Outstanding share-based awards
In the interests of transparency, the following tables summarise all unexercised share options and share-based awards either vesting in the year or subject to ongoing performance conditions.
Executive Share Awards (ESA) held by executive directors
All Executive Share Awards made under the Restricted Stock Plan are made on the basis of satisfaction of previous performance conditions and are subject to continuous employment until the vesting date. The table does not include the 2013 ESAs as these will not be granted until after publication of this Annual Report. Unless otherwise noted, awards are made in the form of WPP ordinary shares.
Sir Martin Sorrell
| 2009 ESA | 2010 ESA | 2011 ESA | 2012 ESA1 | |
|---|---|---|---|---|
| Grant date | 04.05.10 | 31.03.11 | 30.04.12 | 30.05.13 |
| Share/ADR price on grant date |
£6.7775 | £7.6825 | £8.3325 | £11.6450 |
| No. of shares/ ADRs granted4 | 80,560 | 123,657 | 360,396 | 132,139 |
| Face value on grant date3 000 |
£546 | £950 | £3,003 | £1,539 |
| Additional shares granted in lieu of dividends |
5,510 | 7,421 | – | – |
| Total shares vesting | 86,070 | 131,078 | – | – |
| Vesting date | 01.05.13 | 01.05.13 | 06.03.14 | 06.03.15 |
| Share/ADR price on vesting | £10.6485 | £10.6485 | – | – |
| Value on vesting 000 |
£917 | £1,396 | – | – |
Paul Richardson2
| 2009 ESA | 2010 ESA | 2011 ESA | 2012 ESA1 | |
|---|---|---|---|---|
| Grant date | 04.05.10 | 31.03.11 | 30.04.12 | 30.05.13 |
| Share/ADR price on grant date |
$51.5900 | $61.7600 | $67.8200 | $88.3100 |
| No. of shares/ ADRs granted4 | 11,813 | 19,121 | 21,995 | 12,575 |
| Face value on grant date3 000 |
$609 | $1,181 | $1,492 | $1,110 |
| Additional shares granted in lieu of dividends |
826 | 1,173 | – | – |
| Total shares vesting | 12,639 | 20,294 | – | – |
| Vesting date | 06.03.13 | 06.03.13 | 06.03.14 | 06.03.15 |
| Share/ADR price on vesting | $80.9678 | $80.9678 | – | – |
| Value on vesting 000 |
$1,023 | $1,643 | – | – |
Mark Read
| 2009 ESA | 2010 ESA | 2011 ESA | 2012 ESA1 | |
|---|---|---|---|---|
|
1 During 2013, ESAs were granted in respect of annual bonuses for the year ending 31 December 2012. The grants represent 50% of the total bonus earned and are not subject to a secondary performance requirement, other than continued employment. 2 Paul Richardson’s 2009, 2010, 2011 and 2012 ESAs were granted in respect of ADRs. 3 Face value has been calculated using the average closing share price for the five trading days preceding the date of grant (as set out in the table). 4 Dividend shares will be due on these awards. |
||||
| Grant date | 04.05.10 | 31.03.11 | 30.04.12 | 30.05.13 |
| Share/ADR price on grant date |
£6.7775 | £7.6825 | £8.3325 | £11.6450 |
| No. of shares/ ADRs granted4 | 23,164 | 38,138 | 48,454 | 24,452 |
| Face value on grant date3 000 |
£157 | £293 | £404 | £285 |
| Additional shares granted in lieu of dividends |
1,584 | 2,289 | – | – |
| Total shares vesting | 24,748 | 40,427 | – | – |
| Vesting date | 01.05.13 | 01.05.13 | 06.03.14 | 06.03.15 |
| Share/ADR price on vesting | £10.6485 | £10.6485 | – | – |
| Value on vesting 000 |
£264 | £430 | – | – |
Long-term incentive plans – Leadership Equity Acquisition Plans
The following table summarises all of the awards outstanding under Renewed LEAP and LEAP III. Awards granted in 2008 were granted under Renewed LEAP. Awards granted in 2009, 2010, 2011 and 2012 were granted under LEAP III.
