15th Nov 2006 12:16
Vodafone Group Plc15 November 2006 Vodafone Group Plc ("the Company") In accordance with Section 329 of the Companies Act 1985 and Disclosure Rule3.1.4R(1) of the Disclosure Rules sourcebook, I have to inform you of thefollowing changes in share interests of a Director of the Company as a result ofthe conditional award of performance shares and the conditional grant of shareoptions. The vesting of the award and grant is dependent upon the achievement ofperformance conditions and continued employment: Number of ordinary shares of US$0.11 3/7 in the capital of Vodafone Group Plc Award of performance shares (1) Grant of share options (2) Vittorio Colao 1,073,465 3,472,975 (1) A conditional award of shares was made on 15 November 2006 bythe Company. The award has been granted in accordance with the Vodafone GlobalIncentive Plan. The vesting of this award is conditional on continuedemployment with the Vodafone Group and on the satisfaction of a performancecondition approved by the Remuneration Committee. The performance measure iscomparative total shareholder return (TSR). The TSR of Vodafone Group Plc overthe three year performance period 2006-2009 is compared to that of otherconstituent companies of the FTSE Global Telecommunications index and companiesare ranked by reference to their relative TSR performance. If Vodafone's TSRperformance is such as to position it in the top half of the performance rankingof the constituent companies, all or some of the shares comprised in the awardwill vest. The vesting schedule provides that 25% of the award will vest formedian performance, rising to full vesting if the Company's performance iswithin the top 20% of companies in the index. (2) The options were granted on 15 November 2006 by the Companyin accordance with the Vodafone Global Incentive Plan and with the Company'spolicy on long-term incentives that has been approved by shareholders. Theoptions will be exercisable at a price per share of 135.50p which is the LondonStock Exchange closing price per share on 14 November 2006. The options will beexercisable subject to continued employment with the Vodafone Group and thesatisfaction of a performance condition approved by the Remuneration Committee.The performance condition is that compound growth in adjusted earnings per shareover the three-year performance period must exceed at least 5% per annum. Ifthe compound growth is 5% per annum, 25% of the option will vest rising to fullvesting if compound growth is 10% per annum. To the extent that vesting is notachieved after three years, the options will lapse. The options are normallyexercisable at any time between 3 and 10 years from the date of grant. S R ScottGroup General Counsel and Company Secretary This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Vodafone