Vodafone 2000 Annual Report Download - page 25

Vodafone AirTouch Plc Annual Report & Accounts for the year ended 31 March 2000 23
Remuneration Report of the Board continued
Directors’ interests in the shares of Vodafone AirTouch Plc
Executive share ownership
The Remuneration Committee believes that share ownership by executive directors increases the link between the interests of the directors and the
interests of the Company’s shareholders.
The Company’s UK executive share option schemes, in which over four hundred of the Group’s directors, executives and senior managers participate,
have been operated on the basis that options over the Company’s shares may be granted once each year at, for directors, a multiple of one times taxable
earnings subject to an overall maximum holding equivalent to four times taxable earnings at the date of grant. The Sharesave scheme permits employees
to save a fixed sum each month, up to a maximum of £250 per month, for three or five years and to use the proceeds of the savings to exercise options
granted at a price 20% below the market price of the shares at the beginning of the savings period. The Profit Sharing Scheme similarly permits eligible
employees to contribute up to 5% of their salary each month, up to a maximum of £665 per month, to enable trustees of the scheme to purchase shares
on their behalf, with an equivalent number of shares being purchased for the employee by the Company. All the UK based executive directors participate
in each of the above share schemes.
The Vodafone AirTouch 1999 Long Term Stock Incentive Plan and the Vodafone AirTouch 1999 Employee Share Purchase Plan were introduced in 1999 to
provide share incentives for employees of AirTouch Communications, Inc. In July 1999, all employees of AirTouch were granted share options under the
Long Term Stock Incentive Plan which vest over a 4 year period. The Share Purchase Plan permits employees to purchase shares at a discount and has
been operated since July 1999.
Share options
The following information summarises the directors’ options under the Vodafone Group Savings Related Share Option Scheme (‘savings related scheme’),
the Vodafone Group 1998 Sharesave Scheme (‘sharesave scheme’), the Vodafone Group Executive Share Option Scheme (‘executive scheme’), all
Inland Revenue approved schemes, the Vodafone Group Share Option Scheme (‘unapproved scheme’), which is not Inland Revenue approved, the
AirTouch Communications, Inc. 1993 Long Term Stock Incentive Plan (‘1993 Plan’) and the Vodafone AirTouch Plc 1999 Long Term Stock Incentive Plan
(‘1999 Plan’). No other directors have options under any of these schemes. Only under the sharesave scheme may shares be offered at a discount in
future grants of options.
Weighted
Options average
held at Options Options Options exercise
1 April 1999 granted exercised held at price at
or date of during during 31 March 31 March Date from Latest
appointment the year the year 2000 2000 which expiry
Number Number Number Number Pence exercisable date
Sam Ginn 41,375,000 – 22,500,000 18,875,000 87.3 1/99 1/07
Chris Gent 2,213,430 387,000 24,285 2,576,145 111.1 7/99 7/09
Peter Bamford 1,352,170 145,500 – 1,497,670 105.3 7/00 7/09
Julian Horn-Smith 1,975,595 111,130 24,285 2,062,440 76.5 7/98 7/09
Ken Hydon 1,866,520 123,500 556,000 1,434,020 90.4 7/00 7/09
Arun Sarin 13,125,000 6,250,000 8,125,000 11,250,000 186.3 12/99 4/02
Mohan Gyani 7,625,000 – 7,625,000 –– – –
Don Fisher 350,000 – – 350,000 41.4 11/94 5/05
Paul Hazen 596,100 – 123,050 473,050 36.2 4/94 5/08
Charles Schwab 709,150 – – 709,150 53.0 11/94 4/06
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71,187,965 7,017,130 38,977,620 39,227,475
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