Last checked at 4 May 2023 16:30
Pearson plc - (the "Company")
Notification of Directors' Interests
2023 Long-Term Incentive Plan (LTIP) Awards
On 2 May 2023, the Company made a grant of performance-related restricted shares under the 2023 LTIP, including to the Chief Executive and Chief Financial Officer, under the 2020 LTIP rules. This represents the company's annual grant of long-term incentives for 2023. The award will vest on 1 May 2026 subject to the performance conditions and targets as set out in the 2022 annual report. Any shares which vest on 1 May 2026 will be subject to an additional two-year holding period to 1 May 2028.
The award is consistent with the remuneration policy recently approved by shareholders at the 2023 Annual General Meeting and was made on the following basis:
Name
| Title | Restricted shares awarded | % of Salary | Share price used to calculate award |
Andy Bird | Chief Executive | 545,529 | 450% | USD $10.672 |
Sally Johnson | Chief Financial Officer | 194,345 | 300% | GBP 860.16p |
The number of shares awarded to Andy Bird was determined using the average mid-market closing share price of the Company's American Depository Receipts (ADRs) as traded on the New York Stock Exchange for the five trading days up to and including 28 April 2023, which is the share price used to determine award values for LTIP awards to the wider US-based employee population.
The number of shares awarded to Sally Johnson was determined using the average mid-market closing share price of the Company's ordinary shares as traded on the London Stock Exchange for the five trading days up to and including 28 April 2023, which is the share price used to determine award values for LTIP awards to the wider employee population excluding those based in the US.
The Committee reserves the right to adjust payouts up or down before they are released if it believes that the vesting outcome does not reflect underlying financial or non-financial performance or if such other exceptional factors warrant doing so. In making such adjustments, the Committee is guided by the principle of aligning shareholder and management interests.
The notification below is made in accordance with the requirements of the UK Market Abuse Regulation.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1 | Details of the person discharging managerial responsibilities/person closely associated | ||
a) | Name | Andy Bird | |
2 | Reason for the notification | ||
a) | Position/status | Chief Executive | |
b) | Initial notification /Amendment | Initial notification | |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | Pearson plc | |
b) | LEI | 2138004JBXWWJKIURC57 | |
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||
a) | Description of the financial instrument, type of instrument Identification code | American Depositary Receipts (ADRs) in Pearson plc, each ADR represents one ordinary share of 25 pence in Pearson plc
ISIN: US7050151056 | |
b) | Nature of the transaction | Award of performance-related restricted shares under the Long-Term Incentive Plan | |
c) | Price(s) and volume(s) | Price(s) | Volume(s) |
n/a | 545,529 | ||
d) | Aggregated information - Aggregated volume - Price | Aggregated price: N/A
Aggregated volume: see 4 (c) above | |
e) | Date of the transaction | 2 May 2023 | |
f) | Place of the transaction | n/a | |
1 | Details of the person discharging managerial responsibilities/person closely associated | ||
a) | Name | Sally Johnson | |
2 | Reason for the notification | ||
a) | Position/status | Chief Financial Officer | |
b) | Initial notification /Amendment | Initial notification | |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | Pearson plc | |
b) | LEI | 2138004JBXWWJKIURC57 | |
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 25 pence each in Pearson plc
ISIN: GB0006776081 | |
b) | Nature of the transaction | Award of performance-related restricted shares under the Long-Term Incentive Plan | |
c) | Price(s) and volume(s) | Price(s) | Volume(s) |
n/a | 194,345 | ||
d) | Aggregated information - Aggregated volume - Price | Aggregated price: N/A
Aggregated volume: see 4 (c) above | |
e) | Date of the transaction | 2 May 2023 | |
f) | Place of the transaction | n/a | |