REG - Marks & Spencer Grp - 2021 PSP Award Targets

Marks and SpencerAnnouncement

21/12/2021 09:00

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RNS Number : 2678W  Marks & Spencer Group PLC  21 December 2021

MARKS AND SPENCER GROUP PLC

2021 PSP AWARD TARGETS

 

Marks and Spencer Group plc ("M&S") is providing this notification
following the grant of conditional awards under the Company's Performance
Share Plan on 29 June 2021 ("2021 PSP Award"). Awards under the 2021 PSP will
vest in 2024 to the extent that the performance conditions are met. The awards
must then be held for a further two years and are not released to participants
until 2026. Further, malus, clawback and shareholding guidelines apply to
these awards.

As stated in the RNS announcement on 30 June 2021 and in the Company's 2021
Annual Report, due to the continued uncertainty in trading and the financial
environment, target setting for the 2021 PSP Awards had to be delayed until
appropriately stretching but realistic goals could be set. Targets for the
awards were to be announced no later than 31 December 2021.

Having reviewed M&S's long-term business plan in view of the Covid-19
impact over the medium- and long-term and following consultation with
stakeholders, the targets for the 2021 Performance Share Plan award have been
confirmed as follows:

 Measure                                                Weighting  Details
                                                        Threshold                     Maximum
 Adjusted EPS in final year of 3-yr performance period  30%        15p                24p
 ROCE in final year of 3-yr performance period          30%        10.5%              13.5%
 Relative TSR                                           20%        Median             Upper Quartile
 Strategic measures                                     20%        M&S.com growth

                                                                   Food like-for-like sales

                                                                   Store staff cost to sales ratio

 

For performance between Threshold and Maximum targets, awards vest on a
straight-line basis.

The specific targets for the strategic measures are deemed too commercially
sensitive to disclose at this time. These will be disclosed, where possible,
on vesting.

-Ends-

 

For more information, please call:

M&S Corporate PR
           0208 718 1919

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