2021 PSP Award Targets

RNS Number : 2678W

Marks & Spencer Group PLC

21 December 2021

 

MARKS AND SPENCER GROUP PLC

2021 PSP AWARD TARGETS

Marks and Spencer Group plc ("M&S") is providing this notification following the grant of conditional awards under the Company's Performance Share Plan on 29 June 2021 ("2021 PSP Award"). Awards under the 2021 PSP will vest in 2024 to the extent that the performance conditions are met. The awards must then be held for a further two years and are not released to participants until 2026. Further, malus, clawback and shareholding guidelines apply to these awards.

As stated in the RNS announcement on 30 June 2021 and in the Company's 2021 Annual Report, due to the continued uncertainty in trading and the financial environment, target setting for the 2021 PSP Awards had to be delayed until appropriately stretching but realistic goals could be set. Targets for the awards were to be announced no later than 31 December 2021.

Having reviewed M&S's long-term business plan in view of the Covid-19 impact over the medium- and long-term and following consultation with stakeholders, the targets for the 2021 Performance Share Plan award have been confirmed as follows:

Measure	Weighting	Details
		Threshold	Maximum
Adjusted EPS in final year of 3-yr performance period	30%	15p	24p
ROCE in final year of 3-yr performance period	30%	10.5%	13.5%
Relative TSR	20%	Median	Upper Quartile
Strategic measures	20%	M&S.com growth Food like-for-like sales Store staff cost to sales ratio

For performance between Threshold and Maximum targets, awards vest on a straight-line basis.

The specific targets for the strategic measures are deemed too commercially sensitive to disclose at this time. These will be disclosed, where possible, on vesting.

-Ends-

For more information, please call:

M&S Corporate PR                                                 0208 718 1919

 

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