Share Awards for Incoming Chief Executive Officer

TT Electronics PLC

02 October 2023

 

2 October 2023

TT Electronics plc

Share Awards for Incoming Chief Executive Officer

As previously announced on 27 July 2023, TT Electronics plc (the "Company") is pleased to confirm that Peter France joined the Board as Group Chief Executive Officer with effect from 2 October 2023.

On 2 October 2023, the Company was informed that, in accordance with the Company's approved Remuneration Policy and Peter's new hire terms, two conditional awards over ordinary shares in the Company of 25p each ("Shares") with future vesting dates have been granted. The following notifications are made in accordance with the requirements of the EU Market Abuse Regulation ("MAR"). A summary of the awards is set out below:

·    A long-term incentive award of 150% of salary under the Company Long Term Incentive Plan 2014 ("LTIP Award"). This award was made with the same performance conditions as the March 2023 grant to the CFO and the former CEO.

·    A one-off buy-out share award ("Buy-out Award") of £390,000 to compensate for the loss of short-term cash incentives arising from Peter's resignation from ASCO Group Ltd. This award has been granted pursuant to Listing Rule 9.4.2R.

No consideration was paid for the grant of the LTIP Award or the Buy-out Award.

Name	Position	Maximum number of Shares that may vest under the LTIP Award	Number of Shares under the Buy-out Award
Peter France	Chief Executive Officer	479,930	226,876

The vesting of the LTIP Award is subject to continued employment, malus and clawback provisions and the satisfaction of performance conditions set by the Remuneration Committee of the Company. The LTIP Award will normally vest on the third anniversary of the date of grant, subject to achievement of the performance conditions. Executive Directors' LTIP Awards are then subject to an additional two-year holding period.

The Buy-out Award is not subject to performance conditions. The Buy-out Award is subject to malus and clawback provisions and will normally vest on the third anniversary of the date of grant subject to continued employment. This award has been granted pursuant to Listing Rule 9.4.2R as a conditional share award over Shares on substantially similar terms to the TT Electronics Restricted Share Plan, and has been determined to be a fair value for short-term incentive compensation that Peter France has forfeited at his previous employment with ASCO. Rather than replicating the short-term cash payment from the forfeit ASCO incentive, the Buy-out Award has been made over Shares, and with a significantly longer time horizon to strengthen stakeholder alignment. 

Further details of the reward arrangements for Peter France, which are consistent with our principles and shareholder approved Remuneration Policy, will be fully disclosed in the Directors' Remuneration Report of the Annual Report and Accounts for the financial year ending 31 December 2023.

The information set out below is provided in accordance with the requirements of Article 19(3) of MAR and provides further detail:

1.	Details of PDMR / person closely associated with them ('PCA')
a)	Name	Peter France
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)	Name	TT Electronics plc
b)	LEI	213800TJGBW5VFHQEV54
4.	Details of the transaction(s)
a)	Description of the financial instrument, type of instrument Identification Code	Ordinary shares of 25p each GB0008711763
b)	Nature of the transaction	a)   Grant of conditional LTIP Award b)   Grant of conditional award in respect of a one-off buy-out of compensation (Buy-out Award)
c)	Price(s) and volume(s)	Price(s) Volume(s) a) £0.00 b) £0.00 a) 479,930 b) 226,876
d)	Aggregated information Aggregated volume Price	See 4c above See 4c above
e)	Date of the transaction	2023-10-02
f)	Place of the transaction	Outside a trading venue

For further information please contact:

TT Electronics plc

Peter France, Chief Executive Officer:                                       Tel:  + 44 (0)1932 825300

Mark Hoad, Chief Financial Officer:

Kate Moy, Head of Investor Relations                                        

MHP Communications

Tim Rowntree / Ollie Hoare:                                                        Tel:  [phone]

 

END