Business
Long Term Incentive Plan
Long Term Incentive Plan.
About this update from Asos Plc
[{"type":"text","content":"\n \nRNS Number : 5285D ASOS PLC 30 April 2013 \n \n\n \n30 April 2013\n \nASOS plc (the \"Company\")\nASOS Long Term Incentive Plan (\"ALTIP\")\n \n \n \nBackground\n \nThe Company's 2012 Annual Report and the Report and Accounts for the five months ended 31 August 2012 stated that the Company would establish a new long-term incentive plan for Executive Directors and Senior Management (the \"ALTIP\"). The Company is pleased to announce that, following consultation with some of its major shareholders, the implementation of the ALTIP has now been finalised. \n \nThe purpose of the ALTIP is to support the published strategy and business plan for the next three years by incentivising and retaining the wider ASOS senior management team. This team comprises a larger pool of participants when compared with the previous Management Incentive Plan, to reflect the strengthening of the management capabilities across all areas of the ASOS business over the last three years. The ALTIP has a performance period from 1 September 2012 to 31 August 2015 (the \"Performance Period\") and is measured on challenging earnings per share (\"EPS\") and total shareholder return (\"TSR\") targets which are aligned to the strategic plans of the Company and designed to ensure growth is delivered in a profitable way. \n \nStructure of the ALTIP\n \nUnder the terms of the ALTIP, awards will be structured in one or both of two ways. \n \nThe structure used depends upon whether the participants in the ALTIP make an investment equivalent to the tax fair value of all or part of their respective awards. \n \nExecutive Directors are required to make a minimum investment of their own money of at least one third of the tax fair value of their award. Senior Management participants are invited to invest at their choosing, with a required minimum investment of one third of the tax fair value of their awards. All participants also have the opportunity to voluntarily increase the value of their investment up to 100% of the tax fair value of their award.\n \nThis upfront investment by the ALTIP participants is designed to strengthen the link between their personal interests and those of the Company and its shareholders, providing a strong incentive to achieve the plan's perf...