REG - Reach PLC - LTIP - Waiver of Award - Jim Mullen

ReachAnnouncement

21/03/2023 14:00

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RNS Number : 7435T  Reach PLC  21 March 2023

 

21 March 2023

 

Reach plc

("the Company")

Long Term Incentive Plan 2012 ("LTIP")

Waiver of Award Granted to Jim Mullen

 

On 27 March 2020 the independent trustee (the "Trustee") of the Company's
Employees' Benefit Trust granted awards under the LTIP to acquire ordinary
shares in the capital of the Company to Jim Mullen for the amount of 750,258
shares.

The LTIP award is scheduled to vest on or after 27 March 2023 in accordance
with the LTIP rules subject to satisfaction of the applicable Performance
Conditions relating to cumulative adjusted net cash flow and relative total
shareholder return, as measured over financial years 2020, 2021 and 2022.

As noted in the Company's 2022 Annual Report, the indicative vesting outcome
for the 2020 LTIP awards was 46.43% of maximum which would otherwise have
resulted in the 2020 LTIP award held by Mr Mullen vesting over 363,274 shares.
Despite this positive outcome, Jim Mullen asked that his 2020 LTIP award not
vest and that his award be cancelled.

On 21 March 2023, the Company received, and the Board has accepted, a waiver
by Jim Mullen of his 2020 LTIP award together with all related rights. No
compensation shall be paid to Mr Mullen in respect of the waiver.

 

 Enquiries
 Reach plc
 Lorraine Clover, Group Company Secretary        020 7293 3000

 Tulchan Communications

 Giles Kernick / David Allchurch                 020 7353 4200

 LEI: 213800GNI5XF3XOATR61

 Classification: 3.1 Additional Information

 

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