27th Mar 2020 17:36
BAE Systems Long Term incentive Plan ("LTIP")
1. BAE Systems plc announces that on 25 March 2020 it made the following awards over ordinary shares of 2.5p each in BAE Systems plc under the LTIP to the Persons Discharging Managerial Responsibilities ("PDMRs") specified below.
In recent weeks, the Company's share price has, to some extent, reflected the uncertain market conditions caused by the coronavirus pandemic. Consequently, having regard to the share price at grant, the Remuneration Committee has retained the ability to exercise its discretion to ensure that the value of the awards at vesting is appropriate.
1.1 Share Options, at an option price of 4.851 pence per share:
Name of PDMR | Number of shares granted under option |
David Armstrong | 69,264 |
Christopher Boardman | 121,231 |
Philip Bramwell | 148,051 |
Karin Hoeing | 181,847 |
Benjamin Hudson | 139,146 |
Glynn Phillips | 105,751 |
Mark Phillips | 37,105 |
Julian Cracknell | 68,777 |
1.2 Performance Shares granted in the form of nil cost options:
Name of PDMR | Number of shares granted under option |
David Armstrong | 69,264 |
Christopher Boardman | 121,231 |
Philip Bramwell | 148,051 |
Karin Hoeing | 181,847 |
Benjamin Hudson | 242,218 |
Glynn Phillips | 105,751 |
Mark Phillips | 37,105 |
Bradley Greve | 421,253 |
Charles Woodburn | 747,474 |
Julian Cracknell | 68,777 |
Tom Arseneault | 423,988 |
1.3 Restricted Shares granted in the form of conditional awards:
Name of PDMR | Number of shares under award |
Thomas Arseneault | 213,416 |
2. In addition, on 25 March 2020, the following PDMRs acquired ordinary 2.5p shares derived from performance share awards granted in 2015 under the Company's LTIP at nil consideration; and a number of the shares were subsequently sold to cover tax liability.
The details of these transactions, which took place on the London Stock Exchange are specified below:
2.1 Performance Shares granted in the form of nil cost options:
Number of shares exercised | Number of shares sold | |
Thomas Arseneault | 11,884 | 5,374 |
Jerry DeMuro | 27,461 | 12,417 |
1
| Details of the person discharging managerial responsibilities / person closely associated | |||||||||||||
a)
| Name
| David Armstrong | ||||||||||||
2
| Reason for the notification
| |||||||||||||
a)
| Position/status
| Group Business Development Director | ||||||||||||
b)
| Initial notification /Amendment
| Initial notification | ||||||||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||||||||
a)
| Name
| BAE Systems plc | ||||||||||||
b)
| LEI
| 8SVCSVKSGDWMW2QHOH83
| ||||||||||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| |||||||||||||
a)
| Description of the financial instrument, type of instrument
Identification code
| Ordinary shares of 2.5p each in BAE Systems plc
GB0002634946 | ||||||||||||
b)
| Nature of the transaction
| Award of shares under the LTIP: · Share Options at an option price of £4.851 per share; · Performance Shares in the form of a conditional award;
| ||||||||||||
c)
| Price(s) and volume(s)
|
| ||||||||||||
d)
| Aggregated information
- Aggregated volume
- Price
|
Aggregated volume: 138,556 shares
£00.00 | ||||||||||||
e)
| Date of the transaction
| Award made on 2020-03-25 | ||||||||||||
f)
| Place of the transaction
| - | ||||||||||||
1
| Details of the person discharging managerial responsibilities / person closely associated | |||||||||||||
a)
| Name
| Tom Arseneault
| ||||||||||||
2
| Reason for the notification
| |||||||||||||
a)
| Position/status
| President & Chief Operating Officer, BAE Systems Inc | ||||||||||||
b)
| Initial notification /Amendment
| Initial notification | ||||||||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||||||||
a)
| Name
| BAE Systems plc | ||||||||||||
b)
| LEI
| 8SVCSVKSGDWMW2QHOH83
| ||||||||||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| |||||||||||||
a)
| Description of the financial instrument, type of instrument
Identification code
| Ordinary shares of 2.5p each in BAE Systems plc
GB0002634946 | ||||||||||||
b)
| Nature of the transaction
| Award of shares under the LTIP: · Performance Shares in the form of a conditional award; and · Restricted Shares in the form of a conditional award.
