31 May 2013 14:56
ELECTROCOMPONENTS PLC (the "Company")
Long Term Incentive Plan (the "Plan") - Vesting of 2010 Awards
Electrocomponents announces the following:
In June 2010, the Remuneration Committee awarded 248,009 ordinary 10 pence shares in the Company ("Shares") to Ian Mason (Group Chief Executive) and 124,005 Shares to Simon Boddie (Group Finance Director), subject normally to their continued employment with the Group and the satisfaction of a Performance Condition (the 'Award').
The vesting of 50% of the Award was dependent on the Company's TSR performance compared with the TSR of the FTSE 250 Index over the three year Performance Period. The vesting of the other 50% of the Award was dependent on the level of growth in the Company's EPS over the Performance Period. In addition, for any award to vest, the Committee had to be satisfied that there had been a sustained improvement in the Company's underlying financial performance over the Period (the 'Performance Underpin')
On 30 May 2013, the Committee determined that in accordance with the terms of the Performance Condition, and following consideration of the Performance Underpin, 55.5% of the Award would vest.
Consequently, the Shares have vested as follows:
Ian Mason 137,644 Shares
Simon Boddie 68,822 Shares
No consideration is payable for the Shares.
The Company was informed on 30 May 2013 that Shares were sold on behalf of Ian Mason and Simon Boddie as follows at a price of 270p in order to meet their income tax and National Insurance liabilities (and associated dealing costs) on the vesting of the Awards.
Ian Mason 63,935 Shares
Simon Boddie 31,968 Shares
Following these transactions, Ian Mason has an interest in a total of 367,835 Shares and Simon Boddie has an interest in a total of 224,203 Shares, together representing around 0.1% of the issued share capital of the Company.
This announcement relates to transactions notified in accordance with DTR 3.1.2R.
Ian Haslegrave
Company Secretary
31 May 2013