Redrow PLC Performance Conditions attached to 2020 LTIP Award (3644J)
21 Dicembre 2020 - 11:17AM
UK Regulatory
TIDMRDW
RNS Number : 3644J
Redrow PLC
21 December 2020
21 December 2020
Redrow plc
Performance Conditions attached to 2020 LTIP Award
As outlined in the 2020 Annual Report of Redrow plc, setting
meaningful LTIP targets at the time of granting the 2020 LTIP
awards in September 2020 was challenging due to the uncertainty
surrounding COVID-19 and the economic outlook.
It was therefore agreed that, whilst the 2020 LTIP awards would
be granted on the usual time frame in September 2020, the measures
and targets applicable to those awards would be set within six
months of the grant when there would be more visibility on the
medium term outlook. It was further agreed the targets would be
communicated to shareholders at the time they were set and
communicated with participants.
As now determined by the Remuneration Committee, the 2020 LTIP
awards granted on 22 September 2020 shall vest in September 2023,
subject to an additional two-year post-vesting holding period,
based on performance over the three year performance period ending
30 June 2023 as follows:
Award vesting level as % of EPS for 2023 ROCE for 2023
salary (for each component)*
Nil Below 73.0p Below 17.0%
--------------- ---------------
10% 73.0p 17.0%
--------------- ---------------
30% 77.0p 18.0%
--------------- ---------------
75% 86.0p or above 20.0% or above
--------------- ---------------
*Vesting between these points shall be on a sliding scale
basis
The Remuneration Committee has discretion to adjust the number
of shares vesting from the award if it considers that the vesting
outcome is not sufficiently reflective of the underlying
performance of the Company and to the extent the Remuneration
Committee believes there have been windfall gains.
Full disclosure in respect of the 2020 LTIP award and applicable
performance conditions shall be outlined within in the 2021
Directors' Remuneration Report.
Graham Cope
Company Secretary
01244 520044
LEI Number:
2138008WJZBBA7EYEL28
Announcement Classification:
3.1: Additional regulated information required to be disclosed
under the laws of a Member State
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