| ||||||||||||
c)
| Price(s) and volume(s)
|
| ||||||||||||
d)
| Aggregated information
- Aggregated volume
- Price
|
Aggregated volume: 637,404 shares
£00.00 | ||||||||||||
e)
| Date of the transaction
| Award made on 2020-03-25 | ||||||||||||
f)
| Place of the transaction
| - | ||||||||||||
1
| Details of the person discharging managerial responsibilities / person closely associated | |||||||||||||
a)
| Name
| Tom Arseneault
| ||||||||||||
2
| Reason for the notification
| |||||||||||||
a)
| Position/status
| President & Chief Operating Officer, BAE Systems Inc | ||||||||||||
b)
| Initial notification /Amendment
| Initial notification | ||||||||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||||||||
a)
| Name
| BAE Systems plc | ||||||||||||
b)
| LEI
| 8SVCSVKSGDWMW2QHOH83
| ||||||||||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| |||||||||||||
a)
| Description of the financial instrument, type of instrument
Identification code
| Ordinary shares of 2.5p each in BAE Systems plc
GB0002634946 | ||||||||||||
b)
| Nature of the transaction
| Acquisition of performance shares under the Long Term Incentive Plan, and the subsequent disposal of some of those shares and retention of the balance of shares.
| ||||||||||||
c)
| Price(s) and volume(s)
|
| ||||||||||||
d)
| Aggregated information
- Aggregated volume
- Price
|
| ||||||||||||
e)
| Date of the transaction
| 2020-03-25 | ||||||||||||
f)
| Place of the transaction
| London Stock Exchange | ||||||||||||
1
| Details of the person discharging managerial responsibilities / person closely associated | |||||||||||||
a)
| Name
| Christopher Boardman | ||||||||||||
2
| Reason for the notification
| |||||||||||||
a)
| Position/status
| Group Managing Director, Air | ||||||||||||
b)
| Initial notification /Amendment
| Initial notification | ||||||||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||||||||
a)
| Name
| BAE Systems plc | ||||||||||||
b)
| LEI
| 8SVCSVKSGDWMW2QHOH83
| ||||||||||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| |||||||||||||
a)
| Description of the financial instrument, type of instrument
Identification code
| Ordinary shares of 2.5p each in BAE Systems plc
GB0002634946 | ||||||||||||
b)
| Nature of the transaction
| Award of shares under the LTIP: · Share Options at an option price of £4.851 per share; and · Performance Shares in the form of a nil-cost option.
| ||||||||||||
c)
| Price(s) and volume(s)
|
| ||||||||||||
d)
| Aggregated information
- Aggregated volume
- Price
|
Aggregated volume: 242,462 shares
£00.00 | ||||||||||||
e)
| Date of the transaction
| Award made on 2020-03-25 | ||||||||||||
f)
| Place of the transaction
| - | ||||||||||||
1
| Details of the person discharging managerial responsibilities / person closely associated | |||||||||||||
a)
| Name
| Philip Bramwell | ||||||||||||
2
| Reason for the notification
| |||||||||||||
a)
| Position/status
| Group General Counsel | ||||||||||||
b)
| Initial notification /Amendment
| Initial notification | ||||||||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||||||||
a)
| Name
| BAE Systems plc | ||||||||||||
b)
| LEI
| 8SVCSVKSGDWMW2QHOH83
| ||||||||||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| |||||||||||||
a)
| Description of the financial instrument, type of instrument
Identification code
| Ordinary shares of 2.5p each in BAE Systems plc
GB0002634946 | ||||||||||||
b)
| Nature of the transaction
| Award of shares under the LTIP: · Share Options at an option price of £4.851 per share; and · Performance Shares in the form of a nil-cost option.
