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RNS Number : 4104O TT Electronics PLC 02 October 2023
2 October 2023
TT Electronics plc
Share Awards for Incoming Chief Executive Officer
As previously announced on 27 July 2023, TT Electronics plc (the "Company") is
pleased to confirm that Peter France joined the Board as Group Chief Executive
Officer with effect from 2 October 2023.
On 2 October 2023, the Company was informed that, in accordance with the
Company's approved Remuneration Policy and Peter's new hire terms, two
conditional awards over ordinary shares in the Company of 25p each ("Shares")
with future vesting dates have been granted. The following notifications are
made in accordance with the requirements of the EU Market Abuse Regulation
("MAR"). A summary of the awards is set out below:
· A long-term incentive award of 150% of salary under the Company Long
Term Incentive Plan 2014 ("LTIP Award"). This award was made with the same
performance conditions as the March 2023 grant to the CFO and the former CEO.
· A one-off buy-out share award ("Buy-out Award") of £390,000 to
compensate for the loss of short-term cash incentives arising from Peter's
resignation from ASCO Group Ltd. This award has been granted pursuant to
Listing Rule 9.4.2R.
No consideration was paid for the grant of the LTIP Award or the Buy-out
Award.
Name Position Maximum number of Shares that may vest under the LTIP Award Number of Shares under the Buy-out Award
Peter France Chief Executive Officer 479,930 226,876
The vesting of the LTIP Award is subject to continued employment, malus and
clawback provisions and the satisfaction of performance conditions set by the
Remuneration Committee of the Company. The LTIP Award will normally vest on
the third anniversary of the date of grant, subject to achievement of the
performance conditions. Executive Directors' LTIP Awards are then subject to
an additional two-year holding period.
The Buy-out Award is not subject to performance conditions. The Buy-out Award
is subject to malus and clawback provisions and will normally vest on the
third anniversary of the date of grant subject to continued employment. This
award has been granted pursuant to Listing Rule 9.4.2R as a conditional share
award over Shares on substantially similar terms to the TT Electronics
Restricted Share Plan, and has been determined to be a fair value for
short-term incentive compensation that Peter France has forfeited at his
previous employment with ASCO. Rather than replicating the short-term cash
payment from the forfeit ASCO incentive, the Buy-out Award has been made over
Shares, and with a significantly longer time horizon to strengthen stakeholder
alignment.
Further details of the reward arrangements for Peter France, which are
consistent with our principles and shareholder approved Remuneration Policy,
will be fully disclosed in the Directors' Remuneration Report of the Annual
Report and Accounts for the financial year ending 31 December 2023.
The information set out below is provided in accordance with the requirements
of Article 19(3) of MAR and provides further detail:
1. Details of PDMR / person closely associated with them ('PCA')
a) Name Peter France
2. Reason for the notification
a) Position / status CEO
b) Initial notification / Initial notification
Amendment
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name TT Electronics plc
b) LEI 213800TJGBW5VFHQEV54
4. Details of the transaction(s)
a) Description of the financial instrument, type of instrument Ordinary shares of 25p each
Identification Code
GB0008711763
b) Nature of the transaction a) Grant of conditional LTIP Award
b) Grant of conditional award in respect of a one-off buy-out of
compensation (Buy-out Award)
c) Price(s) and volume(s)
Price(s) Volume(s)
a) £0.00 a) 479,930
b) £0.00 b) 226,876
d) Aggregated information See 4c above
Aggregated volume See 4c above
Price
e) Date of the transaction 2023-10-02
f) Place of the transaction Outside a trading venue
d)
Aggregated information
Aggregated volume
Price
See 4c above
See 4c above
e)
Date of the transaction
2023-10-02
f)
Place of the transaction
Outside a trading venue
For further information please contact:
TT Electronics plc
Peter France, Chief Executive Officer:
Tel: + 44 (0)1932 825300
Mark Hoad, Chief Financial Officer:
Kate Moy, Head of Investor
Relations
MHP Communications
Tim Rowntree / Ollie Hoare:
Tel: +44 (0)20 3128 8100
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