Directors’ Remuneration Report (continued)
Pension contributions
Details of LSL’s contributions to a money purchase scheme for each Executive Director during the year is as follows:
2012 2011
Name £ £
Steve Cooke 11,000 11,000
Simon Embley 12,500 12,500
David Newnes 7,000 7,000
Alison Traversoni 7,000 7,000
Total 37,500 37,500
Share options and Awards
As at 31st December 2012, Executive Directors’ interests under the JSOP awards were as follows:
Date of grant Share price As at 1st Awards Awards As at 31st Exercise/
on grant January granted vested December Release
Director (pence) 2012 (lapsed) 2012 Period
Steve Cooke 24th August 2010 248.75 70,764 – – 70,764 24th August 2013 to
24th August 2020
31st March 2011 245 89,613 – – 89,613 31st March 2014 to
31st March 2021
Simon Embley 1st June 2010 271 167,857 – – 167,857 1st June 2013 to
1st June 2020
31st March 2011 245 203,665 – – 203,665 31st March 2014 to
31st March 2021
David Newnes 1st June 2010 271 39,286 – – 39,286 1st June 2013 to
1st June 2020
31st March 2011 245 57,026 – – 57,026 31st March 2014 to
31st March 2021
Alison Traversoni1 1st June 2010 271 39,286 (39,286) – – N/A
31st March 2011 245 57,026 (57,026) – – N/A
1
Alison Traversoni retired from the Board on 31st December 2012. As a result her JSOP options have lapsed.
In respect of the above JSOP awards, Executive Directors have entered into a co-ownership agreement with the Trustees of the Trust. Under the
terms of the 2010 and 2011 agreements, the participant has the right to receive a proportion of the sale proceeds so far as the value exceeds
£3.20 per share (an Interest) and a share appreciation right (SAR) entitles individuals to any growth in the value of LSL’s share price from £2.80 (June
2010 awards), £2.68 (August 2010 awards), £2.45 (March 2011 awards) to £3.20, to the extent that performance targets and a continued service
requirement are both met.
The vesting of JSOP awards granted in 2010 and 2011 are conditional upon LSL’s Adjusted Basic earnings per share (EPS) performance meeting the
following absolute performance targets over a period of three financial years starting with the financial year in which the JSOP award is granted:
Adjusted Basic EPS growth p.a.1 Value of shares under the JSOP award at date of grant
(as a percentage of base salary)
Chief Executive Officer Other Executive Directors and Senior Managers
10% 100% 100%
13% 150% –
17% 200% –
1
With straight line vesting between points for the Chief Executive Officer’s award.
46 ANNUAL REPORT AND ACCOUNTS 2012