20th Apr 2011 11:55
On 19 April 2011, the following conditional awards over ordinary shares in the Company were made under the Aggreko Performance Share Plan 2004 (the "PSP") and the Aggreko Co-Investment Plan 2004 ("the CIP") to Executive Directors of the Company:
PSP Awards
The following Directors were granted Awards under the PSP:
Name of Director | Number of Shares held under Basic Award | Maximum number of Shares that may vest subject to satisfaction in full of Super Performance Condition |
Rupert Soames | 39,088 | 78,176 |
Angus Cockburn | 16,417 | 32,834 |
George Walker | 13,614 | 27,228 |
Kash Pandya | 14,593 | 29,186 |
Bill Caplan | 12,769 | 25,538 |
No consideration was paid for the grant of PSP Awards.
The vesting of a basic PSP Award is subject to continued employment of the Director and the satisfaction of performance conditions set by the Remuneration Committee of the Company. PSP awards will normally vest on the third anniversary of grant, in proportion to the fulfilment of the performance conditions. The performance conditions are based on real compound annual growth (CAGR) in aggregate Diluted Earnings per Share (D-EPS) and average Return on Capital Employed (ROCE), over the performance period. For the Basic PSP awards, 75% of the award is subject to a D-EPS target of between 3% and 10% CAGR, and 25% is subject to a ROCE target of between 26% and 28%. In addition, if the CAGR in D-EPS is equal to or exceeds 13%, the Awards are increased under the Super-LTIP. The Super-LTIP increases the Basic Awards by a factor of 1.3 up to 2 times if compound annual growth in D-EPS is between 13% and 20%.
CIP Matching Awards
The following Directors were also granted Matching Awards under the CIP:
Name of Director | Number of shares held under Basic Matching Award | Number of shares held under Performance Matching Award | Total number of shares held under Basic and Performance Matching Award | Maximum number of shares that may vest subject to satisfaction of the Super Performance Condition |
Rupert Soames | 5,863 | 17,589 | 23,452 | 46,904 |
Angus Cockburn | 3,518 | 10,554 | 14,072 | 28,144 |
George Walker | 2,917 | 8,752 | 11,670 | 23,340 |
Kash Pandya | 3,127 | 9,381 | 12,508 | 25,016 |
Bill Caplan | 2,736 | 8,208 | 10,944 | 21,888 |
Matching Awards are conditional awards of free shares and are linked to the number of shares in the Company that a participant is willing to hold under the Plan ("Investment Shares"). Subject to the satisfaction of the performance conditions, Matching Awards have been granted on the basis of up to 2 matching shares for every Investment Share committed to the Plan.
The vesting of a Basic Matching Award is subject to the continued employment of the Director and the retention of Investment Shares for the period to vesting. The vesting of a Performance Matching Award, in addition, is subject to satisfaction of performance conditions set by the Remuneration Committee of the Company. The performance conditions applying to the Performance Matching Awards under the CIP are the same as apply to the PSP, and are as set out in the above section on the PSP. The Awards have also been classified as Super LTIP awards and are subject to the satisfaction of the same additional EPS based performance condition as applies to the PSP.
Matching Awards will normally vest on the third anniversary of grant and in proportion to the fulfilment of the performance conditions.
Below is the total number of interests held by the Executive Directors in respect of the PSP and CIP share awards and matching share awards under the LTIP 2011.
Name of Director | Total interests held by Directors in respect of the PSP and CIP share awards and matching share awards under the LTIP 2011 |
Rupert Soames | 125,080 |
Angus Cockburn | 60,978 |
George Walker | 50,568 |
Kash Pandya | 54,202 |
Bill Caplan | 47,426 |
Peter Kennerley
Director of Legal Affairs & Company Secretary
0141 225 5900
20 April 2011
Related Shares:
AGK.L