8th Aug 2006 15:40
Standard Life plc08 August 2006 Standard Life plc Automatic Conversion of Existing Cash-Based Long Term Incentive Plan Awards On 1 January 2005 and 1 January 2006 the Remuneration Committee of The StandardLife Assurance Company granted cash-based Long Term Incentive Plan ("LTIP")awards to various executives. Under the LTIP rules, all these cash-based awardsautomatically convert to share-based LTIP awards using the average share priceof Standard Life plc ("the Company") for the 20 dealing days from the flotationof the Company on 10 July 2006. This average share price was 247.975 pence,7.8% higher than the flotation price of 230 pence per share. The maximum numbers of ordinary shares in the Company subject to the 2005 and2006 LTIP awards to persons discharging managerial responsibilities ("PDMRs")following this conversion are as follows: PDMRs Number of shares subject to Number of shares subject to 2005 LTIP award 2006 LTIP awardSandy Crombie (Executive Director) 458,715 494,001John Hylands (Executive Director) 133,561 137,302Trevor Matthews (Executive Director) 191,551 201,633Alison Reed (Executive Director) 154,456 181,469Keith Skeoch (Executive Director) 80,653 80,653Joseph Iannicelli (Senior Manager) 45,577 64,354Anne Gunther (Senior Manager) 92,751 98,397Mike Hall (Senior Manager) 70,974 76,620Marcia Campbell (Senior Manager) 83,879 89,525 The 2005 LTIP awards will normally vest after 1 January 2008 and the 2006 LTIPawards will normally vest after 1 January 2009, subject to continued employmentand only to the extent that a performance target (described in the Company'sProspectus published on 15 June 2006) is satisfied. Vesting will not occuruntil the Company's Remuneration Committee has reviewed the performancecondition and reached its conclusion. Once vested, awards will be capable ofexercise for a period of six months. No consideration was paid for the grant of awards or their automatic conversioninto rights to acquire shares, and no payment is due on the vesting and exerciseof these awards that are now structured as nil-cost share options. These LTIP awards pre-dated the flotation of the Company and no other LTIPawards were granted at or around the time of the flotation. It is envisagedthat the next grant of LTIP awards will be made in 2007 following theannouncement of the Company's results for the year ending 31 December 2006. 8 August 2006 Enquiries: Barry Cameron, Press Office 0131 245 6165Emma Wylie, Press Office 020 7872 4154Gordon Aitken, Investor Relations 0131 245 6799Julie Reith, Group Secretariat 0131 245 6772 END This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
SLA.L