Business
Notification of Transactions by PDMRs
Notification of Transactions by PDMRs.
About this update from Autotrader Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 4450S\n Auto Trader Group plc\n 09 July 2020\n \n \n \n \n 9 July 2020\n \n \n \n \n \n Auto Trader Group plc (the \"Company\", or \"the Group\")\n \n \n \n \n \n Notification of Transactions by PDMRs\n \n \n \n \n \n Grant of Awards under the Company's Performance Share Plan\n \n \n As described in the 2020 Annual Report, and following consultation with investors, the Company will be operating a modified approach to remuneration for FY21 in light of the impact of COVID-19 on the business. As previously announced, the entire Board voluntarily offered to forego at least half of their salaries or Board fees from 1 April 2020 to 1 July 2020, and the Executive Directors also requested that their annual FY20 bonus be waived.\n \n \n \n \n \n In addition, no annual bonus plan will operate for FY21 and the Executive Directors will be made an award under the Performance Share Plan ('PSP') of 250% of salary. The proposed award represents a reduction of c.30% for the CEO and c.10% for the CFO and COO compared to their previous aggregate incentive opportunity of 350% of salary (200% PSP and 150% annual bonus) for the CEO, and 280% of salary (150% PSP and 130% annual bonus) for the CFO and COO.\n \n \n \n \n \n In line with this approach, on 8 July 2020 the following PDMRs were granted nil cost option awards over ordinary shares of £0.01 each under the Auto Trader Group plc PSP as noted below:\n \n \n \n \n \n \n \n \n Name\n \n \n \n \n Number of Shares under Awards\n \n \n \n \n \n \n Nathan Coe (Director)\n \n \n \n \n 269,245\n \n \n \n \n \n \n Catherine Faiers (Director)\n \n \n \n \n 165,908\n \n \n \n \n \n \n Jamie Warner (Director)\n \n \n \n \n 156,427\n \n \n \n \n \n \n \n \n Subject to the terms of the PSP, the awards will ordinarily vest and become exercisable as from the third anniversary of the grant of the awards subject to the grantee's continued service and the extent to which the performance condition is met in respect of Total Shareholder Return (\"TSR\") relative to the FTSE350 (excluding investment trusts) over a measurement period comprising three financial years starting on 1 April 2020 and ending on 31 March 2023, as outlined in the 2020 Annual Report. No portion of the award will vest for performance which is below the index, 25% of the award w...