BAE SYSTEMS PLC
16 October 2007
Mike Turner - Performance Share Award
BAE Systems plc (the 'Company') announces that it has on 16 October 2007 granted
Mike Turner a performance-related conditional award over 231,618 ordinary shares
in the Company ('Shares'). Mr Turner will not receive a grant under the
Executive Share Option Plan or Performance Share Plan in respect of service in
2008.
The number of Shares under the share award (the 'Share Award') has been
calculated as £1,181,250 (being 1.25 times Mr Turner's basic salary) divided by
510p, being the market value of a Share averaged over the three business days
ending 15 October 2007.
The Share Award will vest (without payment) subject to the satisfaction of
certain performance targets by 31 August 2008. These targets relate to
continuing the successful implementation of the Company's business strategy;
satisfaction of leadership objectives set by the Remuneration Committee; and
achieving an orderly handover of key external relationships and facilitating an
orderly succession to the chief executive role. Any Shares which vest will be
released 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 cash
award of £1,181,250. This will be subject to the same performance targets, and
will vest and be released on the same basis, as set out above. Full details of
these incentive arrangements will be provided to shareholders in due course in
accordance with Listing Rule 9.4.2(2).
This information is provided by RNS
The company news service from the London Stock Exchange
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