Annual report and accounts 2023 - Flipbook - Page 99
Corporate Governance
Strategic Report
Accounts
Awards granted during the financial period
During the year ended 29 January 2023 the following LTIP awards were granted equating to 150% of salary:
% of award
vesting at threshold
%
Performance period
Years
(ends 26 January 2025)
Executive director
Type of award
Number of shares
Share price at grant
Market value at grant
£000
R.A. White
LTIP award – nil cost option
138,287
537p
743
20.0
3
S. Lorimer
LTIP award – nil cost option
95,187
537p
511
20.0
3
J.D. Kemp
LTIP award – nil cost option
72,513
537p
389
20.0
3
The share price at grant is the five-day average of the middle-market closing share prices preceding the date of grant rounded down.
The salary used in the calculation of the award is the individual director’s salary at 1 April 2022.
Vesting of the LTIP awards granted in the year ended 29 January 2023 will be based 60% on a cumulative EPS performance measure, 30% on a relative Total Shareholder
Return (“TSR”) performance measure and 10% on an Environmental Sustainability performance measure, as set out below:
(i) EPS performance measure (60% of LTIP award):
% linked to award
Threshold vesting at 20%
of the maximum award
Maximum vesting at 100%
of the maximum award
60%
86.6p
95.7p
Cumulative EPS for the period including 2022/23, 2023/24 and 2024/25
There is straight-line vesting between these points and no reward below threshold EPS performance.
(ii) Ranked TSR performance measured against the constituents of the FTSE 250 index (excluding investment trusts and financial services companies) (30% of LTIP award):
% linked to award
Threshold vesting at 20%
of the maximum award
Maximum vesting at 100%
of the maximum award
30%
Median
Upper quartile
% linked to award
Threshold vesting at 20%
of the maximum award
Maximum vesting at 100%
of the maximum award
10%
4,715
4,194
TSR for the period including 2022/23, 2023/24 and 2024/25
There is straight-line vesting between these points and no reward below threshold TSR performance.
(iii) Environmental Sustainability performance measure (10% of LTIP award):
Science Based Target (carbon tonnes) for the period including 2022/23, 2023/24 and 2024/25
There is straight-line vesting between these points and no reward if the threshold Science Based Target is not met.
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