Corporate governance

Long Term Incentive Plan 2025

Introduction

During the year to 31 December 2025, the Chief Executive Officer participated in the Company’s Long Term Incentive Plan (“LTIP”) (which was approved by shareholders at the AGM held on 19 May 2017) and its Deferred Bonus Plan (“DBP”).

The LTIP enables selected senior individuals to be granted conditional awards or nil-cost options over ordinary shares, the vesting of which is normally dependent on both continued employment with the Group and the extent to which pre-determined performance conditions are met over a specified period of three years.

The DBP is the mechanism by which the required proportion of an Executive Director’s annual bonus can be deferred into shares; it involves the individual being granted a conditional award or nil-cost option over ordinary shares with a face value equal to the amount of bonus being deferred. The vesting of any such awards (which will normally take place on or around the third anniversary of grant) is normally dependent on continued employment with the Group. Such vesting is not, however, conditional on the satisfaction of any additional performance conditions.

LTIP awards granted during 2025 (audited)

Overview of award granted

On 3 April 2025, the following award under the LTIP was granted to the Chief Executive Officer:

	Form of award	Basis of award granted	Share price at date of grant¹	No. of shares over which award originally granted	Face value (£000) of shares over which award originally granted²	% of shares over which award originally granted that vest at threshold	Vesting determined by performance over
Randy Neely	Nil-cost option	2 x base salary of £500,000	£2.418	413,564	£1,000	0%	3 years up to 31 December 2027

_{¹ This figure represents the average mid-market closing price of a share in the Company over the three dealing days immediately preceding the date of grant. (The actual closing price on 3 April 2025 was £2.19).}

_{² The value shown in this column has been calculated by multiplying the “number of shares over which the award was originally granted” by the “share price at date of grant”}