Company: IMCR
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001140361-25-012123
Chunk: 73

Company: Immunocore Holdings plc
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 73
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 and remains above such price as the share options continue to vest. In fiscal year 2024, we approved equity awards to our named executive officers in the form of share options. The remuneration committee used its subjective judgement to determine the amounts it believed were appropriate for each named executive officer, weighing the following factors: the executive’s target total direct compensation, current corporate and individual performance, outstanding equity holdings and their retention value and total ownership, historical value of our ordinary shares, internal equity amongst executives and market and peer group data provided by our independent compensation consultant. The share options will vest over a four-year period, with 25% of the shares subject to each award vesting on the first anniversary of the grant date and the remaining 75% vesting in equal quarterly installments over the following 36 months, subject to continued service through the applicable vesting date. The following table sets forth the share options granted to our named executive officers in fiscal year 2024:

| Named Executive Officer |     | Share Options 
       Granted |
| Bahija Jallal           |     |       281,819 |
| Brian Di Donato         |     |        66,746 |
| David Berman            |     |       111,244 |
| Tina St. Leger          |     |        14,162 |

It is important to note that the remuneration committee annually assesses the appropriate equity vehicle and design for its named executive officers. Specifically, this has included a discussion around the use of awards tied to the

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TABLE OF CONTENTS achievement of certain performance conditions (“Performance Awards”). We understand that certain investors would recommend that a portion of the annual equity grants made to the named executive officers be in Performance Awards. However, Performance Awards must be introduced at the right time when they can drive the right behaviors. Given we became a public, newly commercial stage biotechnology company in recent years, the remuneration committee did not determine that 2024 (or 2025) was the time to introduce Performance Awards. Further, many of our peer group also continue to use stock options as opposed to Performance Awards. Therefore, the remuneration committee approved the use of share options again for 2024 as they are inherently performance-based as described above. We also realize that certain of our investors engage in quantitative analysis of our pay and other programs annually. Accordingly, our compensation programs have been tied to a “pay for performance” culture as our option grants, which as described above, only deliver value upon