Remuneration Report continued
The face value is based on a weighted average price per share, being the average of the closing share prices over the three business days immediately preceding the award date. Awards will vest after three years subject to continued service and the achievement of three equally weighted performance conditions (relative total shareholder return, relative total property return and EPRA EPS). The vesting schedule for the relative measures will be as applied to the June 2019 LTIP set out above. The EPS element will vest at 25% for achievement of EPRA EPS of 3.85 pence in the year ended 31 March 2024 increasing on a straight line basis to 100% vesting for EPRA EPS of 4.25 pence. Any LTIP vesting will also be subject to the Remuneration Committee confirming that, in its assessment, the vesting outturn was achieved within an acceptable risk profile. The Executive Directors have the following outstanding share awards under the Long-term Incentive Plan and Deferred Bonus Plan:
As at 31 March 2022
Market value on date of grant
At 1 April 2021
Granted in year
Exercised in year
Lapsed in year
Date of grant
Performance period
Michael Morris 2018 LTIP
–
8 June 2018 1 April 2018 to 31 March 2021 19 June 2019 1 April 2019 to 31 March 2022
90.80p 330,396
–
(220,264)
(110,132)
328,153
2019 LTIP
95.23p 328,153
–
–
–
309,275
2020 LTIP 29 June 2020 1 April 2020 to 31 March 2023
70.73p 309,275
–
–
–
403,339
2021 LTIP
22 June 2021
1 April 2021 to 31 March 2024
89.10p
–
403,339
–
–
–
2019 DBP 19 June 2019 1 April 2018 to 31 March 2019 2020 DBP 29 June 2020 1 April 2019 to 31 March 2020
95.23p 175,137
–
(175,137)
–
215,333
70.73p 215,333
–
–
–
186,666
2021 DBP
22 June 2021
1 April 2020 to 31 March 2021
89.10p
–
186,666
–
–
1,358,294 590,005 (395,401) (110,132) 1,442,766
Andrew Dewhirst 2018 LTIP
–
8 June 2018 1 April 2018 to 31 March 2021 19 June 2019 1 April 2019 to 31 March 2022
90.80p 193,833
–
(129,222)
(64,611)
214,218
2019 LTIP
95.23p 214,218
–
–
–
185,070
2020 LTIP 29 June 2020 1 April 2020 to 31 March 2023
70.73p 185,070
–
–
–
241,358
2021 LTIP
22 June 2021
1 April 2021 to 31 March 2024
89.10p
–
241,358
–
–
–
2019 DBP 19 June 2019 1 April 2018 to 31 March 2019 2020 DBP 29 June 2020 1 April 2019 to 31 March 2020
95.23p 116,758
–
(116,758)
–
154,312
70.73p 154,312
–
–
–
126,933
2021 DBP
22 June 2021
1 April 2020 to 31 March 2021
89.10p
–
126,933
–
–
864,191 368,291 (245,980) (64,611) 921,891 Awards under the Long-term Incentive Plan normally vest three years after the grant date. Awards from 2019 onwards are subject to a further two-year holding period. Awards under the Deferred Bonus Plan normally vest two years after the grant date.
Picton Property Income Limited Annual Report 2022
104
Powered by FlippingBook