56


Finsbury Food Group Annual Report and Accounts 2020


Directors’ Remuneration Report (unaudited)/Continued


Details of the LTIP awards granted on 28 October 2019 are given in the table below: Number of shares* 625,310


Basis of award** J G Duffy J G Duffy S A Boyd S A Boyd 548,780 438,015 395,365 100% of salary


Nil cost option (PSP Award) 100% of salary


Nil cost option (RSA) 100% of salary


Nil cost option (PSP Award) 100% of salary


Nil cost option (RSA


Performance/vesting period


3 financial years from 30 June 2019


3 years from 28 October 2019


3 financial years from 30 June 2019


3 years from 28 October 2019


Performance conditions


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


Subject to continued employment only


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


Subject to continued employment only


* The total number of shares awarded under the RSA includes 36,585 options granted under the Company Share Option Plan (CSOP Option) for both J G Duffy and S A Boyd.


** The value of the shares subject to each PSP Award was calculated using the average price of the shares over the three business days immediately prior to the end of the Company’s financial year ended 29 June 2019. The value of shares subject to each RSA (including the CSOP Option element) was calculated using the closing price of the shares on the day prior to grant.


PSP awards will be subject to a further two-year holding period following the end of the performance period; there is no holding period for the RSA.


PSP vesting of 50% of the award will normally be based upon the amount of the adjusted diluted Earnings Per Share (EPS) delivered in the final Financial Year of the three-year performance period beginning with the start of the Company’s 2020 Financial Year. Below the threshold vesting target of 9.00p, none of this component of the award will vest. 25% of this component will vest if adjusted diluted EPS is 9.00p with 100% vesting at 10.72p and vesting determined on a straight-line basis between these figures. This is subject to the Committee’s discretion to adjust vesting levels and/or substitute such condition with EBITDA target ranges if it considers that such condition is no longer a fair and appropriate measure of the Company’s financial performance during the performance period, taking into account factors such as the Company’s EBITDA performance relative to the wider market.


PSP 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.


RSA vesting (including the CSOP Option element) is conditional on employment on the third anniversary of grant. The PSP 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 18 September 2020 and signed on its behalf by:


Marnie Millard Chair of the Remuneration Committee


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