Tullow Oil plc Annual Report 2011 - The Group

Directors’ remuneration report continuedPerformance Share Plan 2005 (PSP)Details of nil exercise cost options shares granted to Executive Directors for nil consideration under the PSP:DirectorAwardgrant dateAs at01.01.11Grantedduring yearExercisedduring yearAs at31.12.11Earliest dateshares can beacquiredLatest dateshares can beacquiredAidan Heavey 15.05.08 141,939 – – 141,939 15.05.11 14.05.1818.03.09 173,916 – – 173,916 18.03.12 17.03.1917.03.10 106,496 – – 106,496 17.03.13 16.03.2013.05.11 – 300,000 – 300,000 13.05.14 12.05.21422,351 300,000 – 722,351Graham Martin 15.05.08 80,277 – – 80,277 15.05.11 14.05.1818.03.09 98,355 – – 98,355 18.03.12 17.03.1917.03.10 60,227 – – 60,227 17.03.13 16.03.2013.05.11 – 175,000 – 175,000 13.05.14 12.05.21238,859 175,000 – 413,859Angus McCoss 15.05.08 80,277 – 80,277 – 15.05.11 14.05.1818.03.09 98,355 – – 98,355 18.03.12 17.03.1917.03.10 60,227 – – 60,227 17.03.13 16.03.2013.05.11 – 175,000 – 175,000 13.05.14 12.05.21238,859 175,000 80,277 333,582Paul McDade 15.05.08 80,277 – – 80,277 15.05.11 14.05.1818.03.09 98,355 – – 98,355 18.03.12 17.03.1917.03.10 60,227 – – 60,227 17.03.13 16.03.2013.05.11 – 175,000 – 175,000 13.05.14 12.05.21238,859 175,000 – 413,859Ian Springett 01.09.08 68,873 – – 68,873 01.09.11 31.08.1818.03.09 104,438 – – 104,438 18.03.12 17.03.1917.03.10 63,949 – – 63,949 17.03.13 16.03.2013.05.11 – 175,000 – 175,000 13.05.14 12.05.21237,260 175,000 – 412,260The awards made on 13 May 2011 were granted as of nil exercise cost options. The Tullow share price on the date of grant of those awards was 1330p. Detailsof the conditions applying to the awards are set out on page 93.All outstanding awards under PSP have been granted as, or converted into nil exercise price options. To the extent that they vest, they are normally exercisablefrom 3 to 10 years from grant.Details of the conditions applying to the awards made in 2008, 2009 and 2010 are set out on pages 93 and 94.The PSP awards made in March 2009 reached the end of their performance period on 31 December 2011. The Remuneration Committee determined that both parts ofthe relevant performance condition were met in full, as the Company was ranked in the upper quintile compared to both the relevant comparator groups, and theunderlying performance of the Company was determined to be a fair reflection of the Company’s TSR. Accordingly, these awards will vest in full on 18 March 2012, thethird anniversary of grant, subject to continued employment.The gain made by Angus McCoss on the exercise of nil exercise cost options under the PSP during the year was £1.05 million. On 16 May 2011, being the date thatAngus McCoss exercised the options listed in the table, the market price of a Tullow share was 1328p.On 15 May 2011 and 1 September 2011, being the dates on which awards made in May and September 2008 vested, the market prices of a Tullow share were1328p and 1109p, respectively.During 2011, the highest mid-market price of the Company’s shares was 1493p and the lowest was 945.5p. The year-end price was 1402p.98Tullow Oil plc 2011 Annual Report and Accounts