Sir Martin Sorrell
| Award date | 31.10.08 | 15.12.09 | 24.11.10 | 07.12.11 | 10.12.12 | |
|---|---|---|---|---|---|---|
| Investment and performance period | 01.01.08 – 31.12.12 | 01.01.09 – 31.12.13 | 01.01.10 – 31.12.14 | 01.01.11 – 31.12.15 | 01.01.12 – 31.12.16 | |
| Number of investment shares/ ADRs committed by executive | 218,596 | 365,878 | 416,666 | 711,159 | 431,034 | |
| Share/ ADR price on grant date |
£3.7490 | £6.1025 | £7.2475 | £6.6475 | £8.5975 | |
| Maximum number of matching units at 1 Jan 2013 |
1,092,980 | 1,829,390 | 2,083,330 | 3,555,795 | 2,155,170 | |
| During 2013 | Granted/ (lapsed) units |
(155,203) | – | – | – | – |
| Additional dividend shares | 115,688 | – | – | – | – | |
| Vested or deferred shares | 1,053,465 | – | – | – | – | |
| Maximum number of matching units at 31 Dec 2013 |
– | 1,829,390 | 2,083,330 | 3,555,795 | 2,155,170 | |
| Share/ADR price on vesting |
£10.7907 | – | – | – | – | |
| Value on vest/deferral date 000 |
£11,368 | – | – | – | – | |
Paul Richardson
| Award date | 31.10.08 | 15.12.09 | 24.11.10 | 07.12.11 | 10.12.121 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
1 Paul Richardson’s 2012 LEAP award was granted in respect of ADRs. |
|||||||||||
| Investment and performance period | 01.01.08 – 31.12.12 | 01.01.09 – 31.12.13 | 01.01.10 – 31.12.14 | 01.01.11 – 31.12.15 | 01.01.12 – 31.12.16 | ||||||
| Number of investment shares/ ADRs committed by executive | 109,298 | 103,423 | 100,968 | 100,344 | 15,517 | ||||||
| Share/ ADR price on grant date |
£3.7490 | £6.1025 | £7.2475 | £6.6475 | $69.2500 | ||||||
| Maximum number of matching units at 1 Jan 2013 |
546,490 | 517,115 | 504,840 | 501,720 | 77,585 | ||||||
| During 2013 | Granted/ (lapsed) units |
(77,602) | – | – | – | – | |||||
| Additional dividend shares | 57,842 | – | – | – | – | ||||||
| Vested or deferred shares | 526,730 | – | – | – | – | ||||||
| Maximum number of matching units at 31 Dec 2013 |
– | 517,115 | 504,840 | 501,720 | 77,585 | ||||||
| Share/ADR price on vesting |
£10.7907 | – | – | – | – | ||||||
| Value on vest/deferral date 000 |
£5,684 | – | – | – | – | ||||||
Mark Read
| Award date | 31.10.08 | 15.12.09 | 24.11.10 | 07.12.11 | 10.12.12 | |
|---|---|---|---|---|---|---|
| Investment and performance period | 01.01.08 – 31.12.12 | 01.01.09 – 31.12.13 | 01.01.10 – 31.12.14 | 01.01.11 – 31.12.15 | 01.01.12 – 31.12.16 | |
| Number of investment shares/ ADRs committed by executive | 21,859 | 27,406 | 25,281 | 30,166 | 23,276 | |
| Share/ ADR price on grant date |
£3.7490 | £6.1025 | £7.2475 | £6.6475 | £8.5975 | |
| Maximum number of matching units at 1 Jan 2013 |
109,295 | 137,030 | 126,405 | 150,830 | 116,380 | |
| During 2013 | Granted/ (lapsed) units |
(15,520) | – | – | – | – |
| Additional dividend shares | 11,566 | – | – | – | – | |
| Vested or deferred shares | 105,341 | – | – | – | – | |
| Maximum number of matching units at 31 Dec 2013 |
– | 137,030 | 126,405 | 150,830 | 116,380 | |
| Share/ADR price on vesting |
£10.7907 | – | – | – | – | |
| Value on vest/deferral date 000 |
£1,137 | – | – | – | – | |
Long-term incentive plans – Executive Performance Share Plan
The following table summarises all of the awards outstanding under Executive Performance Share Plan.
Sir Martin Sorrell
| Grant date | 28.06.13 | |
|---|---|---|
| Performance period | 01.01.13 – 31.12.17 | |
| Maximum Number of nil cost options over shares/ADRs awarded | 1,032,540 | |
| Share/ADR price on grant date |
£10.840 | |
| During 2013 | Options vested/ (lapsed) | – |
| Additional dividend shares | – | |
| Options exercised or deferred | – | |
| Maximum number of nil cost options over shares/ADRs at 31 Dec 20131 | 1,032,540 | |
Paul Richardson2
| Grant date | 28.06.13 | |
|---|---|---|
| Performance period | 01.01.13 – 31.12.17 | |
| Maximum Number of nil cost options over shares/ADRs awarded | 52,026 | |
| Share/ADR price on grant date |
$83.4186 | |
| During 2013 | Options vested/ (lapsed) | – |
| Additional dividend shares | – | |
| Options exercised or deferred | – | |
| Maximum number of nil cost options over shares/ADRs at 31 Dec 20131 | 52,026 | |
Mark Read
| Grant date | 28.06.13 | |
|---|---|---|
|
1 Dividend shares will be due on these awards. 2 Paul Richardson's 2013 EPSP award was granted in respect of ADRs. |
||
| Performance period | 01.01.13 – 31.12.17 | |
| Maximum Number of nil cost options over shares/ADRs awarded | 78,355 | |
| Share/ADR price on grant date |
£10.840 | |
| During 2013 | Options vested/ (lapsed) | – |
| Additional dividend shares | – | |
| Options exercised or deferred | – | |
| Maximum number of nil cost options over shares/ADRs at 31 Dec 20131 | 78,355 | |
See full details of the 2013 EPSP award, including performance measures and targets.
Options held by executive directors (audited)
The options held by Mark Read at 1 January 2013 were granted prior to him becoming a director of the Company and were not subject to any performance conditions. All outstanding options were exercised on 12 September 2013.
| Grant/ award date | End of exercise period | Exercise price | At 1 Jan 2013 (no. of shares) | Granted (Lapsed) 2013 (no. of shares) | Exercised 2013 (no. of shares) | Share price on exercise | At 31 Dec 2013 (no. of shares) | |
|---|---|---|---|---|---|---|---|---|
| Mark Read | 17.11.2003 | 17.11.2013 | £5.5950 | 10,615 | – | 10,615 | £12.7700 | – |
| 29.10.2004 | 29.10.2014 | £5.5350 | 9,879 | – | 9,879 | £12.7700 | – |