,045 151,544 07.03.12 - 07.03.13
300,000
(4)2.80 300,000 09.03.13 - 09.03.14
398,795 300,000 247,251 621,956 451,544
Notes:
(1) Stephen Hester previously waived his deferred award entitlement in respect of the 2009 and 2011 performance years and during 2012 he also waived any entitlement that might have been awarded
for the 2012 performance year.
(2) The awards granted on 7 March 2011 relate to an allocation of shares under the Share Bank arrangements for annual incentives in respect of the 2010 performance year. The awards will vest in two
tranches with the final tranche due to vest on 7 March 2013 and any vested shares are subject to a further six month retention post-vesting. Mr Hester has voluntarily agreed to a total retention period
of 12 months post-vesting.
(3) The award was granted in March 2010 and relates to an allocation of shares in respect of annual incentives for the 2009 performance year.
(4) The award granted on 9 March 2012 relates to an allocation of shares under the Share Bank arrangements for annual incentives in respect of the 2011 performance year. The award is due to vest in
two equal tranches in March 2013 and March 2014 and any vested shares are subject to a further six month retention post-vesting.
Share options
The Executive Share Option Plan (ESOP) was approved by shareholders in April 2007. No further awards will be made under the ESOP as it has been
replaced by the LTIP. The options below lapsed in 2012 as the performance conditions, based on a combination of relative and absolute TSR
measures, were not met. The figures shown below have been adjusted to reflect the share sub-division and consolidation, which took effect in June
2012.
Options held at
31 December 2012
Options held
at 1 January
2012
Number of options
lapsed in 2012
Option
price
£ Number Exercise period
Stephen Hester 955,000 955,000 3.72 — —
Bruce Van Saun 90,530 90,530 5.67 —
—
No options had their terms and conditions varied during the year ended 31 December 2012. No payment is required on the award of an option. The
market price of the company's ordinary shares on 31 December 2012 was 324.5p and the range during the year ended 31 December 2012 was 196.6p
to 325.0p.
Medium-Term Performance Plan (MPP)
The MPP was approved by shareholders in April 2001. No further awards will be made under the MPP as it has been replaced by the LTIP. No variation
was made to any of the terms of the plan during the year. The awards below lapsed during 2012 as a result of the relative and absolute TSR measures
not being met. The figures shown below have been adjusted to reflect the share sub-division and consolidation, which took effect in June 2012.
Scheme interests
(share equivalents)
at 1 January 2012
Market price
on award
£
Awards
lapsed in
2012
Scheme interests
(share equivalents)
at 31 December 2012
End of period for
qualifying conditions
to be fulfilled
Stephen Hester 480,000 3.72 480,000 — —
Bruce Van Saun 181,061 5.67 181,061 — —
Restricted Share Award
No variation was made to any of the terms of the plan during the year and no awards were granted under the Restricted Share Plan in 2012. The figures
shown below have been adjusted to reflect the share sub-division and consolidation, which took effect in June 2012.
Awards held
at 1 January
2012
Market price
on award
£
Awards
lapsed in
2012
Awards held at
31 December
2012
End of period for
qualifying conditions
to be fulfilled
Philip Hampton (1) 517,241 2.90 517,241 — —
Note:
(1) Philip Hampton waived his right to the above award which was made in 2009 and due to vest in 2012 and therefore the award was lapsed.
Penny Hughes
Chair of the Group Performance and Remuneration Committee
27 February 2013