b'64 Mercia Asset Management PLC Annual Report & Accounts 2022Remuneration report continuedHaving, as in previous years, agreed to a maximum bonus award of up to 100% of base salary for exceptional performance in the year to 31 March 2022, the Committee determined once again that any bonus award would be payable in cash up to 50% of base salary with the remainder in a form of restricted Mercia shares. The agreed criteria for determining the ultimateaward were:1.FuM performance30% weighting2.Total shareholder return45% weighting3.ESG progress, high-performing teams and Mercia core values25% weighting.In determining the bonus payable for the year to 31 March 2022, the Committee first noted that the Groups financial performance was, for the second year running, achieved without having to apply for any Government-backed financial support, delay any payments to HMRC or suppliers, impose any pay cuts or make any of its valued staff redundant.Having considered the strong financial performance of the Group and the successful leadership of the senior executives against each of the above criteria, the Committee awarded bonuses to each Executive Director at 85% of their base salary for the year to 31 March 2022. Of the total, 50% of each bonus has been paid in cash with the balance of 35% settled in cash, with the net payment receivable by the Executive Directors applied by them in purchasing shares in Mercia, which they will hold for a minimum of one year.The Committee has agreed to a maximum bonus of 100% of base salary depending upon the Groups performance for the year to 31 March 2023, with the bonus award payable in cash up to 50% of base salary and the remainder settled in cash, with the net payment receivable by the Executive Directors applied by them in purchasing shares in Mercia, which will be held for a minimum of one year.The agreed criteria for determining the ultimate award are as per last year, namely:1.FuM performance30% weighting2.Total shareholder return45% weighting3.ESG progress, high-performing teams and Mercia core values25% weighting.The Committee will continue to monitor the affordability and suitability of the Groups remuneration policy andperformance criteria and will maintain informal dialogue on this subject with both the Groups Nominated Adviser and remuneration specialists.Directors service contractsThe table below summarises the service contract and letter of appointment details for each Executive and Non-executive Director as at the date of this report:AnnualDate salary Noticeof appointment 000 periodDr Mark Payton 15 December 2014 281 6 monthsMartin Glanfield 15 December 2014 229 6 monthsJulian Viggars 17 April 2018 229 6 monthsIan Metcalfe 15 December 2014 83 3 monthsDiane Seymour-Williams 3 November 2020 48 3 monthsDr Jonathan Pell 22 December 2017 46 3 monthsRay Chamberlain 15 December 2014 40 3 monthsCaroline Plumb OBE 12 June 2018 40 3 monthsThe following Non-executive Director annual salary bandings, as approved by the full Board, apply for the foreseeable future:Chair83,000Senior Independent Director47,500Committee Chair46,000Non-executive Director40,000.'