Business
Grant of Long Term Incentive Plan (LTIP) awards
Grant of Long Term Incentive Plan (LTIP) awards.
About this update from Xp Power Ltd.
[{"type":"text","content":"\n \nRNS Number : 2907T XP Power Limited 19 March 2019 \n\n19 March 2019\nXP Power Limited (\"XP\" or the \"Company\")\nGrant of Long Term Incentive Plan (LTIP) awards\nThe Company announces that on 8 March 2019, certain Directors of the Company were awarded a nominal priced option over ordinary shares of 1p each in the Company (\"Ordinary Shares\") as detailed below, under the XP Power Limited Long Term Incentive Plan 2017 (the \"Awards\") approved by shareholders on 19 April 2017.\n\n\n\n\nDirector\n\n\nNumber of Ordinary Shares over which awards granted\n\n\n\n\nMike Laver\n\n\n4,878\n\n\n\n\nDuncan Penny\n\n\n19,024\n\n\n\n\nAndy Sng\n\n\n4,878\n\n\n\n\nGavin Griggs\n\n\n13,659\n\n\n\n\nTOTAL\n\n\n 42,439\n\n\n\n\nThe vesting of the Awards is conditional on meeting performance conditions measured over a three-year period as described below, with 50% vesting on the third anniversary of the date the Awards were made and 50% vesting after a further one year deferral period.\nPerformance conditions\n1. Earnings per Share Target\nUp to 66.7% of the total Awards will vest on the achievement of the following adjusted earnings per share (\"EPS\") compound growth per annum targets for the three financial years ending 31 December 2019, 2020 and 2021 (the \"Performance Condition Period\") as shown in the following table:\n\n\n\n\nAdjusted EPS compound growth per annum (\"EPS Target\")\n\n\nMax. No. of Ordinary Shares vesting subject to the Adjusted EPS Target\n\n\n\n\n6%\n\n\n25% of total LTIP award\n\n\n\n\n12%\n\n\n100% of total LTIP award \n\n\n\n\nAchievement of the EPS Target between 6% and 12% will result in the Awards vesting on a straight-line basis and any entitlement to a fraction of an Ordinary Share shall be rounded down.\n \n2. Total Shareholder Return (\"TSR\") Target\nUp to 33.3% of the total Awards will vest dependent upon the performance of the Company's TSR measured against that of the FTSE250 over the Performance Condition Period. 25% of the total LTIP award will vest at median performance with 100% of the total LTIP award vesting at the upper quartile performance (above the 80th percentile). Vesting between these points will be measured on a straight-line basis.\nMalus and clawback provisions are also in place to reduce or ...