REG-XP Power Ltd: Grant of LTIP, RSP and DBP awards

XP PowerAnnouncement

13/03/2024 07:15

13 March 2024

XP Power Limited

("XP Power" or "the Company")

Grant of Restricted Share Plan, Long Term Incentive Plan and Deferred Bonus
Plan awards

 

The Company announces that on 12 March 2024, Executive Directors of the
Company, Gavin Griggs, Matt Webb and Andy Sng, were 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 at the end of a three-year period.

Awards were further granted on 12 March 2024 to the Executive Directors of the
Company under the XP Power Limited Deferred Bonus Plan 2017 (the "DBP"). These
awards relate to the compulsory deferral into share awards of 50% of their
earned FY23 bonus, which vest after two years. Full details of the FY23 bonus
outcome will be set out in the FY23 Annual Report.

The five-day average of the closing mid-market quotation prior to the date of
grant used to calculate the number of options granted under the LTIP, RSP and
DBP, was £10.74.

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 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.                                        
                                                                                            2)                                                                 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 performance conditions assessed at the end of 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.                                                                                                                                                                                                                                                                                                                                     
                                                                                            3)                                                                 Grant of nil cost share option award over Ordinary Shares under the XP Power Limited Deferred Bonus Plan 2017. The vesting of the award after two years is not subject to performance conditions. There is no price payable on the grant, vesting or exercise of the option.                                                                                             
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
 c)        Price(s) and volume(s)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
 Price(s)  Volume(s)                                                                        
 1) Nil    6,634                                                                            
 2) Nil    53,072                                                                           
 3) Nil    14,926                                                                           
 d)        Aggregated information  - Aggregated volume  - Price                             74,632  Nil                                                                                                                                                                                                                                                                                                                                                                                                                                 
 e)        Date of the transaction                                                          12 March 2024                                                                                                                                                                                                                                                                                                                                                                                                                               
 f)        Place of the transaction                                                         Outside a trading venue                                                                                                                                                                                                                                                                                                                                                                                                                     

 

 1         Details of the person discharging managerial responsibilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                
 a)        Name                                                                             Matthew Webb                                                                                                                                                                                                                                                                                                                                                                                                                                
 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 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.                                        
                                                                                            2)                                                                 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 performance conditions assessed at the end of 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.                                                                                                                                                                                                                                                                                                                                     
                                                                                            3)                                                                 Grant of nil cost share option award over Ordinary Shares under the XP Power Limited Deferred Bonus Plan 2017. The vesting of the award after two years is not subject to performance conditions. There is no price payable on the grant, vesting or exercise of the option.                                                                                             
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
 c)        Price(s) and volume(s)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
 Price(s)  Volume(s)                                                                        
 1) Nil    5,121                                                                            
 2) Nil    40,968                                                                           
 3) Nil    3,348                                                                            
 d)        Aggregated information  - Aggregated volume  - Price                             49,437  Nil                                                                                                                                                                                                                                                                                                                                                                                                                                 
 e)        Date of the transaction                                                          12 March 2024                                                                                                                                                                                                                                                                                                                                                                                                                               
 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 (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 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.                                        
                                                                                            2)                                                                 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 performance conditions assessed at the end of 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.                                                                                                                                                                                                                                                                                                                                     
                                                                                            3)                                                                 Grant of nil cost share option award over Ordinary Shares under the XP Power Limited Deferred Bonus Plan 2017. The vesting of the award after two years is not subject to performance conditions. There is no price payable on the grant, vesting or exercise of the option.                                                                                             
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
 c)        Price(s) and volume(s)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
 Price(s)  Volume(s)                                                                        
 1) Nil    2,618                                                                            
 2) Nil    13,091                                                                           
 3) Nil    3,709                                                                            
 d)        Aggregated information  - Aggregated volume  - Price                             19,418  Nil                                                                                                                                                                                                                                                                                                                                                                                                                                 
 e)        Date of the transaction                                                          12 March 2024                                                                                                                                                                                                                                                                                                                                                                                                                               
 f)        Place of the transaction                                                         Outside a trading venue                                                                                                                                                                                                                                                                                                                                                                                                                     

 

Enquiries:

 XP Power                                                 
 Ruth Cartwright, Company Secretary  +44 (0)118 984 5515  
                                                          
 Citigate Dewe Rogerson                                   
 Kevin Smith/Lucy Gibbs              +44 (0)207 638 9571  

 



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