Remuneration update

RNS Number : 2830J

National Express Group PLC

03 August 2012

 



NATIONAL EXPRESS GROUP PLC

Notification of transaction by PDMR and remuneration update

National Express Group PLC (the "Company") announces that the Company has changed certain elements of the remuneration arrangements for Dean Finch, Group Chief Executive, in view of his significant contribution to the Group's growth and continued development. These are:

·       An additional performance share award (an "Award") over 261,407 five pence ordinary shares of the Company.  In the normal course of events the Award will vest on the fifth anniversary of its grant, i.e. at 3 August 2017. The vesting of the Award is dependent on the delivery of Earnings Per Share growth and   a superior Total Shareholder Return compared with a peer group of relevant transportation companies over a five year period and on Mr Finch's continued service with the Group during that period. No consideration was payable on the grant of the Award and no consideration will be payable on the vesting of the Award. The Award will be satisfied by the transfer of existing ordinary shares in the Company.

·      An increase in his potential Annual Bonus from 125% of salary to 150% of salary. Of this, 50% is payable in shares and deferred for one year.

·      Improved pension arrangements deliverable by the Company after 10 years of service, accruing at 25% of basic salary each year plus a fixed five per cent investment return.

The performance share award was granted pursuant to Rule 9.4.2(2) of the UKLA Listing Rules. In accordance with Listing Rule 9.4.3, full details of this Award and the performance conditions attached will be disclosed in the Company's Annual Report for the year ended 31 December 2012.

This notification is made in accordance with DTR 3.1.4R(1)(a) and the Company was informed on 3 August 2012.

For further information, please contact: 

National Express Group PLC

Anthony Vigor, Director of Policy and External Affairs- 07814979116

Michael Hampson, Company Secretary - 0207 805 3808

Maitland

Neil Bennett/George Hudson 020 7379 5151

 

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