Last checked at 11 Jun 2015 11:43
FOR IMMEDIATE RELEASE | 11 June 2015 |
ANNOUNCEMENT
WPP plc ("WPP")
Directors' Interests
Executive Performance Share Plan ("EPSP") Awards
The EPSP is WPP's long term incentive scheme approved by share owners at the 2013 Annual General Meeting. Participants in the scheme for the 2015-19 performance period are the two WPP executive directors and 25 senior managers within the Group's operating companies. The 2015 awards are subject to three equally weighted performance conditions, being relative Total Shareholder Return ("TSR"), Earnings per Share ("EPS") and Return on Equity ("ROE"). Performance is measured over the five financial years starting in 2015 and, as disclosed in the 2014 Annual Report, the Compensation Committee has increased the target range for the ROE condition for 2015-19 from an annual average of 10-14%, as originally approved by WPP share owners in 2013, to an annual average of 15-18%. The other measures for EPS and TSR remain unchanged.
On 10 June 2015, WPP was notified that awards were granted to the executive directors under the EPSP. The awards were granted as nil cost options, which are exercisable over WPP shares or ADSs. The extent to which the options will become exercisable in 2020 will depend on WPP's performance, as described above, over 5 years from 1 January 2015 to 31 December 2019.
The 2015 EPSP awards were granted as follows:
Director | Number of shares (nil cost options) |
Sir Martin Sorrell | 738,267 WPP Shares |
Mr Paul Richardson | 189,850 WPP Shares in the form of 37,970 WPP ADSs |
Dividend awards were also granted to each of the two directors alongside their 2015 EPSP awards.
At today's date, Sir Martin Sorrell and his family interests are interested in or have rights in 18,869,018 WPP shares (inclusive of the shares he is entitled to receive pursuant to the awards granted under Renewed LEAP in 2004, 2005, the UK part of the 2006 award, the 2007 award and the UK part of the award granted under LEAP III in 2009, the receipt of which have been deferred). Sir Martin Sorrell's family interests and rights represent 1.4512% of the issued share capital of WPP. In addition, The JMCMRJ Sorrell Charitable Foundation holds 3,525,936 WPP shares, representing 0.2712% of WPP's issued share capital.
At today's date, Mr Richardson's beneficial holding is 920,265 WPP shares held in the form of 184,053 WPP ADSs, representing 0.0708% of WPP's issued share capital.
Contact:
Feona McEwan, +44 (0)207 408 2204
WPP
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