16th Oct 2007 10:04
BAE SYSTEMS PLC16 October 2007 Mike Turner - Performance Share Award BAE Systems plc (the "Company") announces that it has on 16 October 2007 grantedMike Turner a performance-related conditional award over 231,618 ordinary sharesin the Company ("Shares"). Mr Turner will not receive a grant under theExecutive Share Option Plan or Performance Share Plan in respect of service in2008. The number of Shares under the share award (the "Share Award") has beencalculated as £1,181,250 (being 1.25 times Mr Turner's basic salary) divided by510p, being the market value of a Share averaged over the three business daysending 15 October 2007. The Share Award will vest (without payment) subject to the satisfaction ofcertain performance targets by 31 August 2008. These targets relate tocontinuing the successful implementation of the Company's business strategy;satisfaction of leadership objectives set by the Remuneration Committee; andachieving an orderly handover of key external relationships and facilitating anorderly succession to the chief executive role. Any Shares which vest will bereleased in two equal tranches over the year following Mr Turner's retirement. In tandem with the Share Award, Mr Turner has been granted a conditional cashaward of £1,181,250. This will be subject to the same performance targets, andwill vest and be released on the same basis, as set out above. Full details ofthese incentive arrangements will be provided to shareholders in due course inaccordance with Listing Rule 9.4.2(2). This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
BAE Systems