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60 DIRECTORS’ REMUNERATION REPORT
Tesco PLC Annual Report and Financial Statements 2009
Directors’ remuneration report continued
Table 6 Long-Term Performance Share Plan
Shares released/ Date of
Share price As at Shares awarded/ options As at release/date
Date of award/ on award date 23 February options granted exercised 28 February from which Expiry
grant (pence) 2008 in year3 in year 2009 exercisable date4
Richard Brasher 28.07.2004 253.45 118,367 – – 118,367 28.07.2008 28.07.2014
12.10.2005 302.75 191,565 6,083 – 197,648 12.07.2009 12.10.2015
20.07.2006 346.25 196,807 6,249 – 203,056 20.07.2010 20.07.2016
14.11.2007 471.10 240,045 7,622 – 247,667 14.07.2010 14.11.2017
08.07.2008 353.76 – 339,360 – 339,360 08.07. 2011 0 8.07. 2018
Total 746,784 359,314 – 1,106,098
Philip Clarke 28.07.2004 253.45 175,774 – – 175,774 28.07. 2008 28 .07. 2014
12.10.2005 302.75 224,654 7,133 – 231,787 12.07.2009 12.10.2015
20.07.2006 346.25 211,086 6,703 – 217,789 20.07.2010 20.07.2016
14.11.2007 471.10 240,045 7,622 – 247,667 14.07.2010 14.11.2017
08.07.2008 353.76 – 339,360 – 339,360 08.07. 2011 0 8.07. 2018
Total 851,559 360,818 – 1,212,377
Andrew Higginson 28.07.2004 253.45 175,774 – – 175,774 28.07.2008 28.07.2014
12.10.2005 302.75 224,654 7,133 – 231,787 12.07.2009 12.10.2015
20.07.2006 346.25 211,086 6,703 – 217,789 20.07.2010 20.07.2016
14.11.2007 471.10 240,045 7,622 – 247,667 14.07.2010 14.11.2017
08.07.2008 353.76 – 339,360 – 339,360 08.07. 2011 0 8.07.2018
Total 851,559 360,818 – 1,212,377
Sir Terry Leahy 28.07.2004 253.45 304,794 – – 304,794 28.07.2008 28 .07. 2014
12.10.2005 302.75 393,582 12,498 – 406,080 12.07.2009 12.10.2015
20.07.2006 346.25 369,810 11,743 – 381,553 20.07.2010 20.07.2016
14.11.2007 471.10 420,484 13,352 – 433,836 14.07.2010 14.11.2017
08.07.2008 353.76 – 589,465 – 589,465 08 .07.2011 08.07. 2018
Total 1,488,670 627,058 – 2,115,728
Tim Mason1 28.07.2004 253.45 90,431 – – 90,431 28.07.2008 28.07.2014
12.10.2005 302.75 224,654 5,957 106,385 124,226 12.07.2009 12.10.2015
25.08.2006 346.25 211,086 6,703 – 217,789 20.07.2010 –
14.11.2007 471.10 160,030 5,081 – 165,111 14.07. 2010 –
08.07.2008 353.76 – 226,240 – 226,240 08.07. 2011 –
Total 686,201 243,981 106,385 823,797
Laurie McIlwee2 20.07.2006 346.25 52,808 – – 52,808 20.07.2009 –
10.10.2007 465.50 41,890 – – 41,890 10.07.2010 –
08.07.2008 353.76 62,141 – – 62,141 08.07. 2011 –
Total 156,839 – – 156,839
Lucy Neville-Rolfe2 18.01.2006 312.25 29,820 639 30,459 – 18.07.2008 –
20.07.2006 346.25 57,417 1,818 – 59,235 20.07.2009 –
14.11.2007 471.10 157,610 5,003 – 162,613 14.07.2010 14.11.2017
08.07.2008 353.76 – 237,552 – 237,552 0 8.07.2011 08.07. 2018
Total 244,847 245,012 30,459 459,400
David Potts 28.07.2004 253.45 175,774 – – 175,774 28.07. 2008 28 .07. 2014
12.10.2005 302.75 224,654 7,133 – 231,787 12.07.2009 12.10.2015
20.07.2006 346.25 211,086 6,703 – 217,789 20.07.2010 20.07.2016
14.11.2007 471.10 240,045 7,622 – 247,667 14.07.2010 14.11.2017
08.07.2008 353.76 – 339,360 – 339,360 08.07. 2011 0 8.07.2018
Total 851,559 360,818 – 1,212,377
Total 5,878,018 2,557,819 136,844 8,298,993
1 Tim Mason’s awards since 2006 have been made in the form of unfunded promises. Following approval by the Remuneration Committee Tim Mason part exercised his 2005 award on
12 July 2008 at a share price of 355.25 pence in order to fund a US tax liability.
2 Laurie McIlwee was appointed on 27 January 2009. His awards shown above were made in the form of restricted shares under the senior management Performance Share Plan. Figures
shown in this table are from his date of appointment. Lucy Neville-Rolfe’s 2006 awards were also made in the form of restricted shares under the senior management Performance Share Plan.
On 18 July 2008, 30,459 shares were released to Lucy Neville-Rolfe at a share price of 375.75p.
3 The Performance Share Plan replaced the long-term Executive Incentive Scheme. The first award under the new plan was made in 2004. All awards except those described in notes 1 and 2
above have been made in the form of nil cost options. The awards are subject to performance conditions based on Return on Capital Employed targets. The Group ROCE for 2007/8 was
12.9%, therefore targets for PSP awards granted on 12 October 2005 were met in full and these awards vested. Executives are required to retain these vested awards for a further
12 months with the exception of Tim Mason (see note 1). Shareholder approval was obtained at the 2007 AGM for the removal of the requirement for any vested shares to be retained
for a further 12 months. This applies to awards made after July 2007. All awards are increased to reflect dividend equivalents as each dividend is paid with the exception of the 2004
award on which no dividends accrue.
4 No options lapsed in the year under this Plan.