Mondi Plc recently announced the award of shares under its Bonus Share Plan (BSP) and Long Term Incentive Plan (LTIP). The BSP share award represents half of the executives' total bonus, determined based on the average share price over three trading days commencing with the announcement of results. The shares will vest after the announcement of the final results for 2026, in early 2027.
Under the LTIP, the award is based on a percentage of the executives' salary and is also determined with reference to the average share price over three trading days commencing with the announcement of results. The shares will vest after the announcement of the final results for 2026, subject to achievement of performance conditions. For executive directors, any shares that vest will be subject to a two-year holding period from the date of vesting.
Marita Erler, a PDMR, received additional awards under the LTIP, with shares vesting after the announcement of the final results for 2024 and 2025, subject to service conditions having been met. Some of the shares will also be subject to performance conditions, including ROCE, TSR, and cumulative EPS measured over the 3 financial years ending 31 December 2025.
The awards were approved by the Remuneration Committee to replace variable pay awards forgone to join Mondi, reflecting the nature, time horizons, and performance conditions attached to the awards forgone.
Vivien McMenamin, CEO of Uncoated Fine Paper & South Africa, was granted shares as options under both the BSP and LTIP. The transactions took place off-market, with the shares granted at nil cost.
These transactions are in line with the company's Remuneration Policy and aim to align the interests of the executives with those of the shareholders.