4 Mar 2021 10:02
4 March 2021
THE VITEC GROUP PLC
Notification of Transactions of Directors and Persons Discharging Managerial Responsibility (PDMRs)
Long Term Incentive Plan ("LTIP") - 2021 Awards
The Vitec Group plc ("the Company") announces that on 3 March 2021 the following awards of ordinary shares of 20 pence each were made under the Company's LTIP to Executive Directors and PDMRs.
Name | Position | Award of 2021 LTIP shares |
Stephen Bird | Group Chief Executive | 96,273 |
Martin Green | Group Finance Director | 72,008 |
Marco Pezzana | PDMR | 50,000 |
Nicola Dal Toso | PDMR | 50,000 |
Nicol Verheem | PDMR | 50,000 |
Jon Bolton | PDMR | 25,000 |
The awards to the Executive Directors represent 200% of salary. This award reflects the exceptionally high level of performance that the financial targets will require, the continuing challenges faced by the Executive team in delivering business recovery and the stretch nature of the EPS targets. They also provide a strong motivating incentive to grow shareholder value.
The awards will be subject to the following two performance conditions that will run from 1 January 2021 to 31 December 2023:
(1) TSR
33% of the award is subject to the Company's TSR performance measured against a comparator group. The comparator group will be the constituents of the FTSE 250 index (excluding financial services companies and investments trusts). 25% of this element of the award will vest if the Company's TSR is at the median point of the comparator group at the end of the performance period and 100% will vest if the Company's TSR is at or above the upper quartile of the comparator group at the end of the performance period. A straight-line sliding scale will operate between these two points and there will be no vesting below the median point.
(2) EPS
67% of the award is subject to growth in the Company's adjusted earnings per share ("adjusted EPS") over the three-year performance period. The adjusted EPS performance condition has threshold set at 60 pence and a stretch set at 100 pence for the year ended 31 December 2023 with a straight-line sliding scale between each point. At threshold, 25% of this element of the award will vest and at stretch 100% of this element of the award will vest. There will be no vesting below 60 pence per share.
ROCE
The Remuneration Committee will also continue to use a ROCE underpin to ensure the underlying financial performance of the business, for the EPS element of the award, as part of the vesting outcome. The Committee will also retain a discretion to scale back the vesting of an award should it result in an unfair outcome for shareholders.
Subject to satisfaction of performance conditions, the awards made under the LTIP will vest on the third anniversary of the award - being 3 March 2024. In respect of Executive Directors, any awards vesting under the 2021 award will, after deduction of taxes, be subject to a further two-year holding period.
Enquiries:
Jon Bolton
Group Company Secretary
020 8332 4600
A snapshot of The Vitec Group plc
Vitec is a leading global provider of premium branded hardware products and software solutions to the growing content creation market.
Vitec's customers include broadcasters, film studios, production and rental companies, photographers, independent content creators and enterprises. Our product portfolio includes camera supports, video transmission systems and monitors, live streaming solutions, smartphone accessories, robotic camera systems, prompters, LED lighting, mobile power, bags and motion control, audio capture and noise reduction equipment.
We employ around 1,600 people across the world in 11 different countries and are organised in three Divisions: Imaging Solutions, Production Solutions and Creative Solutions.
The Vitec Group plc is listed on the London Stock Exchange.
More information can be found at: www.vitecgroup.com
LEI number: 2138007H5DQ4X8YOCF14