Director/PDMR Shareholding

RNS Number : 1153X
Pearson PLC
03 May 2016
 

3 May 2016

 

Pearson plc (the "Company")

 

Notification of Directors' and PDMRs' Interests

 

Long-Term Incentive Plan

 

In 2001, the Company established the Pearson Long-Term Incentive Plan (the "LTIP"). Its purpose is to link management's long-term reward with Pearson's financial performance and returns to shareholders. Since 2006, the annual LTIP awards have been based around three performance measures: relative total shareholder return, return on invested capital and earnings per share growth.  The LTIP was renewed and approved by shareholders in 2011.  The operation of the LTIP is governed by the remuneration policy approved by shareholders at the Annual General Meeting on 25 April 2014.

 

2016 Award

 

On 3 May 2016, the Company made a grant of performance-related restricted shares to executive directors and other members of the Pearson Executive under the LTIP. This represents the company's annual grant of long-term incentives to executive directors and other members of the Pearson Executive for 2016.

 

The awards will vest on 3 May 2019 as follows:

 

a)  one-half of the award will be based on Pearson's earnings per share in 2018;

 

b)  one-third of the award will be based on Pearson's return on invested capital in 2018; and

 

c)  one-sixth of the award will be based on Pearson's total shareholder return performance relative to the constituents of the FTSE World Media Index over the three-year period 1 January 2016 to 31 December 2018

 

Subject to meeting the performance conditions in full, and the retention of shares that vest on 3 May 2019 for a further two years, the maximum number of shares that John Fallon, CEO, may receive is: 383,000 and the maximum number of shares that Coram Williams, CFO, may receive is: 222,000.

 

The awards are consistent with the remuneration policy approved by shareholders at the Annual General Meeting on 25 April 2014 and were made on the following basis:

 

Name

 

Title

Restricted shares awarded

Share price on date of award

Face value on date of award

£

% of base salary at date of award

John Fallon

CEO

383,000

805.00p

£3,083,150

395%

Coram Williams

CFO

222,000

805.00p

£1,787,100

347%

 

Subject to meeting the performance conditions in full, and the retention of shares that vest on 3 May 2019 for a further two years, the maximum number of shares that the other members of the Pearson Executive may receive is as follows:

 

Name

Title

Restricted shares awarded

Albert Hitchcock

Chief Technology and Operations Officer

200,000

Tim Bozik

President Global Product

180,000

Rod Bristow

President Core Markets

180,000

Don Kilburn

President North America

180,000

Gio Giovanelli

President Growth Markets

180,000

Bob Whelan

President Pearson Assessments

180,000

Michael Barber

Chief Education Advisor

150,000

Kate James

Chief Corporate Affairs and Global Marketing Officer

160,000

Melinda Wolfe

Chief Human Resources Officer

160,000

 

Further details of the LTIP and its performance measures are contained in Pearson's annual report and accounts.

 

This notification is made in accordance with DTR 3.1.4R.

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Pearson (PSON)
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