23 Jul 2013 07:00
e2v technologies plc
("e2v" or "the Company")
Director Share Incentive Plan Award
An award over 720,000 ordinary shares was made on 22 July 2013 (the "Grant Date") under the Company's Share Incentive Plan ('SIP') to Neil Johnson, the Chairman of the Company. A summary of the Plan was set out in the Notice of Annual General Meeting of 17 June 2013, and herein. The plan allows for only one Award to be made to Mr Johnson and no other officers or employees of the Company or its subsidiaries may participate in the Plan. No further awards will therefore be made under the Plan.
In the normal course of events the Award will vest on the third anniversary of the Grant Date, subject to the extent to which the following performance conditions, measured over the three year Performance Period are met:
Share price condition
The average closing Share price over the final three months of the Performance Period needs to exceed 140p for any of the Award to vest. The level of vesting will depend on the extent to which that the Share Price exceeds 140p, with full vesting for achieving a share price of 315p.
TSR condition
The Company's TSR performance will be measured against the constituents of the FTSE Small Cap Index (the "Index") (as at the Grant Date) over the Performance Period. The number of shares vesting under the Share price condition will be pro-rated based on the TSR performance. The Company needs to be ranked above median for any of the award to vest at which point 50% of the shares earned under the share price condition will vest. The full amount of shares earned under the share price condition will vest if the Company is ranked at the upper decile or above.
The Award amounts to a contractual right to acquire an interest in shares. No consideration was paid for the grant of the Award which is structured as an option with a nil exercise price.
Further enquiries:
e2v technologies plc | Tel: +44 (0)1245 493 493 |
Charles Hindson | |
Pelham Bell Pottinger | Tel: +44 (0)20 7861 2840 |
Elly Williamson Charles Goodwin |
About e2v
e2v is a leading global provider of specialist technology for high performance systems and equipment; delivering solutions, sub-systems and components for specialist applications within medical & science, aerospace & defence, and commercial & industrial markets.
e2v has its headquarters in the UK, employs approximately 1500 people, has design and production facilities across Europe and North America, and has a global network of sales and technical support offices. For the year ended 31 March 2013, e2v reported sales of GBP196.8m and is listed on the London Stock Exchange.
For more information visit e2v.com