Business
Long Term Incentive Plan Awards
Long Term Incentive Plan Awards.
About this update from Costain Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8842U\n Costain Group PLC\n 08 April 2021\n \n \n \n \n \n \n \n Costain Group PLC \n \n \n (the \"Company\")\n \n \n \n \n \n LONG TERM INCENTIVE PLAN AWARDS \n \n \n Costain announces the following grants of share awards to Alex Vaughan, chief executive officer, and Helen Willis, chief financial officer.\n \n \n \n \n \n \n On 8 April 2021, awards have been made under the Costain Group PLC 2014 Long Term Incentive Plan (the \"LTIP\") over ordinary shares of 50p each in the Company in the form of options with a nil exercise price (the \"Awards\"). An Award was granted to Alex Vaughan over 710,655 shares and to Helen Willis over 590,163 shares, each representing 100% of salary. No consideration was paid for the grant of the Awards. \n \n \n \n \n \n \n \n \n \n The Awards will normally vest three years after grant, \n \n subject to the satisfaction of performance conditions, but will not normally be released (so that they can be exercised) until the fifth anniversary of the date of grant (with no further performance conditions required after vesting). \n \n \n \n \n \n \n \n \n The vesting of the Awards is subject to the satisfaction of performance conditions assessed over the three financial years ending 31 December 2023. The Company's 2020 Directors' Remuneration Report included proposed performance conditions which have now been finalised by the Remuneration Committee of the Company and are unchanged as follows: \n \n \n \n \n \n \n \n \n \n (a) an EPS target (relating to two thirds of the Awards) of 27.9p (for 15% vesting) and 32.4p (for 100% vesting), with vesting on a straight-line basis between the two; and\n \n \n \n \n (b) a cash conversion target (relating to one third of the Awards) of 80% (for 15% vesting) and 100% (for 100% vesting), with vesting on a straight-line basis between the two.\n \n \n \n \n \n \n \n \n \n The Remuneration Committee may reduce the extent to which the Awards vest if the Committee considers that any of the value at vesting represents a \"windfall gain\", taking into account such factors as the Committee determines.\n \n \n \n \n \n \n The Notification of Dealing Forms set out below are provided in accordance with the requirements of the Market Abuse Regulation.\n \n \n \n \n \n \n \n ...