Last checked at 16 Oct 2015 07:00
DUNELM GROUP plc
NOTIFICATION OF TRANSACTIONS OF DIRECTORS/PERSONS DISCHARGING MANAGERIAL
RESPONSIBILITY AND CONNECTED PERSONS
16 October 2015
LTIP award granted to David Stead
A conditional award under the Company's Long-Term Incentive Plan (LTIP) has been granted on 15 October 2015 over ordinary shares of one pence each in Dunelm Group plc, in the form of a nil cost option, to David Stead, Chief Financial Officer.
Using a closing mid price on 14 October 2015 of 942.5 pence, awards have been granted
as follows:
| Basic salary
| 150% of basic salary | Share price used to calculate number of nil cost options | Number of shares in award | Total number of LTIP options held after this award |
David Stead
| £280,185 | £420,278 | 942.5p | 44,592 | 184,645 |
The award is made under the terms of the Remuneration Policy approved by shareholders on 11 November 2014.
The maximum award under the LTIP is 150% of basic salary. The award is subject to the satisfaction of a performance condition over the three financial years commencing on 5 July 2015. Shares earned, following application of the performance condition, would be subject to a two year deferral. They are therefore due to vest to Mr Stead after five years, on 15 October 2020. Mr Stead would also receive on exercise a payment equal to any dividends that would have been paid on the shares during the deferral period.
The award is subject to malus and claw back in the case of mis-statement of performance to which a previous LTIP award relates, miscalculation of performance conditions in previous exercised options, or gross misconduct or fraud on the part of the individual.
As previously announced on 9 July 2015, Mr Stead is intending to retire shortly after his successor Keith Down commences employment in December 2015. Upon Mr Stead's retirement the Remuneration Committee will consider the extent to which Mr Stead's unvested LTIP awards may vest and be exercised, taking into account the amount of time that has elapsed through the performance period, and the extent to which any performance criteria have been met. In making its decision, the Committee will be bound by the rules of the LTIP and the approved Remuneration Policy.
It is expected that awards under the LTIP will be made to John Browett, Chief Executive Designate, and Keith Down, incoming Chief Financial Officer, in December 2015. Will Adderley, Chief Executive, has waived his entitlement to receive an LTIP award.
Name of authorised Company official responsible for making this notification:
Dawn Durrant, Company Secretary
0116 26444439