Performance Conditions attached to 2020 LTIP Award

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 salary (for each component)*	EPS for 2023	ROCE for 2023
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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