84 JUST GROUP PLC Annual Report and Accounts 2020
Directors’ remuneration report continued
Buy-out awards In line with the disclosure in the 2019 Directors’ Remuneration Report, cash buy-out awards of £265,428 and £238,680, and share buy-out awards with a value of £1,191,528 were granted to Andy Parsons and the following were paid to him in 2020. • A cash payment of £8,768 was made on appointment together with a cash payment of £150,208 in March 2020 in respect of certain deferred bonus awards forfeited on joining the Company.
• A cash payment made in respect of the forfeited 2019 bonus at LV= of £238,680 was paid in April 2020. • The first tranche of share buy-out awards vested on 1 April and 123,605 shares were released.
2020 LTIP AWARDS GRANTED (AUDITED) The following awards were made to the Executive Directors in 2020: Date of grant Type of award
Face value of award
Number of shares1 End of performance period 1,708,317 31 December 2022 1,187,523 31 December 2022
David Richardson
23March 2020 23March 2020
Nil-cost options £895,500 (150%of salary) Nil-cost options £622,500 (150%of salary)
Andy Parsons
1 The actual share price calculated as the average price over the five days preceding the grant was £0.5242.
Performance measures and targets applying to the 2020 LTIP awards
Measure
Weighting
Target
Vesting
25%
Below 145%
0%
Solvency capital ratio
Threshold: 145% 25% Between threshold and maximum Between 25% and 100% on a straight-line basis Maximum: 150% 100%
Below £80m
0%
Organic capital generation 25%
Threshold: £80m 25% Between threshold and maximum Between 25% and 100% on a straight-line basis Maximum: £230m 100%
Below 2% p.a.
0%
25%
Adjusted earnings per share growth
Threshold: 2% p.a. 25% Between threshold and maximum Between 25% and 100% on a straight-line basis Maximum: 8% p.a. or above 100%
Belowmedian
0%
25%
Relative TSR vs FTSE 250
Median
25%
Between median and upper quartile
Between 25% and 100% on a straight-line basis
Upper quartile or above
100%
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