Business
Grant of RSP and LTIP awards
Grant of RSP and LTIP awards.
About this update from Xp Power Ltd.
[{"type":"text","content":"\n\n \n \n\n\n\n\n18 September 2023\nXP Power Limited\n(“XP Power” or “the Company”)\nGrant of Restricted Share Plan and Long Term Incentive Plan awards\nThe Company announces that on 14 September 2023, Matt Webb, Chief Financial Officer and PDMR of the Company, was awarded nominal priced options over ordinary shares of 1 pence each in the Company (“Ordinary Shares”), under the XP Power Limited Restricted Share Plan 2020 (the “RSPs”) and the XP Power Limited Long Term Incentive Plan 2017 (the “LTIPs”). The RSPs are subject to a five year vesting period, with no performance conditions attached. The vesting of the LTIPs, after five years, is conditional on meeting performance conditions measured over a three-year period (FY23, FY24 and FY25), which are as follows:\n \nEarnings per Share (“EPS”) – 67% of the 2023 LTIP award\nThis element vests on the achievement of cumulative adjusted EPS targets for the three financial years ending 31 December 2023, 2024 and 2025:\n\n\n\n\n\n\n\n\n\nVesting\n\n\n\n\n\n\n\n\n\n\nCumulative adjusted EPS achieved over the Performance Period\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n100%\n\n\n\n\n\n\n\n\n\n\n602 pence or above\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n50%\n\n\n\n\n\n\n\n\n\n\n541 pence\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n0%\n\n\n\n\n\n\n\n\n\n\n480 pence or below\n\n\n\n\n\n\n\n\n The vesting percentage for performance outcomes between these \n points will be calculated on a straight-line basis \n \nTotal Shareholder Return (“TSR”) – 33% of the 2023 LTIP award\nThis element vests on the Company’s relative TSR performance measured against the constituents of the FTSE250 index (excluding investment trusts) over the period of three financial years ending 31 December 2025:\n\n\n\n\n\n\n\n\n\nVesting\n\n\n\n\n\n\n\n\n\n\nCompany TSR over the Performance Period relative to the FTSE250 (xIT)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n100%\n\n\n\n\n\n\n\n\n\n\n80th percentile or above\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n25%\n\n\n\n\n\n\n\n\n\n\nMedian (50th percentile)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n0%\n\n\n\n\n\n\n\n\n\n\nBelow median\n\n\n\n\n\n\n\n\n The vesting percentage for performance outcomes between median \n and 80th percentile will be calculated on a straight-line basis \n \nThe five-day average of the closing mid-market quotation prior to the date of grant used to calculate the number ...