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 2020 LTIP set out above. The EPS element will vest at 25% for achievement of EPRA EPS of 4.15 pence in the year ended 31 March 2025 increasing on a straight line basis to 100% vesting for EPRA EPS of 4.50 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:
Market value on date of grant
As at 31 March 2023
At 1 April 2022
Granted in year
Exercised in
year Lapsed in year
Date of grant
Performance period
Michael Morris 2019 LTIP
–
19 June 2019
1 April 2019 to 31 March 2022
95.23p 328,153
–
(177,760)
(150,393)
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 1 April 2022 to 31 March 2025
89.10p 403,339
–
–
–
437,473
2022 LTIP
17 June 2022
94.47p
–
437,473
–
–
–
2020 DBP
29 June 2020 1 April 2019 to 31 March 2020
70.73p 215,333
–
(215,333)
–
186,666
2021 DBP
22 June 2021
1 April 2020 to 31 March 2021 1 April 2021 to 31 March 2022
89.10p 186,666
–
–
159,555
2022 DBP
17 June 2022
94.47p
–
159,555
–
–
1,442,766 597,028 (393,093)
(150,393) 1,496,308
Andrew Dewhirst 2019 LTIP
–
19 June 2019
1 April 2019 to 31 March 2022
95.23p 214,218
–
(116,041)
(98,177)
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 1 April 2022 to 31 March 2025
89.10p 241,358
–
–
–
261,784
2022 LTIP
17 June 2022
94.47p
–
261,784
–
–
–
2020 DBP
29 June 2020 1 April 2019 to 31 March 2020
70.73p 154,312
–
(154,312)
–
126,933
2021 DBP
22 June 2021
1 April 2020 to 31 March 2021 1 April 2021 to 31 March 2022
89.10p 126,933
–
–
–
108,498
2022 DBP
17 June 2022
94.47p
–
108,498
–
–
921,891 370,282 (270,353)
(98,177)
923,643
Awards under the Long-term Incentive Plan normally vest three years after the grant date and are subject to a further two-year holding period. Awards under the Deferred Bonus Plan normally vest two years after the grant date.
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Picton Property Income Limited Annual Report 2023
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