Last checked at 29 Nov 2016 10:45
FOR IMMEDIATE RELEASE
29 November 2016
ANNOUNCEMENT
WPP plc ("WPP")
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 2016-20 performance period are the two WPP executive directors and 27 senior managers within the Group's operating companies. The 2016 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 from 2016 to 2020. The target ranges remain unchanged from 2015 and are as disclosed in the 2015 Annual Report.
On 28 November 2016, 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 2021 will depend on WPP's performance, as described above, over five years from 1 January 2016 to 31 December 2020.
The 2016 EPSP awards were granted as follows:
Director | Number of shares (nil cost options) |
Sir Martin Sorrell | 656,873 WPP Shares |
Mr Paul Richardson | 207,680 WPP Shares in the form of 41,536 WPP ADSs |
Dividend awards were also granted to each of the two directors alongside their 2016 EPSP awards.
At today's date, Sir Martin Sorrell and his family interests are interested in or have rights in 21,021,365 WPP ordinary 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, receipt of which has been deferred). Sir Martin Sorrell's family interests and rights represent 1.6433 % of the issued share capital of WPP. In addition, The JMCMRJ Sorrell Charitable Foundation holds 3,525,936 WPP shares, representing 0.2756 % of WPP's issued share capital.
At today's date, Mr Richardson's beneficial holding is the equivalent of 1,000,265 WPP shares held in the form of 200,053 WPP ADSs, representing 0.0782% of WPP's issued share capital.
Contact:
Marie Capes, Company Secretary, WPP
(The person responsible for arranging the release of this announcement)
Feona McEwan, Group Communications Director, WPP
Chris Wade, Head of Communications, WPP EMEA
+44 (0)20 7408 2204
Richard Oldworth, Executive Chairman, Buchanan Communications+44 (0)7710 130634
END