15 Jul 2020 09:21
HomeServe plc
Investment and Grant of Awards under the
HomeServe 2018 Long Term Incentive Plan (the 'LTIP')
Performance Awards
A number of Directors have been granted Performance Awards under the LTIP as follows:
Name | Status | No of Shares subject to Performance Award |
Richard Harpin | Director | 66,623 |
David Bower | Director | 42,485 |
Tom Rusin | Director | 59,666 |
No consideration was payable for the grant of the Awards. Performance Awards will vest in three years' time subject to continued employment and the achievement of stretching performance criteria relating to EPS. The extent to which Performance Awards Vest at the end of the Performance Period will be determined as follows:
Compound annual percentage growth in EPS | Percentage of Shares that Vests |
Less than 7% | 0% |
7% | 25% |
Between 7% and 13% | On a straight-line basis between 25% and 100% |
13% or more | 100% |
The Performance Period is the period of three Financial Years ending on 31 March 2023.
Investment and Matching Awards
Directors have also been invited to invest some of their FY20 net annual bonus in shares ("Investment Shares") under the LTIP. Investment Shares were purchased on 13 July 2020 at a price of £13.28 per Share. Following the acquisition of Investment Shares, Matching Awards were granted as follows:
Name | Status | No of Investment Shares purchased | No of Shares subject to Matching Award |
Richard Harpin | Director | 17,448 | 65,842 |
David Bower | Director | 11,126 | 41,985 |
Tom Rusin | Director | 15,761 | 59,475 |
No consideration was paid for the grant of Matching Awards (other than the acquisition of linked Investment Shares). Subject to the retention of the Investment Shares, continued employment and the achievement of stretching comparative TSR related performance criteria, the Matching Awards will vest in three years' time.
The Company's TSR over the Performance Period must match or exceed the TSR of the Peer Group over the Performance Period. The Peer Group is those companies at positions 31 to 200 in the FTSE Index at the start of the Performance Period. The extent to which Matching Awards Vest at the end of the Performance Period will be determined as follows:
The Company's TSR over the Performance Period | Percentage of Shares that Vests |
Below the TSR of the median company in the Peer Group | 0% |
Equal to the TSR of the median company in the Peer Group | 25%
|
Equal to or more than the TSR of the company at the 75th percentile of the Peer Group | 100%
|
Between median and upper quartile TSR | Pro-rata on a straight-line basis between 25% and 100% |
The Performance Period is the period of three Financial Years ending on 31 March 2023.
15 July 2020