17th Mar 2005 14:51
Pearson PLC17 March 2005 Pearson plc (the Company) In 2001, the Company established the Pearson Long Term Incentive Plan (the Plan)for the purpose of providing a long-term share incentive for executive directorsand senior executives of the Pearson group. The Plan provided for the grant oftwo separate categories of award relating to ordinary shares in the Company (Shares) - option awards and restricted share awards. Restricted Share Awards Granted on 9 May 2001 The vesting of restricted share awards granted on 9 May 2001 was dependent onthe Company's free cash flow per share performance over the three-year period2001 to 2003, as set out in the 2003 annual report and accounts. On 25 February 2005, these restricted share awards vested as to 70.5 % of theShares originally comprised in the award (the Vested Shares). 75% of the VestedShares form the main tranche of the Award which may be called for byparticipants within 6 months of vesting. The Shares required to satisfy these awards have been sourced from a number ofemployee benefit trusts established by the Company. As a result of the releaseof Shares described above, the number of Shares held by Pearson Employee ShareTrustees Limited (as trustee of the Pearson Employee Share Trust) is now zero. No executive directors have today called for Shares under these LTIP awards. Each of the executive directors of the Company was for Companies Act purposes,regarded as interested in all the shares held by this trust. Despite thetechnical interest in all the Shares each executive director was only entitledto receive from the trust that number of Shares to which he or she was entitledunder share plans operated by the Company in which he or she participates. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Pearson