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23 Mar 2016 17:30
23 March 2016
Countrywide plc
("Countrywide" or the "Company")
Notification of Transactions of Directors/Persons Discharging Managerial Responsibility and Connected Persons
Countrywide plc announces that on 22 March 2016, the Remuneration Committee has approved the grant of nil cost options under the Countrywide Long-Term Incentive Plan to the following directors/persons discharging managerial responsibilities:
Name | Number of ordinary shares subject to the option | Exercise Price |
Graham Bell | 81,148 | nil |
Kate Brown | 71,410 | nil |
Paul Creffield | 81,148 | nil |
Peter Curran | 58,426 | nil |
Helen Normoyle | 81,148 | nil |
Sam Tyrer | 102,246 | nil |
Total | 475,526 |
Performance conditions, as measured over a three year period, will determine the extent to which the options will vest. In summary, the performance conditions applicable to the options are:
Performance condition | Weighting | Performance period | Performance level | Target for 2016 grant | Vesting level |
EPS | 1/3 of Option | 1 January 2016 - 31 December 2018 | Entry | Achieving a minimum of 5% compound growth per annum in EPS covering 2016, 2017 and 2018 | 25% |
Maximum | Achieving a minimum of 15% compound growth per annum in EPS covering 2016, 2017 and 2018 | 100% | |||
Relative TSR | 1/3 of Option | 1 January 2016 - 31 December 2018 | Entry | Median of Comparator Group | 25% |
Maximum | Upper quartile of Comparator Group | 100% | |||
Customer Group NPS (Net Promoter Score) | 1/6 of Option | 1 January 2016 - 31 December 2018 | Entry | Achieve a minimum of 15 point increase in Group NPS covering 2016, 2017, 2018 | 25% |
Maximum | Achieve a minimum of 25 point increase in Group NPS covering 2016, 2017, 2018 | 100% | |||
People Group Engagement Score based on Sirota 'My Countrywide' survey | 1/6 of Option | 1 January 2016 - 31 December 2018 | Entry | Achieve a minimum of 5% increase in Group engagement levels covering 2016, 2017, 2018 | 25% |
Maximum | Achieve a minimum of 10% increase in Group engagement levels covering 2016, 2017, 2018 | 100% | |||
TSR underpin | Applies only to proportion of Option subject to Relative TSR | 1 January 2016 - 31 December 2018 | Option shall not vest unless the Remuneration Committee, in its absolute discretion, is satisfied that the Company's TSR performance over the Performance Period reflects the underlying financial performance of the Company. | ||
*Between the performance levels stated above, vesting will be on a straight line basis.
Each Performance Condition operates separately and they will be tested by reference to performance achieved as at the end of the Performance Period. Any fraction of share arrived at by applying the Performance Condition shall be ignored.
If the Performance Condition(s) is not satisfied in full at the end of the Performance Period any portion that has not vested as a consequence of the Performance Condition not being satisfied in full shall lapse.
In exceptional circumstances, the Remuneration Committee may vary a Performance Condition in accordance with its terms or if anything happens which causes the Committee to consider it appropriate to amend the Performance Conditions, provided that the Remuneration Committee considers that any changed Performance Condition is fair and reasonable and will not be materially less or more challenging to satisfy than the original condition would have been but for such event occurring.
These options will vest on 22 March 2019 (which is the third anniversary of the award date) and may be exercised prior to 22 March 2026.
ENQUIRIES: | Jim Clarke |
COUNTRYWIDE PLC
| (+44) 07979 477299 |
WEBSITE: http:// www.countrywide.co.uk
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