28th Sep 2007 15:30
Inmarsat PLC28 September 2007 Inmarsat plc 28 September 2007 Chairman/CEO: extended role and share award The Board of Inmarsat plc (LSE:ISAT) today announced that Andrew Sukawaty, itsChairman and Chief Executive Officer since March 2004, has agreed to remain inthe joint role for a further period which is expected to be not less than twoyears. It is anticipated that he will then transition to the sole role ofChairman. John Rennocks will remain as the Deputy Chairman and SeniorIndependent Non-Executive Director. Reflecting the Company's current business opportunities and evolving marketenvironment, the Board believes the continued executive involvement of MrSukawaty at this stage is very important. In recognition of his renewedcommitment, the Remuneration Committee of the Board has decided to make him anexceptional award of incentive shares conditional upon the delivery ofsignificant share price growth. This award is designed to incentivise MrSukawaty to lead the next stage of accelerating the Company's development andexpansion. A conditional award of one million shares was made today under Listing Rule9.4.2.(2) (the mid-closing share price on 27 September 2007 was £4.49 pershare). No shares will be earned unless, three years after grant, the shareprice reaches a minimum price of £5.50. For performance above this level, shareswill be earned pro-rata up to a share price of £7.25 at which the full awardwill be earned. A further award over 700,000 shares could be earned if, at thetime that performance is assessed, the share price has reached £9.25. If theshare price is below £7.25, none of the additional shares would be earned and ifbetween £7.25 and £9.25, shares would be earned pro-rata up to a share price of£9.25. The share price performance condition will be assessed on the basis of theaverage closing price of Inmarsat shares over the last 20 trading days of theperformance period. Additional shares will accrue representing the value ofdividends paid during the performance period on the number of shares thatultimately vest. The Remuneration Committee anticipates that if an award of shares is made to MrSukawaty, then the share price performance will have out-performed the FTSE 350index (excluding investment trusts). However, in the unlikely event that this isnot the case, the Remuneration Committee retains the discretion to scale backthe award of shares by up to 50% of the proposed share award. These notifications are made in accordance with DR 3.1.4.R Submitted by:Alison Horrocks: +44 20 7728 1626Simon Ailes: +44 20 7728 1518 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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