LTIP and Deferred Bonus Awards

Aston Martin Lagonda Glob.Hldgs PLC

26 May 2023

 

26 May 2023

Aston Martin Lagonda Global Holdings plc

Notification of transactions by Directors, Persons Discharging Managerial Responsibilities ("PDMRs") and persons closely associated with them

Aston Martin Lagonda Global Holdings plc (the "Company") announces the following changes in the interests of Directors in the Ordinary Shares in the Company ("Shares"), which took place on 24 May 2023.

Long-term Incentive Plan awards

In accordance with the rules of the Aston Martin Lagonda Long-Term Incentive Plan 2018 ("LTIP"), the Director named below was granted nil-cost options over Shares as follows:

·      Doug Lafferty (CFO) - 352,852 shares (200% of salary)

The LTIP award is the 2023 grant and is subject to the performance conditions, performance periods, vesting periods and malus and clawback provisions set out below, in-line with the Remuneration Policy approved in 2022, and as disclosed in the 2022 Directors' Remuneration Report.

2023 LTIP performance measures and targets

		2023 LTIP targets	Vesting* (as a % of maximum)
Adjusted EBITDA (£m in FY25) (80% of award)	Threshold	400	20%
	Stretch	475	80%
	Maximum	550	100%
Relative TSR** (vs. luxury peers) (20% of award)	Threshold	Rank 6th (median)	20%
	Maximum	Rank 3rd or above (80th percentile)	100%

* Vesting will be on a straight-line basis between each of threshold and stretch, and stretch and maximum for the EBITDA
   element and threshold and maximum for the TSR element.

**TSR performance will be measured on a ranked basis against the following luxury companies: Burberry, Capri Holdings, Compagnie Financiere Richemont, Ferrari, Hermes International, Kering, LVMH, Moncler, Prada and Ralph Lauren.

·      The Remuneration Committee retains discretion to adjust the vesting levels to ensure they reflect underlying business performance and any other relevant factors to ensure that the value at vesting is fully reflective of the performance delivered and executives do not receive unjustified windfall gains.

Performance period

Performance for both measures will be measured over three financial years to 31 December 2025. Subject to performance, awards will vest 3 years from grant, following the announcement of results for 2025 but subject to a further 2-year holding period post vest (net of tax).

The CFO will be required to hold at least 75% of any shares that vest (net of tax) until he has met his shareholding guidelines under the shareholding policy.

Deferred Share Bonus Plan awards

In accordance with the rules of the Aston Martin Lagonda Deferred Share Bonus Plan 2018 ("DBSP"), the Directors named below were granted nil-cost options over Shares as follows:

·      Amedeo Felisa (CEO) - 5,820 shares

·      Doug Lafferty (CFO) - 12,221 shares

The DBSP awards are in relation to the 2022 annual bonus which, as disclosed in the 2022 Directors' Remuneration Report, was to be delivered 50% in cash and 50% in deferred shares.  The number of shares granted reflects the net bonus amount (post tax and NI).  Shares under the DBSP awards are deferred for a period of 3 years from grant and will be released, subject to continued employment, on 24 May 2026.

Malus and Clawback:

·      Malus and clawback provisions will be operated at the discretion of the Remuneration Committee in respect of awards granted under the LTIP and DBSP where it considers that there are exceptional circumstances. Such exceptional circumstances may include serious reputational damage, a failure of risk management, an error in available financial information, which led to the award being greater than it would otherwise have been or personal misconduct.

·      Clawback may be applied for a period of up to three years for any LTIP and DBSP awards.

Enquiries

Investors and Analysts
Sherief Bakr	Director of Investor Relations	[phone] [e-mail]
Holly Grainger	Deputy Head, Investor Relations	[phone] [e-mail]
Media
Kevin Watters	Director of Communications	[phone] [e-mail]
Paul Garbett	Head of Corporate and Brand Communications	[phone] [e-mail]
Teneo
Harry Cameron		[phone]

Notification of transactions by Directors, Persons Discharging Managerial Responsibilities ("PDMRs") and persons closely associated with them

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Doug Lafferty
2	Reason for the notification
a)	Position/status	Chief Financial Officer
b)	Initial notification/Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Aston Martin Lagonda Global Holdings plc
b)	LEI	213800167WOVOK5ZC776
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 ISIN:  GB00BN7CG237
b)	Nature of the transaction	Grant of 2023 LTIP awards
c)	Price(s) and volume(s)	Price(s) Volume(s) nil 352,852
d)	Aggregated information - Aggregated volume - Price	352,852 nil
e)	Date of the transaction	24 May 2023
f)	Place of the transaction	Outside a trading venue

Notification of transactions by Directors, Persons Discharging Managerial Responsibilities ("PDMRs") and persons closely associated with them

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Amedeo Felisa
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	Aston Martin Lagonda Global Holdings plc
b)	LEI	213800167WOVOK5ZC776
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 ISIN:  GB00BN7CG237
b)	Nature of the transaction	Grant of 2023 DBSP awards
c)	Price(s) and volume(s)	Price(s) Volume(s) nil 5,820
d)	Aggregated information - Aggregated volume - Price	5,820 nil
e)	Date of the transaction	24 May 2023
f)	Place of the transaction	Outside a trading venue

Notification of transactions by Directors, Persons Discharging Managerial Responsibilities ("PDMRs") and persons closely associated with them

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Doug Lafferty
2	Reason for the notification
a)	Position/status	Chief Financial Officer
b)	Initial notification/Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Aston Martin Lagonda Global Holdings plc
b)	LEI	213800167WOVOK5ZC776
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 ISIN:  GB00BN7CG237
b)	Nature of the transaction	Grant of 2023 DBSP awards
c)	Price(s) and volume(s)	Price(s) Volume(s) nil 12,221
d)	Aggregated information - Aggregated volume - Price	12,221 nil
e)	Date of the transaction	24 May 2023
f)	Place of the transaction	Outside a trading venue

 

END