19th May 2022 13:20
SPIRENT COMMUNICATIONS PLC (the "Company")
19 May 2022
DIRECTOR / PDMR SHAREHOLDING
Vesting and Exercise of Performance Share Awards under Spirent Long-Term Incentive Plan
The Company confirms that on 16 May 2022 the performance conditions attached to Performance Shares awarded to Eric Updyke and Paula Bell on 16 May 2019 were tested, with the following results:
50% of award subject to EPS performance condition 74.9% vest
50% of award subject to TSR performance condition 100% vest
As a result, the following shares vested and became exercisable:
Eric Updyke 465,821 shares
Paula Bell 241,603 shares
Awards of Performance Shares under the Spirent Long-Term Incentive Plan are not tax approved and income tax and social security deductions become payable by the individual on vesting; both Mr Updyke and Ms Bell sold sufficient vested shares to settle these liabilities.
Details of both the vesting and the sale to cover tax liabilities are set out below.
Under the Company's Directors' Remuneration Policy in place at the time of the original award, both Mr Updyke and Ms Bell are required to retain the balance of the vested shares for a period of two years. These shares will remain subject to clawback during the post-vesting holding period.
1. | Details of PDMR / person closely associated | ||||||||||
Name
| Eric Updyke | ||||||||||
2. | Reason for the notification | ||||||||||
a) | Position / status
| CEO | |||||||||
b) | Initial notification / amendment
| Initial notification | |||||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||
a) | Full name of the entity
| Spirent Communications plc | |||||||||
b) | Legal Entity Identifier Code
| 213800HKCUNWP1916L38 | |||||||||
4. | Details of the transaction(s) | ||||||||||
a) | Description of the financial instrument
Identification code
| Ordinary shares of 3 1/3 pence each
GB0004726096 | |||||||||
b) | Nature of the transaction
| (i) Exercise of shares arising from Spirent Long-Term Incentive Plan at nil-cost (ii) Sale of shares in market to cover tax and social security liabilities | |||||||||
c) | Price(s) and volume(s) |
| |||||||||
d) | Aggregated information
- Aggregated volume
- price
|
n/a
n/a
| |||||||||
e) | Date of the transaction
| 17 May 2022 | |||||||||
f) | Place of the transaction
| (i) Outside a trading venue (ii) London | |||||||||
1. | Details of PDMR / person closely associated | ||||||||||
Name
| Paula Bell | ||||||||||
2. | Reason for the notification | ||||||||||
a) | Position / status
| CFO | |||||||||
b) | Initial notification / amendment
| Initial notification | |||||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||
a) | Full name of the entity
| Spirent Communications plc | |||||||||
b) | Legal Entity Identifier Code
| 213800HKCUNWP1916L38 | |||||||||
4. | Details of the transaction(s) | ||||||||||
a) | Description of the financial instrument
Identification code
| Ordinary shares of 3 1/3 pence each
GB0004726096 | |||||||||
b) | Nature of the transaction
| (i) Exercise of shares arising from Spirent Long-Term Incentive Plan at nil-cost (ii) Sale of shares in market to cover tax and national insurance liabilities | |||||||||
c) | Price(s) and volume(s) |
| |||||||||
d) | Aggregated information
- Aggregated volume
- price
|
n/a
n/a
| |||||||||
e) | Date of the transaction
| 17 May 2022 | |||||||||
f) | Place of the transaction
| (i) Outside a trading venue (ii) London | |||||||||
Following these transactions, these individuals held the following total beneficial interests in shares and outstanding awards:
Director / PDMR | Total beneficial interest in shares | Total number of shares over which options held |
Eric Updyke | 811,834 | 1,607,651 |
Paula Bell | 508,723 | 902,071 |
Enquiries
Michelle Balch Spirent Communications plc +44 (0)1293 767676
Deputy Company Secretary
Related Shares:
Spirent