Marks & Spencer Group PLC 2021 PSP Award Targets (2678W)

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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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December 21, 2021 03:59 ET (08:59 GMT)