Cobham PLC PSP Performance Targets (5347B)
04 April 2017 - 8:23PM
UK Regulatory
TIDMCOB
RNS Number : 5347B
Cobham PLC
04 April 2017
4 April 2017
PSP PERFORMANCE TARGETS
This announcement provides further details in respect of the
2017 Performance Share Plan ("PSP") awards and the buy-out award in
respect of the CEO's 2016 PSP award at his previous employer
("Buy-out award"). It is intended that the awards will be made as
soon as practicable following the completion of the Rights Issue
and once the Company is no longer in a closed period.
As previously disclosed in the Remuneration Report in Cobham's
2016 Annual Report and Accounts, the CEO will receive a 2017 PSP
award of 200% of salary and the CFO 150% of salary. In respect of
the buy-out award, an award equivalent to 200% of the CEO's annual
salary at his previous employer will be made. The number of shares
under award will be determined based on an appropriate averaging
period taking into account all relevant factors including the
Rights Issue. These awards will be subject to a two year holding
period following the end of the relevant performance period.
The 2017 PSP awards will be subject to Earnings per Share
("EPS") and relative Total Shareholder Return ("TSR") performance
targets, with equal weighting.
- Relative TSR will be assessed against the other constituents
of the FTSE 250 (excluding investment trusts and financial services
companies). Performance will be measured from the date of grant to
31 December 2019. For median performance, 16.7% of the award will
vest increasing to 100% for upper quartile performance.
- Absolute EPS Targets will be set for the period ending 31
December 2019 taking into account the upcoming Rights Issue and the
Group's financial plan on which the Rights Issue is based, with
16.7% of the award vesting for threshold performance.
Taking into account the fact that the performance period for the
CEO's buy-out awards runs until 31 December 2018, and the recent
declines in Cobham share price, this award will be dependent on EPS
performance targets only.
Enquiries:
Cobham plc +44 (0)1202 857 998
Julian Wais, Director of Investor Relations
MHP Communications +44 (0)203 128 8100
Reg Hoare/Tim Rowntree
This information is provided by RNS
The company news service from the London Stock Exchange
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