J Sainsbury plc Share Plan 2005
The table below shows the conditional awards granted under this Plan, which would be released if the Company achieves maximum vesting.
| Date of grant | Core share award | Personal investment | Maximum share award 1 | Share price at date of award pence | First exercise date 2 | Last exercise date | |
|---|---|---|---|---|---|---|---|
| Justin King | 24.03.05 | 237,508 | 118,754 | 1,662,556 | 293.0 | 14.05.08 | 23.03.10 |
| Darren Shapland | 01.08.05 | 102,558 | 70,224 | 793,686 | 280.5 | 14.05.08 | 23.03.10 |
| Mike Coupe | 24.03.05 | 118,226 5 | 73,891 5 | 886,694 5 | 293.0 | 14.05.08 | 23.03.10 |
- The maximum share award excludes the personal investment shares acquired by the Directors, which must be held for the duration of the Plan. It assumes full vesting.
- Performance will be tested in May 2008 and it is expected that awards will vest in full and that in accordance with the accelerated vesting provisions half of those awards will be released.
- The performance conditions attaching to the award are set out in note 32.
- The J Sainsbury plc Share Plan 2005 is a nil cost option plan.
- As at date of appointment.
Long-term Incentive Plan 2006
The table below shows the conditional awards granted under this Plan, which would be released if the Company achieves maximum vesting.
|
Date of grant |
Maximum share award 1 |
Share price at date of award pence |
First exercise date 2 |
Last exercise date |
|
|---|---|---|---|---|---|
| Justin King | 13.07.06 | 390,424 2 | 334.0 | 15.05.09 | 17.07.11 |
| 20.06.07 | 380,844 3 | 583.5 | 12.05.10 | 11.05.12 | |
| Darren Shapland | 13.07.06 | 188,480 2 | 334.0 | 15.05.09 | 17.07.11 |
| 20.06.07 | 179,220 3 | 583.5 | 12.05.10 | 11.05.12 | |
| Mike Coupe | 13.07.06 | 186,384 2, 6 | 334.0 | 15.05.09 | 17.07.11 |
| 20.06.07 | 163,092 3, 6 | 583.5 | 12.05.10 | 11.05.12 |
- The maximum share award, assumes full vesting.
- Depending on performance, partial vesting may occur following the Preliminary Results announcement in 2009.
- Depending on performance, partial vesting may occur following the Preliminary Results announcement in 2010.
- The performance conditions attaching to the award are set out in note 32.
- The Long-term Incentive Plan 2006 is a nil cost option plan.
- As at date of appointment.
Deferred Annual Bonus Plan
The table below shows the maximum number of shares conditionally allocated to participants and what would be released to them in the form of nil cost options if the Company achieves maximum vesting.
|
Date of grant |
Deferred bonus share award |
Maximum matching share award 1 |
Share price at date of award pence |
First exercise date 2 |
Last exercise date |
|
|---|---|---|---|---|---|---|
| Justin King | 20.06.07 | 86,026 | 172,052 | 583.5 | 12.05.10 | 11.05.12 |
| Darren Shapland | 20.06.07 | 29,033 | 58,066 | 583.5 | 12.05.10 | 11.05.12 |
| Mike Coupe | 20.06.07 | 21,2943 | 42,5883 | 583.5 | 12.05.10 | 11.05.12 |
- The maximum matching share award is the maximum award that would become exercisable provided that the Company achieves first position within the comparator group of namely Ahold, Carrefour, Casino, Delhaize, DSG International, Home Retail Group, Kingfisher, Marks & Spencer, Metro, Morrisons, Next and Tesco. The Company’s relative performance is determined by reference to total shareholder return.
- Depending on performance, partial vesting may occur following the Preliminary Results announcement in 2010.
- As at date of appointment.
iii) Restricted Share Plan 2005
As previously disclosed, Darren Shapland gave up valuable entitlements arising from Carpetright Executive Incentive plans when he joined the Company. The Committee agreed to compensate him for his lost entitlements and awards comprising cash payments and restricted shares were made. As the awards compensated him for lost entitlements there were no performance conditions. The table shows the final award of shares released to him during the year.
|
Number of restricted shares |
Date of award |
Date of release |
Number of shares released |
Number of shares lapsed |
Notional gain on release at 568.5 pence per share £000 |
Vesting date |
|
|---|---|---|---|---|---|---|---|
| Darren Shapland | 32,200 | 01.08.05 | 01.08.07 | 32,200 | – | 183 | – |
Darren Shapland retained 18,998 shares arising out of the 2007 release; the remainder was used to fund the income tax and national insurance charge relating to the release.
iv) Savings Related Share Option Scheme (“SAYE”)
At the end of the year, the Directors’ SAYE share options were as follows:
|
Number of options 24 March 2007 |
Number of options granted during the year |
Number of options exercised during the year |
Number of options lapsed during the year |
Number of options 22 March 2008 |
Weighted average exercise price pence |
Range of exercise prices pence |
Date from which exercisable |
Date of expiry |
|
|---|---|---|---|---|---|---|---|---|---|
| Justin King | 6,969 | – | – | – | 6,969 | 231.0 | 231.0 | 01.03.11 | 31.08.11 |
| Darren Shapland | 2,881 | – | – | – | 2,881 | 328.0 | 231.0 | 01.03.10 | 31.08.10 |
| Mike Coupe | 4,047 2 | – | – | – | 4,047 | 231.0 | 231.0 | 01.03.11 | 31.08.11 |
- The Savings Related Share Option Scheme is an all employee share option scheme and has no performance conditions as per HMRC Regulations.
- As at date of appointment.
In the period from 24 March 2007 to 22 March 2008, the highest mid-market price of the Company’s shares was 594 pence and the lowest mid-market price was 317.5 pence and at 22 March 2008 was 332.75 pence.
Approved by the Board on 13 May 2008
Bob Stack
Chairman of the Remuneration Committee