Director/PDMR Shareholding

RNS Number : 1434M

Spirent Communications PLC

19 May 2022

 

SPIRENT COMMUNICATIONS PLC (the "Company")

19 May 2022

DIRECTOR / PDMR SHAREHOLDING

Vesting and Exercise of Performance Share Awards under Spirent Long-Term Incentive Plan

The Company confirms that on 16 May 2022 the performance conditions attached to Performance Shares awarded to Eric Updyke and Paula Bell on 16 May 2019 were tested, with the following results:

50% of award subject to EPS performance condition  74.9% vest

50% of award subject to TSR performance condition  100% vest

As a result, the following shares vested and became exercisable:

Eric Updyke  465,821 shares

Paula Bell  241,603 shares

Awards of Performance Shares 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; both Mr Updyke and Ms Bell sold sufficient vested shares to settle these liabilities.

Details of both the vesting and the sale to cover tax liabilities are set out below.

Under the Company's Directors' Remuneration Policy in place at the time of the original award, both Mr Updyke and Ms Bell are required to retain the balance of the vested shares for a period of two years.  These shares will remain subject to clawback during the post-vesting holding period.

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) GBP0.00 465,821 (ii) GBP2.26 183,735
d)	Aggregated information -  Aggregated volume -  price	n/a n/a
e)	Date of the transaction	17 May 2022
f)	Place of the transaction	(i)  Outside a trading venue (ii)  London

1.	Details of PDMR / person closely associated
	Name	Paula Bell
2.	Reason for the notification
a)	Position / status	CFO
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 national insurance liabilities
c)	Price(s) and volume(s)	Price(s) Volume(s) (i) GBP0.00 241,603 (ii) GBP2.26 116,875
d)	Aggregated information -  Aggregated volume -  price	n/a n/a
e)	Date of the transaction	17 May 2022
f)	Place of the transaction	(i)  Outside a trading venue (ii)  London

Following these transactions, these individuals held the following total beneficial interests in shares and outstanding awards:

Director / PDMR	Total beneficial interest in shares	Total number of shares over which options held
Eric Updyke	811,834	1,607,651
Paula Bell	508,723	902,071

Enquiries

Michelle Balch  Spirent Communications plc  [phone]

Deputy Company Secretary

 

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