Reach PLC LTIP - Waiver of Award - Jim Mullen (7435T)
March 21 2023 - 9:00AM
UK Regulatory
TIDMRCH
RNS Number : 7435T
Reach PLC
21 March 2023
21 March 2023
Reach plc
("the Company")
Long Term Incentive Plan 2012 ("LTIP")
Waiver of Award Granted to Jim Mullen
On 27 March 2020 the independent trustee (the "Trustee") of the
Company's Employees' Benefit Trust granted awards under the LTIP to
acquire ordinary shares in the capital of the Company to Jim Mullen
for the amount of 750,258 shares.
The LTIP award is scheduled to vest on or after 27 March 2023 in
accordance with the LTIP rules subject to satisfaction of the
applicable Performance Conditions relating to cumulative adjusted
net cash flow and relative total shareholder return, as measured
over financial years 2020, 2021 and 2022.
As noted in the Company's 2022 Annual Report, the indicative
vesting outcome for the 2020 LTIP awards was 46.43% of maximum
which would otherwise have resulted in the 2020 LTIP award held by
Mr Mullen vesting over 363,274 shares. Despite this positive
outcome, Jim Mullen asked that his 2020 LTIP award not vest and
that his award be cancelled.
On 21 March 2023, the Company received, and the Board has
accepted, a waiver by Jim Mullen of his 2020 LTIP award together
with all related rights. No compensation shall be paid to Mr Mullen
in respect of the waiver.
Enquiries
Reach plc
Lorraine Clover, Group Company Secretary 020 7293 3000
Tulchan Communications
Giles Kernick / David Allchurch 020 7353 4200
LEI: 213800GNI5XF3XOATR61
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