REG-XP Power Ltd: Grant of LTIP, RSP and DBP awards
09/03/2022 09:45
9 March 2022
XP Power Limited
(“XP Power” or “the Company”)
Grant of Long Term Incentive Plan, Restricted Share Plan and Deferred Bonus
Plan awards
The Company announces that on 8 March 2022, the Executive Directors of the
Company were awarded nominal priced options over ordinary shares of 1 pence
each in the Company (“Ordinary Shares”), under the XP Power Limited Long
Term Incentive Plan 2017 (the “LTIP’s”) and the XP Power Limited
Restricted Share Plan 2020 (the “RSP’s”). The vesting of the LTIP’s,
after five years, is conditional on meeting performance conditions measured
over a three-year period (FY22, FY23 and FY24), which will be disclosed in the
Annual Report and Accounts 2021 (the “FY21 Annual Report”). The RSP’s
are subject to a five year vesting period, with no performance conditions
attached.
Awards were further granted on 8 March 2022 to the Executive Directors of the
Company under the XP Power Deferred Bonus Plan. These awards relate to the
compulsory deferral of 50% of their FY21 bonus earned as a director into share
awards, which vest after two years. Full details of the FY21 bonus outcome
will be set out in the FY21 Annual Report.
The closing mid-market quotation on 7 March 2022, used to calculate the number
of options granted under the LTIP, RSP and Deferred Bonus Plan, was £36.00.
All awards were made in accordance with the approved Directors’ Remuneration
Policy.
The notification below, made in accordance with the requirements of Article 19
of the EU Market Abuse Regulations, as it forms part of domestic law by virtue
of The European Union (Withdrawal) Act 2018, gives further details.
1 Details of the person discharging managerial responsibilities
a) Name Gavin Griggs
2 Reason for the notification
a) Position/status Chief Executive Officer (PDMR)
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name XP POWER LIMITED
b) LEI 213800I7RWQ3FV72EZ26
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a) Description of the financial instrument, type of instrument Identification code Ordinary shares of £0.01 each (“Ordinary Shares”) SG9999003735
b) Nature of the transaction 1) Award of nominal value options over Ordinary Shares as part of the XP Power Limited Long Term Incentive Plan 2017. The potential
vesting of the award after five years, is subject to the achievement of earnings per share and total shareholder return targets
measured over a three year period. There is no price payable on the grant or vesting of the option. On exercise, the option
price of £0.01 per share is payable.
2) Award of nominal value options over Ordinary Shares as part of the XP Power Limited Restricted Share Plan 2020. The vesting of
the award after five years is not subject to performance conditions. There is no price payable on the grant or vesting of the
option. On exercise, the option price of £0.01 per share is payable.
3) Grant of nil cost share option award over Ordinary Shares under the XP Power Limited Deferred Share Bonus Plan, which vests
after two years.
c) Price(s) and volume(s)
Price(s) Volume(s)
1) Nil 15,277
2) Nil 1,909
3) Nil 6,371
d) Aggregated information - Aggregated volume - Price 23,557 Nil
e) Date of the transaction 8 March 2022
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities
a) Name Oskar Zahn
2 Reason for the notification
a) Position/status Chief Financial Officer (PDMR)
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name XP POWER LIMITED
b) LEI 213800I7RWQ3FV72EZ26
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a) Description of the financial instrument, type of instrument Identification code Ordinary shares of £0.01 each (“Ordinary Shares”) SG9999003735
b) Nature of the transaction 1) Award of nominal value options over Ordinary Shares as part of the XP Power Limited Long Term Incentive Plan 2017. The potential
vesting of the award after five years, is subject to the achievement of earnings per share and total shareholder return targets
measured over a three year period. There is no price payable on the grant or vesting of the option. On exercise, the option
price of £0.01 per share is payable.
2) Award of nominal value options over Ordinary Shares as part of the XP Power Limited Restricted Share Plan 2020. The vesting of
the award after five years is not subject to performance conditions. There is no price payable on the grant or vesting of the
option. On exercise, the option price of £0.01 per share is payable.
3) Grant of nil cost share option award over Ordinary Shares under the XP Power Limited Deferred Share Bonus Plan, which vests
after two years.
c) Price(s) and volume(s)
Price(s) Volume(s)
1) Nil 11,555
2) Nil 1,444
3) Nil 2,529
d) Aggregated information - Aggregated volume - Price 15,528 Nil
e) Date of the transaction 8 March 2022
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities
a) Name Andy Sng
2 Reason for the notification
a) Position/status Executive Vice President, Asia and Director (PDMR)
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name XP POWER LIMITED
b) LEI 213800I7RWQ3FV72EZ26
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a) Description of the financial instrument, type of instrument Identification code Ordinary shares of £0.01 each (“Ordinary Shares”) SG9999003735
b) Nature of the transaction 1) Award of nominal value options over Ordinary Shares as part of the XP Power Limited Long Term Incentive Plan 2017. The potential
vesting of the award after five years, is subject to the achievement of earnings per share and total shareholder return targets
measured over a three year period. There is no price payable on the grant or vesting of the option. On exercise, the option
price of £0.01 per share is payable.
2) Award of nominal value options over Ordinary Shares as part of the XP Power Limited Restricted Share Plan 2020. The vesting of
the award after five years is not subject to performance conditions. There is no price payable on the grant or vesting of the
option. On exercise, the option price of £0.01 per share is payable.
3) Award of nil cost share options over Ordinary Shares under the XP Power Limited Deferred Bonus Plan, which vests after two
years.
c) Price(s) and volume(s)
Price(s) Volume(s)
1) Nil 3,639
2) Nil 727
3) Nil 1,460
d) Aggregated information - Aggregated volume - Price 5,826 Nil
e) Date of the transaction 8 March 2022
f) Place of the transaction Outside a trading venue
Enquiries:
XP Power
Gavin Griggs, Chief Executive
Officer +44 (0)118 976 5155
Oskar Zahn, Chief Financial Officer
+44 (0)118 976 5155
Citigate Dewe Rogerson
Kevin Smith/Jos Bieneman
+44 (0)207 638
9571
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