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Tesco PLC Annual Report and
Financial Statements 2008
36
Directors’ remuneration report continued
Table 7 Group New Business Incentive Plan
Share price on As at Options Options As at Date from
Date of award date 24 February granted exercised 23 February which Expiry
grant (pence) 2007 in year in year 2008 exercisable date
Sir Terry Leahy 14.11.2007 482.00 – 2,500,000 – 2,500,000 Four 14.11.2017
tranches
2011-2014
To t a l 2,500,000 – 2,500,000
1 The Group New Business Incentive Plan (2007) was approved by shareholders on 29 June 2007. The awards made under this plan will normally vest in four tranches; four, five, six and seven years
after the date of award for nil consideration. Vesting will normally be conditional on the achievement of specified performance targets related to the return on capital employed over the seven-year
plan. The award is in the form of nil cost options.
Table 8 US Long-Term Incentive Plan
Share price on As at Shares Shares As at
Date of award date 24 February awarded released 23 February Date of
award (pence) 2007 in year in year 2008 release
Mr T J R Mason 14.11.2007 482.00 – 2,000,000 – 2,000,000 Four
tranches
2011-2014
To t a l – 2,000,000 – 2,000,000
1 The US Long-Term Incentive Plan (2007) was approved by shareholders on 29 June 2007. The awards made under this Plan will normally vest in four tranches; four, five, six and seven years after the
date of award for nil consideration. Vesting will normally be conditional on the achievement of specified performance targets related to the return on capital employed in the US business over the
seven-year Plan.
Table 9 Executive Incentive Plan
Date of
Share price As at Shares awarded/ Shares released/ As at release/date
Date of award/ on award date 24 February options granted options exercised 23 February from which Expiry
grant (pence) 2007 in year in year 2008 exercisable date
Mr R Brasher 20.05.2005 311.00 100,203 2,433 – 102,636 20.05.2008 20.05.2015
26.05.2006 318.50 168,869 4,076 – 172,945 26.05.2009 26.05.2016
24.05.2007 456.75 – 145,594 – 145,594 24.05.2010 24.05.2017
Total 269,072 152,103 – 421,175
Mr P A Clarke 20.05.2005 311.00 148,802 3,613 – 152,415 20.05.2008 20.05.2015
26.05.2006 318.50 198,037 4,780 – 202,817 26.05.2009 26.05.2016
24.05.2007 456.75 – 156,159 – 156,159 24.05.2010 24.05.2017
Total 346,839 164,552 – 511,391
Mr A T Higginson 20.05.2005 311.00 148,802 3,613 – 152,415 20.05.2008 20.05.2015
26.05.2006 318.50 198,037 4,780 – 202,817 26.05.2009 26.05.2016
24.05.2007 456.75 – 156,159 – 156,159 24.05.2010 24.05.2017
Total 346,839 164,552 – 511,391
Sir Terry Leahy 20.05.2005 311.00 258,025 6,265 – 264,290 20.05.2008 20.05.2015
26.05.2006 318.50 346,950 8,376 – 355,326 26.05.2009 26.05.2016
24.05.2007 456.75 – 273,581 – 273,581 24.05.2010 24.05.2017
Total 604,975 288,222 – 893,197
Mr T J R Mason 20.05.2005 311.00 148,802 3,613 – 152,415 20.05.2008 20.05.2015
24.05.2007 456.75 – 177,470 – 177,470 24.05.2010 –
Total 148,802 181,083 – 329,885
Miss LNeville-Rolfe 24.05.2007 456.75 – 74,452 – 74,452 24.05.2010 24.05.2017
Total – 74,452 – 74,452
Mr D T Potts 20.05.2005 311.00 148,802 3,613 – 152,415 20.05.2008 20.05.2015
26.05.2006 318.50 198,037 4,780 – 202,817 26.05.2009 26.05.2016
24.05.2007 456.75 – 156,159 – 156,159 24.05.2010 24.05.2017
Total 346,839 164,552 – 511,391
Total 2,063,366 1,189,516 – 3,252,882
1 The Executive Incentive Plan replaced the Short-term Executive Incentive Scheme. The first award under the new Plan was made in 2005.
2 The awards are subject to performance conditions based on TSR, earnings per share and corporate objectives.
3 Mr Mason’s 2007 award was made in the form of an unfunded promise. His 2005 award was made in the form of nil cost options.
4 The awards are increased to reflect dividends equivalents as each dividend is paid.
5 No options lapsed in the year under the Executive Incentive Plan.
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