| ||||||||||||
c)
| Price(s) and volume(s)
|
| ||||||||||||
d)
| Aggregated information
- Aggregated volume
- Price
|
Aggregated volume: 296,102 shares
£00.00
| ||||||||||||
e)
| Date of the transaction
| Award made on 2020-03-25 | ||||||||||||
f)
| Place of the transaction
| - | ||||||||||||
1
| Details of the person discharging managerial responsibilities / person closely associated | |||||||||||||
a)
| Name
| Karin Hoeing | ||||||||||||
2
| Reason for the notification
| |||||||||||||
a)
| Position/status
| Group Human Resources Director | ||||||||||||
b)
| Initial notification /Amendment
| Initial notification | ||||||||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||||||||
a)
| Name
| BAE Systems plc | ||||||||||||
b)
| LEI
| 8SVCSVKSGDWMW2QHOH83
| ||||||||||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| |||||||||||||
a)
| Description of the financial instrument, type of instrument
Identification code
| Ordinary shares of 2.5p each in BAE Systems plc
GB0002634946 | ||||||||||||
b)
| Nature of the transaction
| Award of shares under the LTIP: · Share Options at an option price of £4.851 per share; and · Performance Shares in the form of a nil-cost option. · | ||||||||||||
c)
| Price(s) and volume(s)
|
| ||||||||||||
d)
| Aggregated information
- Aggregated volume
- Price
|
Aggregated volume: 363,694 shares
£00.00
| ||||||||||||
e)
| Date of the transaction
| Award made on 2020-03-25 | ||||||||||||
f)
| Place of the transaction
| XLON - London Stock Exchange | ||||||||||||
1
| Details of the person discharging managerial responsibilities / person closely associated | |||||||||||||
a)
| Name
| Julian Cracknell | ||||||||||||
2
| Reason for the notification
| |||||||||||||
a)
| Position/status
| Managing Director, Applied Intelligence | ||||||||||||
b)
| Initial notification /Amendment
| Initial notification | ||||||||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||||||||
a)
| Name
| BAE Systems plc | ||||||||||||
b)
| LEI
| 8SVCSVKSGDWMW2QHOH83
| ||||||||||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| |||||||||||||
a)
| Description of the financial instrument, type of instrument
Identification code
| Ordinary shares of 2.5p each in BAE Systems plc
GB0002634946 | ||||||||||||
b)
| Nature of the transaction
| Award of shares under the LTIP: · Share Options at an option price of £4.851 per share; and · Performance Shares in the form of a nil-cost option.
| ||||||||||||
c)
| Price(s) and volume(s)
|
| ||||||||||||
d)
| Aggregated information
- Aggregated volume
- Price
|
Aggregated volume: 137,554 shares
£00.00
| ||||||||||||
e)
| Date of the transaction
| Award made on 2019-03-20 | ||||||||||||
f)
| Place of the transaction
| - | ||||||||||||
1
| Details of the person discharging managerial responsibilities / person closely associated | |||||||||||||
a)
| Name
| Jerry DeMuro | ||||||||||||
2
| Reason for the notification
| |||||||||||||
a)
| Position/status
| Chief Executive Officer, BAE Systems Inc and Director | ||||||||||||
b)
| Initial notification /Amendment
| Initial notification | ||||||||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||||||||
a)
| Name
| BAE Systems plc | ||||||||||||
b)
| LEI
| 8SVCSVKSGDWMW2QHOH83
| ||||||||||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| |||||||||||||
a)
| Description of the financial instrument, type of instrument
Identification code
| Ordinary shares of 2.5p each in BAE Systems plc
GB0002634946 | ||||||||||||
b)
| Nature of the transaction
| Acquisition of performance shares under the Long Term Incentive Plan, and the subsequent disposal of some of those shares and retention of the balance of shares.
| ||||||||||||
c)
| Price(s) and volume(s)
|
| ||||||||||||
d)
| Aggregated information
- Aggregated volume
- Price
|
| ||||||||||||
e)
| Date of the transaction
| 2020-03-25 | ||||||||||||
f)
| Place of the transaction
| London Stock Exchange | ||||||||||||
1
| Details of the person discharging managerial responsibilities / person closely associated | |||||||||||||
a)
| Name
| Benjamin Hudson | ||||||||||||
2
| Reason for the notification
| |||||||||||||
a)
| Position/status
| Chief Technology Officer | ||||||||||||
b)
| Initial notification /Amendment
| Initial notification | ||||||||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||||||||
a)
| Name
| BAE Systems plc | ||||||||||||
b)
| LEI
| 8SVCSVKSGDWMW2QHOH83
| ||||||||||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| |||||||||||||
a)
| Description of the financial instrument, type of instrument
Identification code
| Ordinary shares of 2.5p each in BAE Systems plc
GB0002634946 | ||||||||||||
b)
| Nature of the transaction
| Award of shares under the LTIP: · Share Options at an option price of £4.851 per share; and · Performance Shares in the form of a nil-cost option.
