REG - TT Electronics PLC - Long Term Incentive Plan 2014

TT electronicsAnnouncement

13/03/2020 13:00

RNS Number : 1281G
  
TT Electronics PLC
  
13 March 2020
  
 

 
13 March 2020
TT Electronics plc
Long Term Incentive Plan 2014 
This notification is made in accordance with DTR 3.1.4(1)(a).
TT Electronics plc (the "Company") announces that conditional awards of ordinary shares of 25p each in the Company ("Shares") were made on 13 March 2020 to the following Executive Directors of the Company:
 



Executive Director


Maximum Number of Shares
 




Richard Tyson


365,983
 




Mark Hoad


247,085



 
 
No consideration is payable for the grant of awards.  The awards will normally vest three years from the date of grant, subject to achievement of the following performance conditions:
 
The performance target attached to 50 per cent of the award is based on earnings per share ("EPS") performance targets.  25 per cent of the Shares subject to this part of the award will vest for EPS growth of 5.0 per cent compound per annum, increasing on a straight-line basis to 100 per cent vesting for EPS growth of 12.0 per cent compound per annum.
 
The performance target attached to the other 50 per cent of the award is based on total shareholder return performance targets against the FTSE SmallCap (excluding Investment Trusts).  25 per cent of the Shares subject to this part of the award will vest at median performance increasing on a straight-line basis to 100 per cent vesting at the upper quartile of the comparator group.
 
Awards will be subject to clawback provisions.
 
The Company was informed of the above transactions on 13 March 2020.
 
For further information please contact:
 



TT Electronics plc
Richard Tyson, Chief Executive Officer
Mark Hoad, Chief Financial Officer
Julian Wais, Head of Investor Relations
 


Tel:  + 44 (0)1932 825300




MHP Communications
Tim Rowntree / Rachel Mann


Tel:  +44 (0)20 3128 8549



 
 


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