Business
Long Term Incentive Plan - 2017 Awards
Long Term Incentive Plan - 2017 Awards.
About this update from Videndum Plc
[{"type":"text","content":"\n \nRNS Number : 1197Y The Vitec Group PLC 28 February 2017 \n\n \n28 February 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 Awards \n \nThe Vitec Group plc (\"the Company\") announces that on 28 February 2017 awards of ordinary shares of 20 pence each were made under the Company's LTIP to Executive Directors and PDMRs. The number of shares awarded is set out in the following table and further details on the awards are provided below. \n \n\n\n\n\nName\n\n\nPosition\n\n\nAward of LTIP shares \n\n\n\n\nStephen Bird\n\n\nGroup Chief Executive\n\n\n78,647\n\n\n\n\nMartin Green\n\n\nGroup Business Development Director\n\n\n46,395\n\n\n\n\nMarco Pezzana\n\n\nPDMR\n\n\n37,495\n\n\n\n\nAlan Hollis\n\n\nPDMR\n\n\n31,477\n\n\n\n\nJon Bolton\n\n\nPDMR\n\n\n24,312\n\n\n\n\nHalid Hatic\n\n\nPDMR\n\n\n17,366\n\n\n\n\nMartin Vann\n\n\nPDMR\n\n\n17,132\n\n\n\n\n \nThe awards are 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 awards made under the LTIP will vest on the third anniversary of the date of grant on 28 February 2020. In respect of Executive Directors, any awards 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, ...