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10.2 Bonus Share Plan

Details of shares awarded under the BSP to executive directors during 2008 and their current holdings are shown in Figure 12.

Figure 12: Bonus Share Plan
BSP interests (1) Total interest at 1 January 2008 Number of Bonus Shares conditionally awarded during 2008 (2) Number of Enhancement Shares conditionally awarded during 2008 Number of Bonus Shares vested during 2008 Number of Enhance- ment Shares vested during 2008 Number of Enhance- ment Shares lapsed during 2008 Total interest at 31 December 2008 Market price at date of 2008 award £ Date of vesting of Bonus Shares awarded during 2008 End date of performance period for Enhancement Shares awarded during 2008
Cynthia Carroll(3) 22,731 17,048 39,779 28.21 01/01/2011 31/12/2010
René Médori 43,009 14,434 10,826 68,269 28.21 01/01/2011 31/12/2010
(1)
The performance period applicable to each award is three years. Neither Cynthia Carroll nor René Médori received BSP awards in 2005 (in respect of the 2004 financial year) and consequently no shares vested in 2008.
(2)
Where permitted by finance legislation, awards of Bonus Shares under the BSP are granted as forfeitable shares, which would be forfeited in the event that an executive director leaves service, other than as a ‘good leaver’, before the shares are released.
(3)
In accordance with her terms upon joining, Cynthia Carroll was granted 132,718 forfeitable shares, in compensation for long-term incentives forgone at her previous employer. The market price of the shares at the date of this award was £24.91. These shares are forfeitable in the event that she leaves service before they are released to her. As a result of the share consolidation following the demerger of Mondi, 11,945 shares lapsed and the resultant forfeitable award was 120,773 forfeitable shares, of which 72,464 were released to her in February 2008, 24,155 will be released to her in February 2009 and 24,154 will be released to her in February 2010, subject to her continued employment. These awards are as follows:
Interests Beneficial interest in forfeitable shares at 31 December 2007 Number of forfeitable shares vested during the year Number of forfeitable shares lapsed during the year Beneficial interest
in forfeitable
shares at
31 December 2008
Latest
performance
period end date
Cynthia Carroll 120,773 72,464 48,309
Shares vested Number of
shares vested
Date of
conditional
award
Market price at
date of award
£
Market price at
date of vesting
£
Market value at
date of vesting
£
Cynthia Carroll 72,464 21/02/2007 24.91 33.29 2,412,327