26th May 2016 15:47
26 May 2016
Paysafe Group plc
LTIP Share Awards
Paysafe Group plc (LSE: PAYS, the "Company") announces that its Executive Directors were yesterday granted the following share awards over ordinary shares of £0.0001 each in the Company ("Shares") under the Company's Long Term Incentive Plan ("LTIP"), The awards have been granted in accordance with the new remuneration policy adopted by the Company's shareholders at the Annual General Meeting held yesterday.
Director | Position | Number of Share Awards Granted |
Joel Leonoff | President and Chief Executive Officer | 427,413 |
Brian McArthur-Muscroft | Chief Financial Officer | 191,599 |
These awards are subject to two performance conditions which will be determined in 2019, following the announcement of FY 2018 results, after which the awards may vest. 50% of the award shares are subject to a relative Total Shareholder Return ("TSR") performance condition, and the remaining 50% of the award shares are subject to an earnings per share ("EPS") performance condition. Both the TSR and EPS performance conditions will be measured following the end of the Financial Year to 31 December 2018 and can be summarised as follows:
EPS - Financial Year 2018 | % of one half of an award capable of vesting (i.e. expressed as a percentage of one-half of the total number of Shares originally subject to the Award) |
48 cents or more |
100% |
Between 43 cents and 48 cents |
Pro-rata on straight-line basis between 25% and 100% |
43 cents |
25% |
Less than 43 cents |
0% |
Company's TSR ranking relative to constituents of the FTSE 250 index (excluding investment trusts) in the period of 3 years to 31 December 2018 | % of one half of an award capable of vesting (i.e. expressed as a percentage of one-half of the total number of Shares originally subject to the Award) |
Upper Quartile or more |
100% |
Between Median and Upper Quartile |
Pro-rata on a straight line basis between 25% and 100% |
Median |
25% |
Less than Median |
0% |
The TSR measurements will be based on the three month average TSRs before the start and at the end of the measurement period. The EPS measure is based on adjusted fully diluted EPS (and assuming no material changes in the Company's effective corporate tax rate).
For further information please contact:
Paysafe Group plc
Tony Hunter, Company Secretary
+44 (0) 20 7603 1515 / [email protected]
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