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47 Finsbury Food Group Annual Report & Accounts 2018


Directors’ Remuneration Report (unaudited)


Details of the LTIP awards granted on 27 October 2017 are given in the table below:


Number of shares*


J G Duffy S A Boyd


438,200 315,269


Basis of award** 100% of salary


100% of salary Performance period


3 financial years from 2 July 2017 3 financial years from 2 July 2017


Performance conditions


50% subject to EPS growth and 50% subject to relative TSR (further details below).


* The total number of shares awarded include 27,777 options under the Company Share Option Plan (CSOP) for both J G Duffy and S A Boyd.


** The basis of award for the awards under the LTIP was calculated using the average price of the shares over the three business days following the announcement on 18 September 2017 of the Company’s preliminary results for the year ended 1 July 2017.


** The basis of award for the CSOP options of 27,777 awarded to both J G Duffy and S A Boyd was calculated using the closing price of the shares of the day preceding the award date of 27 October 2017.


Awards will be subject to a further two year holding period following the end of the performance period.


The vesting of the LTIP options is linked to the vesting of the CSOP options, if the CSOP awards are exercised at a gain then the LTIP awards will be scaled back at the same value to ensure that the total pre-tax value delivered to the Executive Directors remains unchanged.


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 10.29p, none of this component of the award will vest. 25% of this component will vest if adjusted diluted EPS is 10.29p, with 100% vesting at 12.46p, and vesting determined on a straight-line basis between these figures.


Vesting of 50% of the award will be based upon Relative TSR against the FTSE Small Cap (excluding investment trusts) 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.


Approval This Report was approved by the Board on 14 September 2018 and signed on its behalf by:


Zoe Morgan Chairman of the Remuneration Committee


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