41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 155
STRATEGIC REPORT
GOVERNANCE
FINANCIAL STATEMENTS
Executive
OTHER INFORMATION
Interests held
Interests vesting
Richard Smith
5,067
5,067
Joe Lister
4,124
4,124
End of deferral period
27 February 2022
Confirmation of 2019 LTIP vesting (vested on performance to 31 December 2021)
In last year’s report, the Committee provided an estimate for the vesting of the 2019 LTIP awards. Following the publication
of TAR results by comparators with March 2022 year-ends, the Committee was able to assess this element of the LTIP, with
Unite’s TAR of 17.8% coming in between median (12.4%) and upper quartile (28.7%) over the 3-year performance period. The
resulting vesting outcome was 49.9% of maximum for the relative TAR element which, when combined with the outcomes for
the relative TSR (60.5% of maximum) and EPS (0% of maximum) elements, resulted in an overall vesting outcome for the 2019
LTIP of 36.8% of maximum.
Values included in the 2021 single figure of remuneration table for both Richard Smith and Joe Lister have been updated to
reflect the revised number of shares vesting, as well as the actual share price on 24 July 2022 of 1,207.0p.
Executive
Interests held
Richard Smith
85,747
Joe Lister
69,890
Confirmed vesting %
Interests vesting
36.8%
Date vesting
31,553
24 July 2022
25,718
2020 LTIP vesting (vested on performance to 31 December 2022)
Awards in 2020 were made under the LTIP, consisting of the Unite Group Performance Share Plan (PSP) and the Unite
Group Approved Employee Share Option Scheme (ESOS). Vesting of the awards was dependent on three equally-weighted
measures over a three-year performance period: absolute EPS, relative TSR and relative TAR, with Unite’s performance for
both the TSR and TAR elements compared to the constituents of the FTSE350 Real Estate Supersector Index. There was no
retest provision. Further details, including vesting schedules and performance against each of the metrics, are provided in
the table below:
Measure
2022 Adjusted EPS
Weight
1/3
Targets
0% vesting below 51.1 pence
Outcome
Vest %
40.9 pence
0.0%
-19.8%: below
median (-17.4%)
0.0%
25% vesting for 51.1 pence
100% vesting for 58.7 pence or more;
Straight-line vesting between these points
TSR ranking vs. constituents
of the FTSE350 Real Estate
Supersector Index
1/3
0% vesting below median
25% vesting for performance in line with median
100% vesting for performance in line with upper
quartile or above;
Straight-line vesting between these points
TAR ranking vs. constituents
of the FTSE350 Real Estate
Supersector Index
1/3
0% vesting below median
25% vesting for performance in line with median
Estimated: Estimated:
below median
0.0%
100% vesting for performance in line with upper
quartile or above;
Straight-line vesting between these points
Total estimated LTIP vesting (sum product of weighting and vest %)
0.0%
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