RWS AR 23 Final Single pages - Flipbook - Page 150
Notes to the Consolidated Financial Statements (continued)
Long term incentive plan ("LTIP")
On 22 January 2021, the Company adopted a long term incentive plan ("LTIP") 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
Granted
during
the year
Number
1 October
2022
Number
Exercised
during
the year
Number
Lapsed
during
the year
Number
30 September
2023
Number
Exercise
price
pence
Exercise
period
1,023,649
-
-
(1,023,649)
-
1
22 Jan 2024 - 22 Jan 2031
103,636
-
-
(103,636)
-
1
22 Jan 2024 - 22 Jan 2031
24 January 2022
1,254,086
-
-
(108,694)
1,145,392
1
24 Jan 2025 - 24 Jan 2032
24 January 2023
-
2,548,610
-
(140,568)
2,408,042
1
24 Jan 2026 - 24 Jan 2033
30 June 2023
-
175,012
-
-
175,012
1
1 Jul 2026 - 1 Jul 2033
2,381,371
2,723,622
-
(1,376,547)
3,728,446
1 July 2021
Total
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 o昀昀er 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
2022
Number
Granted
during
the year
Number
Exercised
during
the year
Number
Lapsed
during
the year
Number
30 September
2023
Number
Exercise
price
pence
Exercise
period
18 February 2019
123,650
-
-
(123,650)
-
413
1 Apr - 30 Sep 2022
12 February 2020
61,277
-
-
(61,277)
-
557
1 Apr - 30 Sep 2023
22 February 2021
189,209
-
-
(68,989)
120,220
472
1 Apr - 30 Sep 2024
17 February 2022
180,036
-
-
(88,492)
91,544
504
1 Apr - 30 Sep 2025
10 February 2023
-
287,292
-
(48,656)
238,636
361
1 Apr - 30 Sep 2026
554,172
287,292
-
(391,064)
450,400
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
2022
Number
Granted
during
the year
Number
Exercised
during
the year
Number
Lapsed
during
the year
Number
30 September
2023
Number
Exercise
price
pence
Exercise
period
12 February 2020
44,867
-
(16,709)
(28,158)
-
334.8
1 Aug 2022 - 31 Jan 2023
Total
44,867
-
(16,709)
(28,158)
-
Date of grant
150
RWS Holdings plc — Annual Report 2023 NOTES TO THE CONSOLIDATED STATEMENTS
