Performance Share Plan
On 19th December 2012 Mulberry established a Long Term Incentive Plan (LTIP) to operate in conjunction with the Employee Benefit Trust. The LTIP was designed to align management and shareholders’ interests through rewarding participants for growth in Mulberry’s turnover and earnings before interest and tax (EBIT) above specified thresholds over the vesting period.
Two grants of nil cost options were made on 20th December 2012 and 7th August 2013. However, all of these options have lapsed as the performance targets were not met.
On 10th July 2017 the LTIP was amended and renamed the 2017 Performance Share Plan. New Revenue and Profit Before Interest and Tax (PBIT) targets were introduced to be measured against consolidated audited accounts for the year ended 31 March 2020.
50% of the shares granted vest in accordance with the Revenue growth target and 50% in accordance with the PBIT target.
Options vest on a straight line pro rata basis between the minimum and maximum thresholds for both Revenue and PBIT. In the event that targets are not met, the options lapse.
The first grant of nil cost options was made on 10th July 2017, with a July 2020 vesting date, subject to attainment of specified targets. These options have lapsed as the performance targets were not met.
Two further grants of nil cost options were made on 25 November 2019, one vesting by 30 June 2021 and the second by 30 June 2022. Vesting will be subject to achievement of Profit Before Tax targets reported in the consolidated audited accounts for the years ended 31 March 2021 and 31 March 2022 respectively.
The total number of 5p Ordinary Shares subject of these grants are as follows: