Director/PDMR Shareholding (4206B)
February 17 2011 - 6:36AM
UK Regulatory
TIDMTHT
RNS Number : 4206B
Thorntons PLC
17 February 2011
THORNTONS PLC
Notification of Director/PDMR Shareholding
Thorntons plc (the "Company") announces that Jonathan Hart,
Chief Executive of the Company, has been granted market value
options over ordinary shares in the capital of the Company as
follows:
Grant Date: 16 February 2011
Period in which the option can be exercised: 16 February 2014 -
16 February 2021
Amount paid for grant of option: nil
Description of shares involved: Option over a maximum of 696,969
Ordinary shares of 10p
Exercise price: 99p per share
Total number of options following notification: 696,969
The award of the options is made pursuant to Listing Rule
9.4.2(2) to facilitate the recruitment of Jonathan Hart and will be
satisfied by the transfer of existing shares. The options will
normally vest on the third anniversary of the date of grant and are
subject to the following performance conditions:
Provided that the Remuneration Committee is satisfied that the
underlying financial performance of the Company is satisfactory,
the Remuneration Committee will calculate the compound annual
increase in absolute Total Shareholder Return (TSR) for the Company
over the Performance Period before determining, in accordance with
the table below, whether all or part of this Option has Vested:
Compound Annual increase Percentage of Option
in absolute TSR that will Vest
------------------------- ---------------------
15% 100%
------------------------- ---------------------
11% 75%
------------------------- ---------------------
8% 50%
------------------------- ---------------------
Less than 8% 0%
------------------------- ---------------------
For TSR performance between these points, vesting will be
calculated on a straight line interpolation rounded to the nearest
whole share. For the avoidance of doubt none of the Performance
Option shall vest if the Annualised TSR for the Company is less
than 8%.
Contact: Mark R. Henson - Company Secretary Tel: 01773
542384
17 February 2011
This information is provided by RNS
The company news service from the London Stock Exchange
END
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