IMI plc annual report 2012

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ENGINEERINGADVANTAGENOTES TO THE FINANCIAL STATEMENTS20. Share-based payments (continued)The following share-based plans are no longer operated, but awards are outstanding under them:Executive Share Option SchemeExecutive share options were last awarded to executive directors in 2004 and to certain other employees in 2005 under theExecutive Share Option (1995) Scheme which expired in May 2005. All outstanding options granted under this scheme weregranted subject to stretching tiered performance conditions related to growth in EPS above inflation over a fixed period ofthree financial years. Executive share options expire if they are not exercised or they lapse within the periods shown below.Long-term Incentive Plan (LTIP)The LTIP awards were made in 2005 as part of the transition to new long-term incentive arrangements introduced in 2005.The LTIP allows for cash awards to be made to executive directors and selected senior managers within the Group subject tocertain performance conditions. At the end of the performance period, the net of tax value of any LTIP payments can (or in thecase of executive directors, must) normally be invested in market purchases of IMI shares pursuant to a deferred share plan.Such share purchases are to be made through an employee trust and held for a further three year period. After that period,matching shares are awarded at the ratio of one additional share for every four invested with no further performanceconditions.Deferred Bonus Plan (DBP)Under the DBP, for executive directors and selected senior managers, a proportion of earned annual bonus was mandatorilydeferred for three years, and delivered in IMI shares. Qualifying employees also elected to voluntarily defer all or part of theremainder of their annual bonus. Additional shares, in the form of a matching award, may be earned (to a maximum of 100%,or 125% for the Chief Executive, of the deferred bonus at the entry share price level) if stretching performance conditions aremet by the Company over the three year deferral period.Analysis of options grantedCurrently operated share-based payment schemesPerformanceShareEmployee SAYE options Share Plan 1 Matching Plan 1 Share Option PlanNumber of Weighted Normal Number of Normal Number of Normal Number of Weighted Normaloptions average exercisable awards exercisable awards exercisable awards average exercisablethousand option price date thousand date thousand date thousand option price date2005 464 380p 2008-2010 706 2008 - - - - -2006 251 495p 2009-2011 716 2009 - - - - -2007 204 517p 2010-2012 734 2010 - - - - -2008 342 391p 2011-2013 995 2011 - - - - -2009 832 201p 2012-2014 673 2012 1,783 2012 2,532 441p 20122010 190 511p 2013-2015 228 2013 1,145 2013 1,565 645p 20132011 111 849p 2014-2016 234 2014 821 2014 1,463 959p 20142012 175 890p 2015-2017 230 2015 1,220 2015 1,361 982p 2015Global Employee Share Purchase PlanWeightedNumber of average Normaloptions option exercisablethousand price date2011 246 695p 2013-20162012 35 872p 2014-2017124 Financial statements
Legacy share-based payment schemesLong-termDeferredExecutive Option Scheme Incentive Plan 1 Bonus Plan 1Number of Weighted Normal Number of Normal Number of Normaloptions average exercisable awards exercisable awards exercisablethousand option price date thousand date thousand date2003 2,258 257p 2006-2013 - - - -2004 2,199 358p 2007-2014 - - - -2005 484 421p 2008-2015 53 2008 - -2006 - - - 44 2009 117 20092007 - - - 61 2010 184 20102008 - - - 82 2011 183 2011¹ These options were granted at an option price of £nil.The number and weighted average exercise prices of share options outstanding are as follows:Options withoutperformance conditionsOptions withperformance conditionsWeightedNumber of Range of averageoptions option prices option price Number of optionsOutstanding at 1 January 2011 5,347,005 201-645p 464p 4,800,876Exercisable at 1 January 2011 344,142 201-517p 364p 18,905Granted 1,819,496 632-972p 917p 1,054,632Exercised 317,903 201-645p 390p 940,459Lapsed 612,488 201-972p 573p 171,553Outstanding at 31 December 2011 6,236,110 201-972p 575p 4,743,496Exercisable at 31 December 2011 205,849 257-511p 386p 89,979Granted 1,571,800 868-1,007p 970p 1,450,256Exercised 2,159,414 201-972p 399p 792,966Lapsed 518,337 201-981p 722p 389,070Outstanding at 31 December 2012 5,130,159 201-1,007p 771p 5,011,716Exercisable at 31 December 2012 182,339 201-890p 404p 2,254,154BUSINESS OVERVIEW GROUP OPERATING REVIEW RESPONSIBLE BUSINESS BOARD REPORTSFINANCIAL STATEMENTSIMI plc Annual Report 2012125
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ENGINEERINGADVANTAGEIMI plc annual
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IMI is a global engineering group f
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RetailDispense22%FluidControls78%Fa
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UKWesternEuropeEmergingMarketsNorth
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ENGINEERINGADVANTAGELeadership in o
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ENGINEERINGADVANTAGEOUR PERFORMANCE
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ENGINEERINGADVANTAGECHAIRMAN ANDCHI
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ENGINEERINGADVANTAGECHAIRMAN AND CH
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ENGINEERINGADVANTAGEFLUID CONTROLS
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ENGINEERINGADVANTAGEFLUID CONTROLS
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ENGINEERINGADVANTAGEFINANCIAL REVIE
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ENGINEERINGADVANTAGERESPONSIBLE BUS
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ENGINEERINGADVANTAGEPRINCIPAL RISKS
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ENGINEERINGADVANTAGEBOARD OF DIRECT
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ENGINEERINGADVANTAGEDirectors’ Re
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ENGINEERINGADVANTAGEDirectors’ Re
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ENGINEERINGADVANTAGELetter from the
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ENGINEERINGADVANTAGEStatement of di
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ENGINEERINGADVANTAGECONSOLIDATED IN
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Page 148: IMI plcLakesideSolihull ParkwayBirm
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IMI plc annual report 2012

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