4th Jan 2016 09:33
Shawbrook Group plcDirector/PDMR Shareholding
4 January 2016
Grant of Awards
Upon Steve Pateman taking up his role as Chief Executive Officer of Shawbrook Group plc (the "Company") on 1 January 2016, he received the following awards over ordinary shares of £0.01 each in the Company:
· A one-off grant of awards over 71,408 ordinary shares by the Company to compensate him for the reduction in basic salary from his previous employment. These awards will vest immediately and the resulting shares will be subject to a three year hold period, save for those which will be sold to cover tax liabilities arising on vesting.· A one-off grant of awards over 552,623 ordinary shares by Special Opportunities Fund (Guernsey) LP as compensation for bonus and awards arising from his previous employment which he forfeited on joining the Company. These awards will ordinarily vest on 27 January 2016 (as to 64,267 ordinary shares), 18 February 2016 (as to 256,631 ordinary shares), 18 February 2017 (as to 149,681 ordinary shares) and 18 February 2018 (as to 82,044 ordinary shares), subject to continued service. These awards are subject to clawback and malus provisions.
No consideration was paid for the grant of the awards by or to the Company or Special Opportunities Fund (Guernsey) LP and no consideration is due on the vesting of the awards.
Steve Pateman will also be eligible to participate in the Company's Performance Share Plan. Awards may be granted annually up to a maximum number of shares equal to 100% of base salary. Awards are subject to performance conditions and clawback and malus provisions.Following these awards and the sale to cover tax liabilities, Steve Pateman is interested in a total of 590,469 ordinary shares representing 0.24%% of the Company's issued share capital. This notification is made in accordance with DTR 3.1.4(1)(a).For further information please contact:
Paula Watts, Head of Secretariat, 01277 751110
Related Shares:
SHAW.L