| ||||||||||||
c)
| Price(s) and volume(s)
|
| ||||||||||||
d)
| Aggregated information
- Aggregated volume
- Price
|
Aggregated volume: 381,364 shares
£00.00 | ||||||||||||
e)
| Date of the transaction
| Award made on 2020-03-25 | ||||||||||||
f)
| Place of the transaction
| - | ||||||||||||
1
| Details of the person discharging managerial responsibilities / person closely associated | |||||||||||||
a)
| Name
| Glyn Phillips | ||||||||||||
2
| Reason for the notification
| |||||||||||||
a)
| Position/status
| Group Managing Director Maritime and Land UK | ||||||||||||
b)
| Initial notification /Amendment
| Initial notification | ||||||||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||||||||
a)
| Name
| BAE Systems plc | ||||||||||||
b)
| LEI
| 8SVCSVKSGDWMW2QHOH83
| ||||||||||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| |||||||||||||
a)
| Description of the financial instrument, type of instrument
Identification code
| Ordinary shares of 2.5p each in BAE Systems plc
GB0002634946 | ||||||||||||
b)
| Nature of the transaction
| Award of shares under the LTIP: · Share Options at an option price of £4.851 per share; and · Performance Shares in the form of a nil-cost option.
| ||||||||||||
c)
| Price(s) and volume(s)
|
| ||||||||||||
d)
| Aggregated information
- Aggregated volume
- Price
|
Aggregated volume: 211,502 shares
£00.00 | ||||||||||||
e)
| Date of the transaction
| Award made on 2020-03-25 | ||||||||||||
f)
| Place of the transaction
| - | ||||||||||||
1
| Details of the person discharging managerial responsibilities / person closely associated | |||||||||||||
a)
| Name
| Mark Phillips | ||||||||||||
2
| Reason for the notification
| |||||||||||||
a)
| Position/status
| Group Communications Director | ||||||||||||
b)
| Initial notification /Amendment
| Initial notification | ||||||||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||||||||
a)
| Name
| BAE Systems plc | ||||||||||||
b)
| LEI
| 8SVCSVKSGDWMW2QHOH83
| ||||||||||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| |||||||||||||
a)
| Description of the financial instrument, type of instrument
Identification code
| Ordinary shares of 2.5p each in BAE Systems plc
GB0002634946 | ||||||||||||
b)
| Nature of the transaction
| Award of shares under the LTIP: · Share Options at an option price of £4.851 per share; and · Performance Shares in the form of a nil-cost option.
| ||||||||||||
c)
| Price(s) and volume(s)
|
| ||||||||||||
d)
| Aggregated information
- Aggregated volume
- Price
|
Aggregated volume: 74,210 shares
£00.00 | ||||||||||||
e)
| Date of the transaction
| Award made on 2020-03-25 | ||||||||||||
f)
| Place of the transaction
| - | ||||||||||||
1
| Details of the person discharging managerial responsibilities / person closely associated | |||||||
a)
| Name
| Bradley Greve | ||||||
2
| Reason for the notification
| |||||||
a)
| Position/status
| Group Finance Director Designate | ||||||
b)
| Initial notification /Amendment
| Initial notification | ||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||
a)
| Name
| BAE Systems plc | ||||||
b)
| LEI
| 8SVCSVKSGDWMW2QHOH83
| ||||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| |||||||
a)
| Description of the financial instrument, type of instrument
Identification code
| Ordinary shares of 2.5p each in BAE Systems plc
GB0002634946 | ||||||
b)
| Nature of the transaction
| Award of shares under the LTIP: · Performance Shares in the form of a nil-cost option.
| ||||||
c)
| Price(s) and volume(s)
|
| ||||||
d)
| Aggregated information
- Aggregated volume
- Price
|
Aggregated volume: 421,253 shares
£00.00 | ||||||
e)
| Date of the transaction
| Award made on 2020-03-25 | ||||||
f)
| Place of the transaction
| - | ||||||
1
| Details of the person discharging managerial responsibilities / person closely associated | ||||||||||
a)
| Name
| Charles Woodburn | |||||||||
2
| Reason for the notification
| ||||||||||
a)
| Position/status
| Chief Executive Officer | |||||||||
b)
| Initial notification /Amendment
| Initial notification | |||||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||||||||
a)
| Name
| BAE Systems plc | |||||||||
b)
| LEI
| 8SVCSVKSGDWMW2QHOH83
| |||||||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||||||||
a)
| Description of the financial instrument, type of instrument
Identification code
| Ordinary shares of 2.5p each in BAE Systems plc
GB0002634946 | |||||||||
b)
| Nature of the transaction
| Award of shares under the LTIP: · Performance Shares in the form of a nil-cost option.
| |||||||||
c)
| Price(s) and volume(s)
|
| |||||||||
d)
| Aggregated information
- Aggregated volume
- Price
|
Aggregated volume: 747,474 shares
£00.00 | |||||||||
e)
| Date of the transaction
| Award made on 2020-03-25 | |||||||||
f)
| Place of the transaction
| - | |||||||||
Related Shares:
BAE Systems