11th Oct 2016 07:02
11 October 2016
LAMPRELL PLC("Lamprell" or "Company" and with its subsidiaries the "Group")
Notification of interests of Persons Discharging Managerial Responsibility (PDMRs) and connected persons
This announcement is made in accordance with the requirements of DTR 3.1.4R(1)(a).
On Appointment awards
The Company has made the following awards to Christopher McDonald following his appointment as Chief Executive Officer of Lamprell and a Director of the Company as from 1 October 2016. In line with an agreement between the Company and Mr McDonald, the Company has agreed to compensate him for unvested share awards that he forfeited as a consequence of joining Lamprell. Subject to fulfilment of applicable conditions, the incentives will vest on the dates detailed below:
Company Plan | Shares awarded | Grant date | Vesting date |
Retention share plan | 281,761 | 10 October 2016 | 01 October 2017 |
Retention share plan | 94,452 | 10 October 2016 | 01 October 2018 |
Retention share plan | 46,811 | 10 October 2016 | 01 October 2019 |
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Performance share plan | 55,219 | 10 October 2016 | 01 October 2017 |
Performance share plan | 102,019 | 10 October 2016 | 01 October 2018 |
Performance share plan | 147,331 | 10 October 2016 | 01 October 2019 |
Total | 727,593 |
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This replacement award has been made on a like-for-like basis, with the incentives exercisable broadly in accordance with the original vesting timeframe which applied to the forfeited awards. This arrangement has been put in place in accordance with LR9.4.2, which allows an individual scheme to be put in place to assist with the recruitment of an executive director, and is consistent with the Directors' Remuneration Policy.
- Ends -
Enquiries:
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Related Shares:
LAM.L