WPP PLC Executive Share Awards (0691N)
15 Mayo 2020 - 5:01AM
UK Regulatory
TIDMWPP
RNS Number : 0691N
WPP PLC
15 May 2020
FOR IMMEDIATE RELEASE
15 May 2020
WPP plc ("WPP")
Executive Share Awards
Mark Read
WPP's Executive Directors' annual bonuses for 2019 were
delivered in the form of a cash award and, for Mark Read, a
deferred share award, with the shares comprising 40% of the total
bonus achieved. The Executive Share Award (ESA) will vest after a
minimum of two years, together with additional shares in respect of
accrued dividends. The award is subject to continued employment and
malus and clawback provisions. The 2019 ESA award to Mark Read was
granted on 14 May 2020 over 97,523 WPP shares.
Details of the Executive Directors' bonuses were published in
the WPP 2019 Annual Report and Accounts.
John Rogers
As announced on 1 October 2019, John Rogers has been granted
awards under the WPP Share Plans. The awards are to compensate John
for the loss of share-based incentives that were forfeited on his
departure from Sainsbury's and are of equivalent value and form as
the awards forfeited. The awards are all subject to continued
employment as well as malus and clawback provisions and restrictive
covenants.
Furthermore, the Executive Performance Share Plan (EPSP) awards
are subject to a relative Total Shareholder Return (TSR)
performance condition, with a Return on Invested Capital (ROIC)
underpin. TSR performance will be compared to companies
representing the most relevant, listed global competitors, with
performance below median resulting in zero vesting. Performance
between median and upper decile provides for a vesting opportunity
of between 15% and 100%. The awards will vest subject to a ROIC
underpin of an average of 7.5% over the performance period. The
Compensation Committee has an overriding discretion to determine
the extent to which the award will vest.
The EPSP awards were granted to John Rogers on 14 May 2020 as
182,744 and 243,934 nil cost options, which are exercisable over
WPP shares or ADRs and also incorporate dividend awards. The extent
to which the options will become exercisable in 2021 and 2022
respectively will depend on WPP's performance, as described above,
over the period from 1 January 2019 to 31 December 2020 and the
period from 1 January 2019 to 31 December 2021.
John has also been granted awards over 66,176 WPP shares,
vesting in May 2021 and 52,438 WPP shares, vesting in November
2021. These awards incorporate dividend awards and replicate
deferred bonus and deferred share awards John forfeited on his
departure from Sainsbury's.
At today's date, Mark Read's shareholding in WPP is 296,976
ordinary shares and John Rogers does not currently hold ordinary
shares in WPP.
Contact:
Chris Wade, WPP
+44 (0)20 7282 4600
Richard Oldworth, Buchanan Communications
+44 (0)7710 130634
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END
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