RWS Annual Report 2022 web - Flipbook - Page 146
Notes to the Consolidated Financial Statements (continued)
2021 LTIP scheme
On 22 January 2021, the Company adopted a long term incentive scheme for senior employees. These conditional
awards vest after the performance period of three years and are subject to the achievement of certain performance
conditions as well as continued employment on vesting for two years. The performance measures are earnings per
share (EPS) which is a non-market performance condition and Total Shareholder Return (TSR) which is a market-based
performance condition. The awards are split with 50% on EPS performance and 50% on TSR performance. The awards
are valued using Black-Scholes. In the event that the option holder’s employment is terminated, the option may not be
exercised unless the Board of Directors so permits. The options expire ten years from the date of grant. These option
grants are settled on exercise via the issue of new ordinary shares.
Date of grant
22 January 2021
Exercised
during
the year
Number
Lapsed
during
the year
Number
30 September
2022
Number
Exercise
price
pence
Exercise
period
1,311,511
-
-
(287,862)
1,023,649
1
22 Jan 2026 to 22 Jan 2036
119,945
-
-
(16,309)
103,636
1
1 July 2026 to 1 July 2036
-
1,378,864
-
(124,778)
1,254,086
1
25 Jan 2027 to 22 Jan 2037
1,431,456
1,378,864
-
(428,949)
2,381,371
1 July 2021
24 January 2022
Total
Granted
during
the year
Number
1 October
2021
Number
Save As You Earn (“SAYE”) scheme
On 19 February 2019, the Company announced a HMRC-approved SAYE scheme (“SAYE scheme”) for all UK based
employees. Under the terms of the SAYE scheme, the Board grants options to purchase ordinary shares in the Company
to eligible employees who enter into the SAYE scheme for a term of three years. Options are granted at up to a 10%
discount to the market price of the shares on the day preceding the date of offer and are normally exercisable for a
period of six months after completion of the three-year term. These option grants are settled on exercise via the issue
of new shares.
Date of grant
1 October
2021
Number
Granted
during
the year
Number
Exercised
during
the year
Number
Lapsed
during
the year
Number
30 September
2022
Number
Exercise
price
pence
Exercise
period
18 February 2019
150,018
-
(5,594)
(20,774)
123,650
413.0
1 April - 30 Sept 2022
12 February 2020
85,446
-
-
(24,169)
61,277
557.0
1 April - 30 Sept 2023
22 February 2021
241,144
-
(63)
(51,872)
189,209
472.0
1 April - 30 Sept 2024
17 February 2022
-
211,288
-
(31,252)
180,036
504.0
1 April – 30 Sept 2025
476,608
211,288
(5,657)
(128,067)
554,172
Total
The former SDL plc SAYE scheme no longer grants options to employees. The movements on this scheme are in the
table below.
1 October
2021
Number
Granted
during
the year
Number
Exercised
during
the year
Number
Lapsed
during
the year
Number
30 September
2022
Number
Exercise
price
pence
Exercise
period
18 February 2019
35,218
-
(35,218)
-
-
258.0
1 Aug 2021- 31 Jan 2022
12 February 2020
81,082
-
(26,762)
(9,453)
44,867
334.8
1 Aug 2022 - 31 Jan 2023
116,300
-
(61,980)
(9,453)
44,867
Date of grant
Total
146
RWS — Annual Report 2022
NOTES TO THE CONSOLIDATED STATEMENTS
