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

XP PowerAnnouncement

18/09/2023 10:00

18 September 2023

XP Power Limited

(“XP Power” or “the Company”)

Grant of Restricted Share Plan and Long Term Incentive Plan awards

The Company announces that on 14 September 2023, Matt Webb, Chief Financial
Officer and PDMR of the Company, was 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 over a three-year period (FY23, FY24
and FY25), which are as follows:
 

Earnings per Share (“EPS”) – 67% of the 2023 LTIP award

This element vests on the achievement of cumulative adjusted EPS targets for
the three financial years ending 31 December 2023, 2024 and 2025:

 Vesting  Cumulative adjusted EPS achieved over the Performance Period  
 100%     602 pence or above                                            
 50%      541 pence                                                     
 0%       480 pence or below                                            

  The vesting percentage for performance outcomes between these 
  points will be calculated on a straight-line basis

 

Total Shareholder Return (“TSR”) – 33% of the 2023 LTIP award

This element vests on the Company’s relative TSR performance measured
against the constituents of the FTSE250 index (excluding investment trusts)
over the period of three financial years ending 31 December 2025:

 Vesting  Company TSR over the Performance Period relative to the FTSE250 (xIT)  
 100%     80 th percentile or above                                              
 25%      Median (50 th percentile)                                              
 0%       Below median                                                           

  The vesting percentage for performance outcomes between median 
  and 80th percentile will be calculated on a straight-line basis 
 

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 and RSP,
was £21.97.

Both 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                                                                             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 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.                                                                                            
                                                                                                                                                                                                                                                                                               
 c)        Price(s) and volume(s)                                                                                                                                                                                                                                                              
 Price(s)  Volume(s)                                                                        
 1) Nil    2,503                                                                            
 2) Nil    20,027                                                                           
 d)        Aggregated information  - Aggregated volume  - Price                             22,530  Nil                                                                                                                                                                                        
 e)        Date of the transaction                                                          14 September 2023                                                                                                                                                                                  
 f)        Place of the transaction                                                         Outside a trading venue                                                                                                                                                                            

 

 

Enquiries:

XP Power
Gavin Griggs, Chief Executive Officer  +44 (0)118 976 5155

Citigate Dewe Rogerson
Kevin Smith/Lucy Gibbs     +44 (0)207 638 9571

 



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