Vitec Group PLC (The) Director/PDMR Shareholding (1834R)
March 04 2021 - 4:02AM
UK Regulatory
TIDMVTC
RNS Number : 1834R
Vitec Group PLC (The)
04 March 2021
4 March 2021
THE VITEC GROUP PLC
Notification of Transactions of Directors and Persons
Discharging Managerial Responsibility (PDMRs)
Long Term Incentive Plan ("LTIP") - 2021 Awards
The Vitec Group plc ("the Company") announces that on 3 March
2021 the following awards of ordinary shares of 20 pence each were
made under the Company's LTIP to Executive Directors and PDMRs.
Name Position Award of 2021 LTIP
shares
Stephen Bird Group Chief Executive 96,273
------------------------ -------------------
Martin Green Group Finance Director 72,008
------------------------ -------------------
Marco Pezzana PDMR 50,000
------------------------ -------------------
Nicola Dal Toso PDMR 50,000
------------------------ -------------------
Nicol Verheem PDMR 50,000
------------------------ -------------------
Jon Bolton PDMR 25,000
------------------------ -------------------
The awards to the Executive Directors represent 200% of salary.
This award reflects the exceptionally high level of performance
that the financial targets will require, the continuing challenges
faced by the Executive team in delivering business recovery and the
stretch nature of the EPS targets. They also provide a strong
motivating incentive to grow shareholder value.
The awards will be subject to the following two performance
conditions that will run from 1 January 2021 to 31 December
2023:
(1) TSR
33% of the award is subject to the Company's TSR performance
measured against a comparator group. The comparator group will be
the constituents of the FTSE 250 index (excluding financial
services companies and investments trusts). 25% of this element of
the award will vest if the Company's TSR is at the median point of
the comparator group at the end of the performance period and 100%
will vest if the Company's TSR is at or above the upper quartile of
the comparator group at the end of the performance period. A
straight-line sliding scale will operate between these two points
and there will be no vesting below the median point.
(2) EPS
67% of the award is subject to growth in the Company's adjusted
earnings per share ("adjusted EPS") over the three-year performance
period. The adjusted EPS performance condition has threshold set at
60 pence and a stretch set at 100 pence for the year ended 31
December 2023 with a straight-line sliding scale between each
point. At threshold, 25% of this element of the award will vest and
at stretch 100% of this element of the award will vest. There will
be no vesting below 60 pence per share.
ROCE
The Remuneration Committee will also continue to use a ROCE
underpin to ensure the underlying financial performance of the
business, for the EPS element of the award, as part of the vesting
outcome. The Committee will also retain a discretion to scale back
the vesting of an award should it result in an unfair outcome for
shareholders.
Subject to satisfaction of performance conditions, the awards
made under the LTIP will vest on the third anniversary of the award
- being 3 March 2024. In respect of Executive Directors, any awards
vesting under the 2021 award will, after deduction of taxes, be
subject to a further two-year holding period.
Enquiries:
Jon Bolton
Group Company Secretary
020 8332 4600
A snapshot of The Vitec Group plc
Vitec is a leading global provider of premium branded hardware
products and software solutions to the growing content creation
market.
Vitec's customers include broadcasters, film studios, production
and rental companies, photographers, independent content creators
and enterprises. Our product portfolio includes camera supports,
video transmission systems and monitors, live streaming solutions,
smartphone accessories, robotic camera systems, prompters, LED
lighting, mobile power, bags and motion control, audio capture and
noise reduction equipment.
We employ around 1,600 people across the world in 11 different
countries and are organised in three Divisions: Imaging Solutions,
Production Solutions and Creative Solutions.
The Vitec Group plc is listed on the London Stock Exchange .
More information can be found at: www.vitecgroup.com
LEI number: 2138007H5DQ4X8YOCF14
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