b'66 Mercia Asset Management PLC Annual Report & Accounts 2022Remuneration report continuedDirectors remunerationThe aggregate remuneration received by the Directors who served during the year is set out below:Performance-Salaries payable Pension contributions Taxable benefits related bonus Total2022202120222021202220212022202120222021 000 000 000 000 000 000 000 000 000 000Executive DirectorsDr Mark Payton 270 235 30 26 2 2 230 230 532 493Martin Glanfield 220 200 24 22 3 3 187 196 434 421Julian Viggars 220 200 24 22 3 2 187 196 434 420Non-executive DirectorsIan Metcalfe 83 75 83 75Diane Seymour-Williams 48 17 48 17Dr Jonathan Pell 46 40 46 40Ray Chamberlain 40 40 40 40Caroline Plumb OBE 40 40 40 40967 847 78 70 8 7 604 622 1,657 1,546Mercia reimburses the reasonable expenses incurred by its Non-executive Directors and may settle any tax and National Insurance due on such payments where relevant.Mercia Fund Management Phantom Carried Interest Plans (MFM Plan)The Groups wholly owned subsidiary, Mercia Fund Management Limited (MFM) raises annual 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. 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. Any bonuses due to staff will be paid half yearly.There were no MFM Plan bonus entitlements paid during the year.Year ended Year ended31 March 202231 March 2021 000 000Executive DirectorsDr Mark Payton143Martin Glanfield6Julian Viggars43 192Calculations supporting the amounts payable under the MFM Plans are independently verified prior to settlement.2021 Performance Share Plan (PSP)On 9 July 2021, the Remuneration Committee put in place a PSP to align the incentives of the Executive Directors with the future performance of the business and shareholders interests. The PSP comprises 8,800,000 nil cost options awarded to the four senior executives under the existing 2014 CSOP.These PSP options, which are subject to the satisfaction of a performance condition, vest on the third anniversary of the date of grant and are subject to a subsequent two-year holding period. The number of PSP options which ultimately vest will depend on the Companys total shareholder return (TSR) over a performance period of three financial years, starting on 1 April 2021. The number of PSP Options vesting will be calculated as follows: 50% of the PSP options will vest based on the achievement of 10% TSR over the three-year performance period. Vesting will then increase on a straight-line basis to full vesting for the achievement of 20% TSR. TSR will be measured using the average share price for the three days immediately prior to 31 March 2024. The PSP options granted to the three Executive Directors are subject to typical malus and clawback provisions.'