Last checked at 27 Jun 2019 16:58
27 June 2019
Aston Martin Lagonda Global Holdings plc
Notification of transactions by Directors, Persons Discharging Managerial Responsibilities ("PDMRs") and persons closely associated with them
Aston Martin Lagonda Global Holdings plc (the "Company") announces the following transactions by Directors in the Ordinary Shares in the Company ("Shares"), which took
place on 27 June 2019.
In accordance with the rules of the Aston Martin Lagonda Long-Term Incentive Plan 2018 ("LTIP"), the Directors named below were granted nil-cost options over Shares as follows:
· Dr Andy Palmer, President and Group Chief Executive Officer (CEO) - 262,135 shares (225% of salary)
· Mark Wilson, EVP and Chief Financial Officer (CFO) - 61,893 shares (150% of salary)
These LTIP awards are subject to the performance conditions, vesting and holding periods
and malus and clawback provisions set out below.
2019 Performance measures and targets:
2019 LTIP targets | Vesting*(as a % of maximum) | ||
EPS(3Y CAGR) (40% of award) | Threshold | 45% | 20% |
Stretch | 55% | 70% | |
Maximum | 65% | 100% | |
ROIC (% in FY21)(40% of award) | Threshold | 14.6% | 20% |
Stretch | 18.0% | 70% | |
Maximum | 20.0% | 100% | |
Relative TSR (vs. FTSE51-150)(20% of award) | Threshold | Median rank | 20% |
Maximum | Upper quartile rank | 100% | |
Additional share price underpin on TSR elementof awards | Shares would not usually vest unless a share price of £19 is achieved between the end of the performance period and the end of the holding period. | ||
* Vesting will be on a straight-line basis between each of threshold and stretch, and stretch and maximum (and threshold and maximum for the TSR element)
· The Remuneration Committee retains discretion to adjust the vesting levels to ensure they reflect underlying business performance and any other relevant factors
Vesting and holding period:
· Subject to performance, awards to vest 3 years from grant following the announcement of results for 2021 but subject to a further 2 year holding period post vest (net of tax)
· The CEO and CFO have volunteered to extend the existing (2-year) holding period on their 2019 LTIP awards, to not sell any of the shares, should they vest, from their 2019 awards until the Company's share price is at £19 or above.
Malus and Clawback:
· Malus and clawback provisions will be operated at the discretion of the Remuneration Committee in respect of the LTIP where it considers that there are exceptional circumstances. Such exceptional circumstances may include serious reputational damage, a failure of risk management, an error in available financial information, which led to the award being greater than it would otherwise have been or personal misconduct. Clawback may be applied for a period of up to three years for any LTIP awards.
The following disclosures are made in accordance with Article 19.3 of the EU Market Abuse Regulation 596/2014.
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Dr Andy Palmer | ||||
2 | Reason for the notification | |||||
a) | Position/status | President and Group Chief Executive Officer | ||||
b) | Initial notification/Amendment | Initial Notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Aston Martin Lagonda Global Holdings plc | ||||
b) | LEI | 213800167WOVOK5ZC776 | ||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrumentIdentification code |
| ||||
b) | Nature of the transaction | Grant of a nil-cost option under the Aston Martin Lagonda Long-Term Incentive Plan 2018 | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information- Aggregated volume- Price |
262,135
N/A | ||||
e) | Date of the transaction | 27 June 2019 | ||||
f) | Place of the transaction | Outside a Trading Venue | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Mark Wilson | ||||
2 | Reason for the notification | |||||
a) | Position/status | EVP and Chief Financial Officer | ||||
b) | Initial notification/Amendment | Initial Notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Aston Martin Lagonda Global Holdings plc | ||||
b) | LEI | 213800167WOVOK5ZC776 | ||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrumentIdentification code |
| ||||
b) | Nature of the transaction | Grant of a nil-cost option under the Aston Martin Lagonda Long-Term Incentive Plan 2018 | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information- Aggregated volume- Price |
61,893
N/A | ||||
e) | Date of the transaction | 27 June 2019 | ||||
f) | Place of the transaction | Outside a Trading Venue | ||||