ANNUAL REPORT AND FINANCIAL STATEMENTS 2011 | 93
26. Share-based payments continued
(3) The Investment Performance element The Investment Performance condition is based on the Total Weighted Outperformance Percentage (25% of the one-year outperformance percentage and 75% of the three-year outperformance percentage) on investment management performance over a three-year period.
The awards vest according to the following criteria: TotalWeighted Outperformance Percentage
Equal to or less than 42% 75% or more
Between 42% and 75%
Percentage of award vesting 0%
100% Straight-line vesting between 0% and 100%
(4) The Net New Business element The Net New Business condition is based on a comparison of the actual versus the budgeted amount of net new business for the period (Net New Business Percentage). The budgeted net new business is determined on an annual basis by the Board. Performance is measured over a three-year period.
The awards vest according to the following criteria: Net New Business Percentage
Equal to or less than 25% 125% or more
Between 25% and 125% The number of Restricted Share Awards is as follows:
2011 No.
Outstanding at 1 January Granted during the year Forfeited during the year Expired during the year
Outstanding at 31 December At 31 December 2011 the following LTRP restricted share awards were outstanding:
Grant date 4 May 2010
4 May 2011
No. of options outstanding
3,786,486 3,299,057
Earliest
exercise date* 4 May 2013
4 May 2014
* Assuming performance criteria satisfied. The awards outstanding at 31 December 2011 have a weighted average outstanding term of 1.8 years (31 December 2010: 2.3 years).
(b) The Executive Director Remuneration Plan (EDRP) Any Executive Director of the Company is eligible to participate in the EDRP. The EDRP provides for the grant of two different forms of award, Deferred Share Awards and Restricted Share Awards. There were no outstanding Restricted Share Awards at either 31 December 2011 or 2010.
Deferred Share Awards Awards vest at the end of a three-year period from grant date, subject to the continued employment of the participant within the Group. There are no performance criteria attached to the deferred shares and the vested shares transfer to the participant as soon as possible after vesting.
The number of Deferred Share Awards is as follows:
2011 No.
Outstanding at 1 January Exercised during the year
Outstanding at 31 December No awards were exercisable at either 31 December 2011 or 31 December 2010.
3,214,632 (1,025,640)
2,188,992
2010 No.
4,715,206 (1,500,574)
3,214,632
Exercise price
0.0p 0.0p
3,786,486 3,749,683 (250,637) (199,989)
7,085,543
2010 No.
327,548
3,786,486 –
(327,548) 3,786,486
Percentage of award vesting 0%
100% Straight-line vesting between 0% and 100%
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