47153 AG Barr Annual Report 2025 AW4 SQ WEB - Flipbook - Page 97
Strategic Report
Corporate Governance
Accounts
Shares
awarded*
Number
Share price **
£
Year ended 28 January 2024
Total shares
Number
Executive Director
Vesting
%
LTIP value
£000
Stuart Lorimer
98,663
100%
105,197
5.03
529
Roger White
143,337
100%
152,829
5.03
769
Jonathan Kemp
75,161
100%
80,138
5.03
Total
317,161
*
**
403
338,164
1,701
Shares vesting under the LTIP for the year ended 28 January 2024 include dividend equivalents from the award date for each director.
The long term incentives figure for the year ended 28 January 2024 has been restated to reflect the market value of the shares that vested on 12 April 2024 as at that date. The long term incentives figure
for the year ended 28 January 2024 set out in the Annual Report 2023/24 used the average closing share price for the three months ended 28 January 2024 as an estimate of the market value of those shares.
Awards granted during the financial period
On 2 May 2024, during the financial year ended 25 January 2025, the following LTIP awards were granted equating to 150% of salary:
Market value at
grant
£000
% of award
vesting at
threshold
Performance
period Years
(ends 30 January
2027)
Number of
shares
Share price at
grant
LTIP award – nil cost option
171,957
567p
975
20.0%
3
LTIP award – nil cost option
97,833
567p
555
20.0%
3
Executive director
Type of award
Euan Sutherland
Stuart Lorimer
Given Roger White and Jonathan Kemp’s resignation from the Board on 30 April 2024 and 31 May 2024 respectively, no LTIP awards were granted
to either individual.
The share price at grant is £5.67, which is the five day average of the middle-market closing share prices preceding 2 May 2024 rounded down.
The salary used in the calculation of Stuart Lorimer’s LTIP award was his salary as at 1 April 2024. The salary used in the calculation of Euan Sutherland’s LTIP
award was his salary as at 1 May 2024.
Vesting of the LTIP awards granted in the year ended 25 January 2025 will be based 60% on a cumulative EPS performance measure, 30% on a relative TSR
performance measure and 10% on an environmental sustainability performance measure, as set out below:
% linked to award
Cumulative EPS for the period including 2024/25, 2025/26 and 2026/27
60%
Threshold
Maximum
vesting at 20% of vesting at 100% of
the maximum
the maximum
award
award
117.41p
135.7p
TSR for the period including 2024/25, 2025/26 and 2026/27
30%
Median
Upper
quartile
Environmentaly sustainability – Science Based Target (carbon tonnes) for the period including 2024/25,
2025/26 and 2026/27*
10%
4,600
4,190
*
Targets are an average across the three years. A market based approach has been utilised in the calculations and excludes carbon dioxide loss and use as a processing aid, and Boost scope 1 and 2 emissions.
There is straight-line vesting between these points. No award is granted for EPS and TSR performance below threshold and if the threshold Science
Based Target is not met.
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