Director/PDMR Shareholding

RNS Number : 1640M

Spirent Communications PLC

06 May 2020

 

SPIRENT COMMUNICATIONS PLC (the "Company")

06 May 2020

DIRECTOR / PDMR SHAREHOLDING: Vesting and Exercise of Restricted Stock Awards under Spirent Long-Term Incentive Plan

The Company confirms that its Remuneration Committee (the "Committee") has considered the following performance conditions attached to Restricted Stock Awards awarded on 1 April 2019 to Eric Updyke:

-  Mr Updyke's continuing to be employed with the Spirent Communications plc Group at the date of vesting;

-  Acceptable personal performance up to the date of vesting as determined by the Committee.

Following consideration of these performance conditions, the Committee has agreed that the first tranche of the awards, in the amount of 225,681 Restricted Stock Units, should vest at 100%.

Awards of Restricted Stock under the Spirent Long-Term Incentive Plan are not tax approved and income tax and social security deductions become payable by the individual on vesting.

As a result of the vesting of this award, the following transactions have taken place:

1.	Details of PDMR / person closely associated
	Name	Eric Updyke
2.	Reason for the notification
a)	Position / status	CEO
b)	Initial notification / amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Full name of the entity	Spirent Communications plc
b)	Legal Entity Identifier Code	213800HKCUNWP1916L38
4.	Details of the transaction(s)
a)	Description of the financial instrument Identification code	Ordinary shares of 3&1/3 pence each GB0004726096
b)	Nature of the transaction	(i)  Exercise of shares arising from Spirent Long-Term Incentive Plan at nil-cost (ii)  Sale of shares in market to cover tax and social security liabilities
c)	Price(s) and volume(s)	Price(s) Volume(s) (i) GBP0.0000 225,681 (ii) GBP2.3828 109,332
d)	Aggregated information -  Aggregated volume -  price	n/a n/a
e)	Date of the transaction	05 May 2020
f)	Place of the transaction	(i)  Outside a trading venue (ii)  London

Following this notification, the individuals listed above hold options over the following total number of shares:

Director / PDMR	Total beneficial interest in shares	Total number of shares over which options held
Eric Updyke	116,349	1,054,543

Enquiries

Michelle Balch  Spirent Communications plc  [phone]

Deputy Company Secretary

 

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