4 July 2001

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Vodafone Malta employees to benefit from GBP375m stock option
On Monday the Vodafone Group announced that it has granted share options to over 42,000 employees in 12 subsidiaries around the world, from which Vodafone Malta employees are also expected to benefit.
Under the terms of the Vodafone Group’s Long Term Stock Incentive Plan, the grant will involve some 238 million shares with a provisional grant value of over GBP375 million sterling. The share options will be exercisable after three years and up to 10 years after the grant date and each eligible employee will receive an option to buy Vodafone shares with a face value equal to 50 per cent of their annual salary.
The Global Employee (GEM) share options will be issued to eligible employees of Vodafone subsidiaries in Malta, Australia, Egypt, Germany, Greece, Hungary, Ireland, Italy, Holland, New Zealand, Portugal and Spain.
Sir Christopher Gent, Chief Executive of Vodafone explained at the scheme’s launch, "We want all employees to think and act like owners and we are therefore extending the share options that we have granted to all of our UK and US employees to virtually all employees in our subsidiaries around the world.
"As we increasingly act and organise ourselves as a single global group with a consistent vision and set of objectives, this move will be critical in ensuring the commitment and motivation of our employees on whose support we depend."
Vodafone, the biggest mobile phone operator in the world, made the move a mere three days after telecoms equipment company, Marconi, decided not to lower the exercise price of share options granted to six directors - in spite of pressure from institutional investors.
Marconi's share price has plummeted in the recent technology turmoil on the London Stock Exchange, making the options almost worthless.

The Business Times, Network House, Vjal ir-Rihan San Gwann SGN 07
Tel: (356) 382741-3, 382745-6 | Fax: (356) 385075 | e-mail: editorial@networkpublications.com.mt