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Amounts executive directors will actually receive in the 2010 financial year

As previously explained, a very large percentage of the executive directors’ package is made up of variable pay subject to performance. The information below explains what the executive directors who were on the board on 31 March 2009 will actually receive from awards made previously with performance conditions which ended on 31 March 2009, but that will vest in the 2010 financial year.

The executive directors 2008/09 GSTIP is payable in June 2009. Later in 2009, the matching shares from the 2007 deferred share bonus arrangement will vest, as will the GLTI share options granted in 2006. The threshold relative TSR performance target for the 2006 GLTI performance shares was not met and, as such, no shares will vest from this award. In all cases performance was determined as at 31 March 2009 year end. These figures are set out in the table below (only the 2008/09 GSTIP payment is included in the audited section towards the end of the directors’ remuneration report).

  Vittorio Colao Andy Halford
Base salary    
Base salary set in July 2008 (no base salary increase in July 2009)(1) £975,000 £674,100
GSTIP (Annual bonus)(2)    
Target (100% of base salary earned over 2009) £932,452 £666,075
Percentage of target achieved for the 2009 financial year 94.5% 97.6%
Actual bonus payout in June 2009 £881,257 £650,089
Deferred share bonus    
Number of matching shares awarded in June 2007 153,671 275,820
Vesting percentage based on two year cumulative free cash flow 100% 100%
Matching shares vesting in June 2009 153,671 275,820
GLTI share options    
Exercise price 135.5p 115.25p
GLTI share options awarded in July 2006(3) 3,472,975 3,062,396
Vesting percentage based on three year earnings per share (‘EPS’) growth 100% 100%
GLTI share options vesting in 2009 3,472,975 3,062,396
GLTI performance shares    
GLTI performance share awarded in July 2006(3) 1,073,465 946,558
Vesting percentage based on relative TSR 0% 0%
GLTI performance shares vesting in 2009 nil nil


Michel Combes and Steve Pusey have been appointed as directors with effect from 1 June 2009 and their base salaries are £740,000 and £500,000 respectively.
More information on key performance indicators, against which Group performance is measured, can be found in “Key performance indicators”.
Vittorio Colao’s 2006 awards were granted after joining in October 2006.