Business
2017 LTIP Award to Group Finance Director
2017 LTIP Award to Group Finance Director.
About this update from Videndum Plc
[{"type":"text","content":"\n \nRNS Number : 3044F The Vitec Group PLC 16 May 2017 \n\n \n16 May 2017\n \n \nTHE VITEC GROUP PLC\n \nNotification of Transactions of Directors and Persons Discharging Managerial Responsibility (PDMRs)\n \nLong Term Incentive Plan (\"LTIP\") - 2017 Award to Group Finance Director \n \nThe Vitec Group plc (\"the Company\") announces that on 15 May 2017 an award of ordinary shares of 20 pence each was made under the Company's LTIP as follows: \n \n\n\n\n\nName\n\n\nPosition\n\n\nAward of LTIP shares \n\n\n\n\nKath Kearney-Croft\n\n\nGroup Finance Director\n\n\n41,876\n\n\n\n\n \nThe award is made subject to the following performance conditions that are contingent on the approval by the Company's shareholders at the 2017 AGM of the Remuneration Policy Report.\n \nSubject to satisfaction of performance conditions, the award made under the LTIP will vest on the third anniversary of the date of grant on 15 May 2020. Any award vesting under the 2017 award will, after deduction of taxes, be subject to a further two year holding period.\n \n33% of the 2017 award is subject to the Company's total shareholder return (\"TSR\") ranked against the constituents of the FTSE 250 index (excluding financial services companies and investment trusts). For median performance in the comparator group there will be 25% vesting and for upper quartile performance there will be full vesting, with a straight line sliding scale between these two points. None of this part of the award will vest for TSR performance below the median.\n \n67% of the 2017 award is subject to the growth in the Company's basic earnings per share, excluding restructuring costs and charges associated with acquired businesses (\"adjusted EPS\"). Annualised adjusted EPS growth of 6% p.a. over the period will be required for threshold vesting (25%) of this part of the award, with annualised adjusted EPS growth of 14% p.a. or higher required for all of this part of the award to vest. There will be a straight line sliding scale between these two points. None of this part of the award will vest for annualised adjusted EPS growth below 6% p.a. over the period.\n \nBoth performance conditions are independent of one another and vesting will also take into account the Group's underlying performance. In particular, the Remune...