Annual Report and Accounts 2007

A A A

Home Group Overview Business Review Governance Financial Statements Shareholder Information

• 
• Governance
  • Board of Directors
  • Directors' Report
  • Corporate Governance
  • Remuneration Report
• 

Directors’ share-based reward and options

Aggregate emoluments disclosed above do not include any amounts for the value of options to acquire ordinary shares in the Company and any other share-based reward granted to or held by the Directors. Details of the options exercised during the year are:

Name of Director	Plan	Number of option shares exercised	Exercise price (pence)	Market price at exercise date (pence)	Gains on exercise 2007 £	Gains on exercise 2006 £
Peter Johnson	Performance Share Plan	65,376	–	486	317,727	0
	Bonus Plan	52,636	–	502	264,232	0
	Executive Share Option	–	–	–	–	186,203
					581,959	186,203

Details of options and conditional awards over shares held by Directors who served during the year are as follows:

• Market value per share on date of grant 10 April 2007 was 518.5p
• Market value per share on date of grant 2 April 2007 was 492p. These conditional awards lapsed on 31 October 2007
• Taylor Wimpey shares after roll over as part of the Merger and application of the Merger ratio of 1.3914 Taylor Wimpey shares for each George Wimpey share entitlement
• Or date of appointment
• Market-value per George Wimpey ordinary share on date of award 26 May 2004 was 371.25p
• Market-value per George Wimpey ordinary share on date of award 25 May 2005 was 414.25p
• Market-value per George Wimpey ordinary share on date of award 23 May 2006 was 456.5p
• Market-value per George Wimpey ordinary share on date of award 2 April 2007 was 575.9p
• Market-value per George Wimpey ordinary share on date of award 21 Sept 2006 was 481.75p
• Market-value per share on date of exercise 4 April 2007 was 502p
• Market-value per share on date of vesting 11 May 2007 was 486p

There have been no variations to the terms and conditions or performance criteria for outstanding share options during the financial year.

The performance criteria relating to the Deferred Bonus Plan appear earlier in this Directors’ Remuneration Report. These plans replaced the Executive Bonus Plan and Executive Share Option Plan, which were subject to EPS–related performance conditions.

Awards vesting under the Executive Bonus Plan in 2007 achieved the EPS-related performance conditions and were consequently able to be exercised in full. Awards vesting under the Performance Share Plan in 2007 were scaled back to 77 per cent of the original award.

Awards made pursuant to the George Wimpey LTIP are conditional and do not vest in whole or part unless predetermined performance conditions are satisfied over a three year period. The performance conditions are explained in Remuneration Report. The number of awards made to each participant is calculated with reference to a formula based on a maximum of 2 x salary as at 1 January in each year and the average closing share price for each dealing day within a 90 day period ending on the day before the award is made. For 2004, 2005, 2006 and 2007, the relevant share prices were 403.4 pence, 437.1 pence, 544.1 pence and 575.9 pence. The TSR Performance in respect of those shares conditionally awarded under the 2005 George Wimpey LTIP was not met. No vesting has taken place and the award has now lapsed. These shares are however indexed in the final column above for Pete Redfern.