The Company announces that, on 15 March 2017, the following awards were granted in the form of nil cost options to Mr Alan Williams under an arrangement to which Listing Rule LR9.4.2R (2) applies.
As previously announced on 20 September 2016, Alan forfeited outstanding incentives on leaving his former employer and the Remuneration Committee determined that it was appropriate to "buy out" these incentives. The buy-out awards have been structured as far as possible to be a like-for-like basis with awards forfeited in accordance with our remuneration policy.
Deferred Bonus Award over 39,900 ordinary shares of 10p each in the Company of which 24,583 shares will vest on 2 December 2017 and the balance of 15,317 shares will vest on 4 December 2018.
Performance Share Plan Award over 51,584 ordinary shares of 10p each in the Company of which 27,548 shares will vest on 15 March 2018 and the balance of 24,036 shares will vest on 15 March 2019, subject to the satisfaction of performance conditions.
The number of shares subject to the options awarded has been calculated using the average market price from 20 September 2016 to 3 January 2017 (the date Alan's appointment commenced) of £14.36.
For further information please contact:
Deputy Company Secretary
+44 (0)1604 685910
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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Travis Perkins PLC via Globenewswire