S S TR APPROACH TO 2024 LTIP AWARDS TR A The Committee decided that Adjusted EBITDA continues to be the most appropriate measure of profit for the 2024 LTIP, given market and internal focus on A TE this key metric, which is used to manage the business. The Committee believes strong performance in Adjusted EBITDA is key to delivering strong shareholder TE G G I I C returns. The Adjusted EBITDA targets have been carefully calibrated based on Aston Martin’s latest business plan and external expectations. The range has C R R been set to be stretching (extremely so at the maximum vesting level) yet motivating in the context of our business plan and the continued uncertainty in the E E P current environment. P O O R R T T Relative Total shareholder return (TSR) as the second measure, recognises the importance of shareholder alignment and also the self-calibrating nature of TSR as an objective measure of performance. TSR will be measured on a relative basis, against a select group of luxury companies, which aims to incentivise G further elevation of the Aston Martin brand, by out-performance of these high-end luxury companies. Ultimately, the successful delivery of our business plan G O O VE and strategy (detailed on pages 32 and 33) will be reflected in our Adjusted EBITDA and TSR performance. VE R R NAN It is anticipated that 2024 LTIP awards will be granted in May 2024, with awards at the following levels: NAN – Amedeo Felisa (CEO) – 300% of salary C C E – Doug Lafferty (CFO) – 200% of salary E 2024 LTIP performance measures and targets F Vesting* F I I NAN 2024 LTIP (as a % of NAN targets maximum) C Adjusted EBITDA Threshold 450 20% C IAL (£m in FY26) Stretch 550 80% IAL S (80% of award) Maximum 650 100% S T T A Relative TSR** Threshold Rank 6th 20% A T T E (vs. luxury peers) (median) E M M E (20% of award) Maximum Rank 3rd 100% E N or above N T T S (80th percentile) S * Vesting will be on a straight-line basis between each of threshold and stretch, and stretch and maximum for the EBITDA element and threshold and maximum for the TSR element F F U ** TSR peers as per 2023 LTIP, detailed on page 114 U R R T T H H E The Remuneration Committee retains discretion to adjust the vesting levels to ensure they reflect underlying business performance and any other relevant E R R INF factors to ensure that the value at vesting is fully reflective of the performance. INF OR Performance period OR M Performance for both measures will be measured over three financial years to 31 December 2026. Subject to performance, awards will vest 3 years from M A A T grant, following the announcement of results for 2026 but subject to a further 2 year holding period post vest (net of tax). T I I ON ON The CEO and CFO will be required to hold at least 75% of any shares that vest (net of tax) until they have met their shareholding guidelines under the shareholding policy at that time. CEO 2022 LTIP share award – adjustment to take account of the 2022 open offer In line with standard practice in the event of an equity raise, the share price targets were adjusted during the year to reflect the dilutive effect of the 2022 open offer using the market-standard theoretical ex-rights price (“TERP”) approach (no adjustments were made in respect of the firm placing). This neutralises the dilutive effect of the open offer ensuring the stretch of the targets is maintained, making the revised targets no easier or harder to achieve than when they were originally set. This approach means the CEO’s 2022 LTIP award would continue to meet the incentive objectives for which it was originally granted. The share price performance measure and targets are set out below. 2022 LTIP performance measures and targets (CEO) – Share price performance will be assessed based on the share price of the Company during any period of 30 consecutive days during the performance period (from 13 June 2022 to 12 June 2024) – The shares under the award will commence vesting if the share price exceeds £3.71 and will vest as follows: 2022 LTIP targets Vesting* (as a % of Pre-adjustment Post-adjustment maximum) Share price of the Company to exceed £x for 30 consecutive days Threshold £10 (or less) £3.71 (or less) 0% Maximum £18 £6.67 100% * Vesting will be on a straight-line basis between threshold and maximum ASTON MARTIN LAGONDA ANNUAL REPORT AND ACCOUNTS 2023 115