Director/PDMR Shareholding

RNS Number : 1513S

Whitbread PLC

03 September 2010

 



WHITBREAD PLC

SHARE AWARDS TO NEW DIRECTOR

LONG TERM INCENTIVE PLAN

Under the terms of the Long Term Incentive Plan of Whitbread PLC a conditional award at nil cost was made on 2 September 2010 to Andy Harrison, on his appointment to the Board of the Company as Chief Executive Designate,  in respect of the 3-year performance period 1 March 2010 to 28 February 2013. The maximum number of Whitbread PLC Ordinary Shares of 76 122/153p ('Ordinary Shares'), which Andy could potentially receive in respect of this performance period is 61,846.

The vesting of half of the award is subject to performance criteria based on Whitbread's TSR performance relative to the other companies within a comparator group over the performance period and the vesting of the other half of the award is subject to performance criteria based on Whitbread's EPS growth over the performance period.

ADDITIONAL LTIP AWARD

Under the terms of Andy's appointment he was also entitled to receive an additional conditional award at nil cost over a further 24,738 Ordinary Shares.  This was granted on 2 September 2010 on performance conditions and terms which are substantially similar to the award granted under the Long Term incentive Plan.

MATCHING AWARD

Under the terms of Andy's appointment he was also entitled to receive a Matching Award on the condition that he purchased £1m worth of shares before the end of the current financial year.  Andy purchased 50,684 Ordinary Shares on 5 May 2010 and a further 81,550 Ordinary Shares on 23 June 2010.  He was therefore granted a conditional award at nil cost on 2 September 2010 in respect of the 3-year period 1 March 2011 to 28 February 2014.  The maximum number of Whitbread PLC Ordinary Shares, which Andy could potentially receive in respect of this Matching Award is 67,468.

The vesting of half of the award is subject to performance criteria based on Whitbread's TSR performance relative to the other companies within a comparator group over the performance period and the vesting of the other half of the award is subject to performance criteria based on Whitbread's EPS growth over the performance period.  There will be no vesting at threshold performance for this Matching Award. 

In addition, Andy must retain the first £1m worth of shares he purchased (i.e. 67,468 Ordinary Shares) until the end of the performance period. 

The awards referred to above were made on and notified to the Company pursuant to Disclosure and Transparency Rule 3.1.2R on 2 September 2010 and this announcement is made pursuant to Disclosure and Transparency Rule 3.1.4R

Daren Lowry

Head of Secretariat & Risk Management

Tel: [phone]

 

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