b'Mercia asset Management PLc71Annual Report and Accounts 2021Mercia Fund Management Phantom Carried Interest Plans (MFM Plan)The Groups wholly owned subsidiary, Mercia Fund Management Limited (MFM) raises annual Enterprise Investment Scheme (EIS) funds. The fee structure for each fund includes a performance incentive. MFM is entitled to a performance incentive equivalent to 20% of the return achieved by each fund over a hurdle of 1.05 per 1.00 invested in qualifying companies. If a super hurdle is achieved of more than 1.30 per 1.00 invested, then MFM is entitled to a performance incentive equivalent to 30% of the return achieved by each fund over this super hurdle. Since 1 August 2015, MFM has adopted an MFM Plan for each EIS fund raised. The purpose of the MFM Plan is to incentivise and retain those Mercia employees directly involved in the raising, investment, realisation and administration of each EIS fund. Up to 45% of any receipts by MFM under the performance incentives for each fund raised, is payable as a bonus to those staff. During the year, following successful exits from The Native Antigen Company and OXGENE, four EIS funds achieved their performance incentive hurdles and MFM received performance fees totalling 635,090.The aggregate amounts payable under the four MFM Plans to the Executive Directors who are members of those plans for the year ended 31 March 2021, are set out below and directly reflect the contribution made by each Executive Director to the successful performance of each of the four EIS funds:Year ended Year ended31 March 31 March2021 2020000 000executive directors Financial statements Strategic reportDr Mark Payton 143 Martin Glanfield 6 Julian Viggars 43 192GovernanceCalculations supporting the amounts payable under the MFM Plans have been independently verified prior to settlement.Share optionsThe number of options over Mercia Asset Managements Ordinary shares held by Directors as at 31 March 2021 is set out below:Number of optionsas at As at Date of Exercise Period of31 March 2021 31 March 2020 grant price exerciseexecutive directorsDr Mark Payton400,000 24 Jul 2017 36.00p 24 Jul 2020 to 23 Jul 2027 1400,000 400,000 28 Aug 2018 30.80p 28 Aug 2021 to 27 Aug 2028 2946,502 946,502 28 Jan 2020 24.30p 28 Jan 2023 to 27 Jan 2030 31,880,00021 Aug 2020 21.50p 21 Aug 2023 to 20 Aug 2030 4Martin Glanfield400,000 24 Jul 2017 36.00p 24 Jul 2020 to 23 Jul 2027 1400,000 400,000 28 Aug 2018 30.80p 28 Aug 2021 to 27 Aug 2028 2823,045 823,045 28 Jan 2020 24.30p 28 Jan 2023 to 27 Jan 2030 31,600,00021 Aug 2020 21.50p 21 Aug 2023 to 20 Aug 2030 4Julian Viggars100,000 24 Jul 2017 36.00p 24 Jul 2020 to 23 Jul 2027 11,200,000 1,200,000 28 Aug 2018 30.80p 28 Aug 2021 to 27 Aug 2028 2823,045 823,045 28 Jan 2020 24.30p 28 Jan 2023 to 27 Jan 2030 31,600,00021 Aug 2020 21.50p 21 Aug 2023 to 20 Aug 2030 41The options, exercisable as to one-third from 24 July 2020, one-third from 24 July 2021 and the remaining one-third from 24 July 2022, lapsed during the year ended31 March 2021.2The options will be exercisable as to one-third from 28 August 2021, one-third from 28 August 2022 and the remaining one-third from 28 August 2023, if the performance condition has been met.3The options will be exercisable as to one-third from 28 January 2023, one-third from 28 January 2024 and the remaining one-third from 28 January 2025, if the performance condition has been met.4The options will be exercisable as to one-third from 21 August 2023, one-third from 21 August 2024 and the remaining one-third from 21 August 2024, if the performance condition has been met.'