• Organic revenue growth
25% of each award was subject to the achievement of an
organic revenue growth measure, calculated as an average
annual growth rate, to encourage continued focus on organic
growth. Revenue is defined as segmental revenues before
exceptional items adjusted, at the Committee’s discretion,
to exclude the impact of material acquisitions and disposals
by the Company completed during the performance period
and to remove the impact of exchange rate movements.
Organic revenue growth of 2.7% per annum would trigger the
minimum level of vesting (25% of the organic revenue element)
increasing on a straight-line basis such that awards were
eligible to vest in full for growth of 8% per annum. Over the
period IMI delivered growth of 2.2%.
In aggregate, none of the initial number of shares awarded were
released to the executives and other participants.
All-employee share plans
Executive directors are entitled to participate in the all-employee share plans on the same terms as other eligible employees at
IMI. In 2014, Mark Selway, Douglas Hurt, Roy Twite and Martin Lamb all received free share awards under the Employee Share
Ownership Plan. Mark Selway and Douglas Hurt received SAYE awards in 2014 of 650 shares each.
Initial award Value on date of
award
1
(£000)
Number of initial
shares vesting
Additional dividend
equivalent shares
Total shares
vesting
Value of shares on
vesting
(£000)
D M Hurt
41,250
392
-
-
-
-
R M Twite
41,250
392
-
-
-
-
M J Lamb
2
75,450
716
-
-
-
-
Share Incentive Plan
SAYE
Dividends
(£000)
Total value under
the all-employee
share plans (£000)
Number of shares
awarded
Value of free
share award
1
(£000)
Number of options
awarded
Value of SAYE
options
2
(£000)
M W Selway
2014
73
1
650
1
-
2
2013
-
-
-
-
-
-
D M Hurt
2014
196
3
650
1
-
4
2013
240
3
-
-
-
3
R M Twite
2014
196
3
-
-
-
3
2013
240
3
-
-
-
3
M J Lamb
2014
196
3
-
-
-
3
2013
240
3
-
-
2
5
1
The mid-market price on the date of award was 949.50 pence.
2
Under the terms of Martin Lamb’s retirement, his 2012 award of 75,450 shares was not time pro-rated.
1
In 2014 free shares were awarded at a share price of 1,526.00 pence (1,249.33 pence in 2013).
2
In 2014 SAYE awards were made at a 10% discount and the value shown is the intrinsic gain at the date of grant, calculated in accordance with the single figure
requirements (on page 69).
75
Strategic Review
Performance Review
Corporate Governance
Financial Statements
Introduction
Annual Report and Accounts 2014
