Business
Conditional awards for 2023 under the LTIP
Conditional awards for 2023 under the LTIP.
About this update from Pinewood Technologies Group Plc
[{"type":"text","content":"\n\n11 July 2023\nPendragon PLC (\"the Company\")\n \nConditional awards for 2023 under the Pendragon Long Term Incentive Plan (\"LTIP\")\n \nThe Remuneration Committee (the \"Committee\") of the Company granted awards in the form of nil cost share options (\"Awards\") over ordinary shares of the Company of £0.05 each pursuant to the Company's LTIP on 10 July 2023 to the executive directors listed below:-\n \n\n\n\n\nDirector\n\n\nNumber of performance awards\n\n\n\n\nW R Berman\n\n\n4,632,749\n\n\n\n\nM S Willis \n\n\n 2,548,012\n\n\n\n\n \nVesting of the Awards under the LTIP is subject to the satisfaction of certain performance conditions, 70% of which is based on achieving a defined earnings per share target over a 3-year performance period, commencing on 01 January 2023 and measured at year end 2025, with the remaining 30% based on the achievement of certain strategic performance metrics (including the introduction of an ESG metric and diversity metric) aligned to the Company's strategic milestones to be delivered by year end 2025. The maximum potential opportunity as at grant is equivalent to 150% of base salary.\n \n\n\n\n\nFinancial & ESG Metrics\n\n\n\n\nPerformance Condition & Weighting\n\n\nThreshold\n(16.66% of Max Potential)\n\n\nTarget\n(66.66% of Max Potential)\n\n\nMaximum/Stretch\n(100% of Max Potential)\n\n\n\n\nEPS Year End 2025\nWeighting: 70%\n\n\n3.6p (Target EPS minus 20%)\n \n\n\n4.5p (Target EPS)\n\n\n5.6p (Target EPS plus 25%)\n \n\n\n\n\nESG Metric Carbon\nWeighting: 3%\n\n\nOverall Carbon Emissions Reduction of 4% by 2025 (Target minus 20%) from 2022 YE actual\n\n\nOverall Carbon Emissions Reduction of 5% by 2025 from 2022 YE actual\n\n\nOverall Carbon Emissions Reduction of 6.25% by 2025 from 2022 YE actual (Target plus 25%)\n\n\n\n\nESG Metric Diversity Weighting: 3%\n\n\nIncrease female representation ratio at Board minus 5 levels to 1:6 v 2022 YE headcount\n\n\nIncrease female representation at Board minus 5 levels to 1:5.8 v 2022 YE headcount\n\n\nIncrease female representation ratio at Board minus 5 levels to 1:5 v 2022 YE headcount\n\n\n\n\nBusiness Strategic Financial Metrics\n\n\n\n\nStrategic Metric: Expand new car representation weighting: 8%\n\n\n1 new OEM signed and at least one store trading\n\n\n2 new OEM's signed and at l...