b'Strategic report Governance Financial statementsAll awards are subject to a performance condition. The performance condition requires that the total shareholder return from the date of grant to the third anniversary is not less than 6% (compound) per annum, using a volume-weighted average share price for the 90 days prior to the third anniversary of the date of grant. Where the performance condition has not been achieved on the third anniversary, those options lapse. In the year to 31 March 2020 options were granted to the Executive Directors and a number of staff. The total number of options in issue at the year end was 15,700,140 (2019: 13,413,000).The Mercia Carried Interest Plan (CIP)Mercia Asset Management operates carried interest plans for the Executive Directors and certain other senior investment-focused staff (Plan Participants). Each CIP will operate in respect of direct investments made by Mercia Asset Management during a 24-month period, save that the first CIP was for the period from the plans adoption on 1 August 2015 to 31 March 2017. The second plan period ran from 1 April 2017 until 31 March 2019. The third plan period runs from 1 April 2019 until 31 March 2021.Once Mercia Asset Management has received an aggregate annualised 6% realised return during the relevant investment period, Plan Participants will receive, in aggregate, 10% of the net realised cash profits from the direct investments made over the relevant period, including taking account of any investment losses. Plan Participants carried interest is subject to good and bad leaver provisions.Mercia Asset Management also implemented a Phantom Carried Interest Plan (PCIP), based on the above criteria, in respect of the direct investments which the Group acquired shortly before Admission in December 2014 and those new direct investments made in the post-IPO period leading up to the implementation of the CIP on 1 August 2015.Audited informationThe following section contains the disclosures required by the AIM Rules and by UK company law.Directors remuneration (audited)The aggregate remuneration received by the Directors who served during the year is set out below:Salaries Pension Taxable Performance payable contributions benefits related bonus Total2020 2019 2020 2019 2020 2019 2020 2019 2020 2019000 000 000 000 000 000 000 000 000 000Executive DirectorsDr Mark Payton 235 235 26 26 2 2 78 108 341 371Martin Glanfield 200 200 22 22 3 4 66 92 291 318Julian Viggars 1 200 192 22 21 2 2 66 86 290 301Matthew Mead 299Non-executive DirectorsIan Metcalfe 3 68 46 68 46Ray Chamberlain 40 40 40 40Dr Jonathan Pell 40 40 40 40Caroline Plumb OBE 4 40 32 40 32Susan Searle 5 38 75 38 75861 869 70 69 7 8 210 286 1,148 1,232Mercia pays reasonable expenses incurred by its Non-executive Directors and may settle any tax and National Insurance due on such payments where relevant.1Julian Viggars was appointed on 17 April 2018. 2Matthew Mead resigned on 17 April 2018. 3Ian Metcalfe was appointed Chair on 2 July 2019.4Caroline Plumb OBE was appointed on 12 June 2018. 5Susan Searle resigned on 2 July 2019.Mercia Asset Management PLC 67Annual Report and Accounts 2020'