Notes to the Table
Base Salaries The base salaries for the Executive Directors are set with effect from 1 October, the salaries in the financial years ended 27 June 2015 and 28 June 2014 were as follows.
Executive Director J G Duffy S A Boyd
From 1 October 2013 £327,493 £207,750
From 1 October 2014 £335,680 £212,759
Percentage increase 2.5% 2.5%
With effect from 1 April 2014, cash in lieu of pension was formally built into salary and the figures above reflect this change as though it applied from 1 October 2013 for comparative purposes.
Taxable Benefits The taxable benefits for the Executive Directors in the year included a car allowance and private medical insurance.
Annual Bonus
The annual bonus is the total value of the bonus earned in respect of the financial year (including the amount delivered in shares). For the financial year ended 27 June 2015 Executive Directors were able to earn a bonus of up to 100% of annual base salary subject to the achievement of stretching EBITDA performance targets.
The following table sets out the bonus pay-out to the Executive Directors for 2014-15 and how this reflects EBITDA performance for the year. Performance measure
Earnings before interest, tax, depreciation and amortisation (EBITDA)
Actual performance EBITDA £18,252,000
Long-term Incentives No long-term incentive awards vested with respect to a performance period ending in the year ended 27 June 2015.
Details of the LTIP awards granted on 26 June 2015 are given in the table below: J G Duffy S A Boyd
Number of shares 1,137,898
721,217 Basis of award* 200% of salary 200% of salary Performance period
3 financial years from 29 June 2014
3 financial years from 29 June 2014
Performance conditions
50% subject to EPS growth and 50% subject to relative TSR (further details below).
50% subject to EPS growth and 50% subject to relative TSR (further details below).
*The basis of award was calculated using the share price of the shares issued to fund the acquisition of the Fletchers Group on 30 October 2014.
Vesting of 50% of the award will be based upon the amount of the adjusted diluted Earnings Per Share (EPS) delivered in the final Financial Year of the performance period. Below the threshold vesting target of 7.29p, none of this component of the award will vest. 25% of this component will vest if adjusted diluted EPS is 7.29p, with 100% vesting at 10.23p, and vesting determined on a straight-line basis between these figures.
Vesting of 50% of the award will be based upon Relative Total Shareholder Return against the FTSE SmallCap (excluding investment trusts) (“TSR”) over the performance period. At below median relative TSR ranking, none of this component of the award will vest. 25% of this component will vest at median ranking, with 100% vesting at upper quartile or above ranking and vesting determined on a straight-line basis between these points.
The awards are also subject to a general performance underpin assessing factors, including ROCE and other financial indicators of performance over the performance period, at the discretion of the Remuneration Committee.
Resulting level of award for each Executive as a percentage of salary
100%
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