TT Electronics PLC Share Awards for Incoming Chief Executive Officer (4104O)
October 02 2023 - 9:40AM
UK Regulatory
TIDMTTG
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 GBP390,000
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 Number of Shares
of Shares that under the Buy-out
may vest under Award
the LTIP 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 Ordinary shares of 25p each
instrument, type of
instrument
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) GBP0.00 a) 479,930
b) GBP0.00 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
============================= =============================================
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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DSHUPGRWUUPWGWP
(END) Dow Jones Newswires
October 02, 2023 09:40 ET (13:40 GMT)
Tt Electronics (LSE:TTG)
Historical Stock Chart
From Apr 2024 to May 2024
Tt Electronics (LSE:TTG)
Historical Stock Chart
From May 2023 to May 2024