JTC plc (LON:JTC) has today announced that it has made PSP Awards over Ordinary Shares to certain of its directors and PDMRs as described below.
| Name of Director / PDMR | Number of Conditional Shares Awarded |
| Nigel Le Quesne | 102,643 |
| Martin Fotheringham | 74,782 |
| Wendy Holley | 56,984 |
| Iain Johns | 19,270 |
| Jonathan Jennings | 18,994 |
| Michael Halloran | 11,455 |
| Richard Ingle | 7,865 |
No consideration was paid for the grant of the 2021 Awards, which are structured as conditional share awards in accordance with the PSP rules. Nigel Le Quesne, Martin Fotheringham and Wendy Holley’s 2021 Awards vest dependent on the achievement of relative Total Shareholder Return and absolute Earnings Per Share performance conditions measured over a three-year performance period.
Iain Johns, Jonathan Jennings, Michael Halloran and Richard Ingle’s 2021 Awards vest dependent on the achievement of TSR, EPS and Group Business Plan performance conditions measured over a three-year performance period.
In addition, the 2021 Awards are further subject to an underpin performance condition that the extent of vesting reflects the overall performance of JTC plc over the three-year performance period. When making this determination the Committee will have full discretion to ensure that the final outcome is warranted based on the performance of the Company in the light of all relevant factors to ensure there have been no windfall gains.
The 2021 Awards are additionally subject to a two-year holding period following the date of vesting during which a dividend equivalent will accrue in the form of additional shares to the extent the awards vest, as calculated on a re-investment basis.
The 2021 Awards, which are subject to the Malus and Clawback conditions of the PSP, will ordinarily vest on 1 January 2024 or the date on which the Committee determines the extent to which the performance conditions have been satisfied.
Further details of the conditions applicable to the 2021 Awards and the remuneration arrangements for the Executive Directors are contained in Annual Report and Accounts for the year ended 31 December 2020.
