XP Power Ltd Grant of RSP and LTIP awards
18 Septiembre 2023 - 3:57AM
UK Regulatory
TIDMXPP
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% 80th percentile or above
25% Median (50th 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 |Initial Notification |
| |/Amendment | |
+--+----------------------------+--+------------------------+
|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|Ordinary shares of |
| |instrument, type of |£0.01 each |
| |instrument |("Ordinary Shares") |
| | | |
| |Identification code |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 | 22,530 |
| | | |
| |- Aggregated volume | Nil |
| | | |
| |- Price | |
+--+----------------------------+--+------------------------+
|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
This information was brought to you by Cision http://news.cision.com
END
(END) Dow Jones Newswires
September 18, 2023 04:57 ET (08:57 GMT)
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