XP Power Ltd - Grant of LTIP, RSP and DBP awards
PR Newswire
LONDON, United Kingdom, March 13
13 March 2024
XP Power Limited
("XP Power" or "the Company")
Grant of Restricted Share Plan, Long Term Incentive Plan and Deferred Bonus Plan awards
The Company announces that on 12 March 2024, Executive Directors of the Company, Gavin Griggs, Matt Webb and Andy Sng, were awarded nominal priced options over ordinary shares of 1 pence each in the Company ("Ordinary Shares"), under the XP Power Limited Restricted Share Plan 2020 (the "RSPs") and the XP Power Limited Long Term Incentive Plan 2017 (the "LTIPs"). The RSPs are subject to a five-year vesting period, with no performance conditions attached. The vesting of the LTIPs, after five years, is conditional on meeting performance conditions measured at the end of a three-year period.
Awards were further granted on 12 March 2024 to the Executive Directors of the Company under the XP Power Limited Deferred Bonus Plan 2017 (the "DBP"). These awards relate to the compulsory deferral into share awards of 50% of their earned FY23 bonus, which vest after two years. Full details of the FY23 bonus outcome will be set out in the FY23 Annual Report.
The five-day average of the closing mid-market quotation prior to the date of grant used to calculate the number of options granted under the LTIP, RSP and DBP, was £10.74.
All awards were made in accordance with the approved Directors' Remuneration Policy.
The notification below, made in accordance with the requirements of Article 19 of the EU Market Abuse Regulations, as it forms part of domestic law by virtue of The European Union (Withdrawal) Act 2018, gives further details.
| 1 | Details of the person discharging managerial responsibilities | ||||||||||
| a) | Name | Gavin Griggs | |||||||||
| 2 | Reason for the notification | ||||||||||
| a) | Position/status | Chief Executive Officer (PDMR) | |||||||||
| b) | Initial notification /Amendment | Initial Notification | |||||||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||
| a) | Name | XP POWER LIMITED | |||||||||
| b) | LEI | 213800I7RWQ3FV72EZ26 | |||||||||
| 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 £0.01 each ("Ordinary Shares") SG9999003735 | |||||||||
| b) | Nature of the transaction | 1) | Award of nominal value options over Ordinary Shares as part of the XP Power Limited Restricted Share Plan 2020. The vesting of the award after five years is not subject to performance conditions. There is no price payable on the grant or vesting of the option. On exercise, the option price of £0.01 per share is payable. | ||||||||
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| 2) | Award of nominal value options over Ordinary Shares as part of the XP Power Limited Long Term Incentive Plan 2017. The potential vesting of the award after five years is subject to the achievement of performance conditions assessed at the end of a three-year period. There is no price payable on the grant or vesting of the option. On exercise, the option price of £0.01 per share is payable. | ||||||||
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| 3) | Grant of nil cost share option award over Ordinary Shares under the XP Power Limited Deferred Bonus Plan 2017. The vesting of the award after two years is not subject to performance conditions. There is no price payable on the grant, vesting or exercise of the option. | ||||||||
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| c)
| Price(s) and volume(s)
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| d)
| Aggregated information - Aggregated volume - Price |
74,632 Nil | |||||||||
| e) | Date of the transaction | 12 March 2024 | |||||||||
| f) | Place of the transaction | Outside a trading venue | |||||||||
| 1 | Details of the person discharging managerial responsibilities | ||||||||||
| a) | Name | Matthew Webb | |||||||||
| 2 | Reason for the notification | ||||||||||
| a) | Position/status | Chief Financial Officer (PDMR) | |||||||||
| b) | Initial notification /Amendment | Initial Notification | |||||||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||
| a) | Name | XP POWER LIMITED | |||||||||
| b) | LEI | 213800I7RWQ3FV72EZ26 | |||||||||
| 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 £0.01 each ("Ordinary Shares") SG9999003735 | |||||||||
| b) | Nature of the transaction | 1) | Award of nominal value options over Ordinary Shares as part of the XP Power Limited Restricted Share Plan 2020. The vesting of the award after five years is not subject to performance conditions. There is no price payable on the grant or vesting of the option. On exercise, the option price of £0.01 per share is payable. | ||||||||
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| 2) | Award of nominal value options over Ordinary Shares as part of the XP Power Limited Long Term Incentive Plan 2017. The potential vesting of the award after five years, is subject to the achievement of performance conditions assessed at the end of a three-year period. There is no price payable on the grant or vesting of the option. On exercise, the option price of £0.01 per share is payable. | ||||||||
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| 3) | Grant of nil cost share option award over Ordinary Shares under the XP Power Limited Deferred Bonus Plan 2017. The vesting of the award after two years is not subject to performance conditions. There is no price payable on the grant, vesting or exercise of the option. | ||||||||
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| c)
| Price(s) and volume(s)
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| d)
| Aggregated information - Aggregated volume - Price |
49,437 Nil | |||||||||
| e) | Date of the transaction | 12 March 2024 | |||||||||
| f) | Place of the transaction | Outside a trading venue | |||||||||
| 1 | Details of the person discharging managerial responsibilities | ||||||||||
| a) | Name | Andy Sng | |||||||||
| 2 | Reason for the notification | ||||||||||
| a) | Position/status | Executive Vice President, Asia (PDMR) | |||||||||
| b) | Initial notification /Amendment | Initial Notification | |||||||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||
| a) | Name | XP POWER LIMITED | |||||||||
| b) | LEI | 213800I7RWQ3FV72EZ26 | |||||||||
| 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 £0.01 each ("Ordinary Shares") SG9999003735 | |||||||||
| b) | Nature of the transaction | 1) | Award of nominal value options over Ordinary Shares as part of the XP Power Limited Restricted Share Plan 2020. The vesting of the award after five years is not subject to performance conditions. There is no price payable on the grant or vesting of the option. On exercise, the option price of £0.01 per share is payable. | ||||||||
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| 2) | Award of nominal value options over Ordinary Shares as part of the XP Power Limited Long Term Incentive Plan 2017. The potential vesting of the award after five years, is subject to the achievement of performance conditions assessed at the end of a three-year period. There is no price payable on the grant or vesting of the option. On exercise, the option price of £0.01 per share is payable. | ||||||||
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| 3) | Grant of nil cost share option award over Ordinary Shares under the XP Power Limited Deferred Bonus Plan 2017. The vesting of the award after two years is not subject to performance conditions. There is no price payable on the grant, vesting or exercise of the option. | ||||||||
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| c)
| Price(s) and volume(s)
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| d)
| Aggregated information - Aggregated volume - Price |
19,418 Nil | |||||||||
| e) | Date of the transaction | 12 March 2024 | |||||||||
| f) | Place of the transaction | Outside a trading venue | |||||||||
Enquiries:
| XP Power |
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| Ruth Cartwright, Company Secretary | +44 (0)118 984 5515 |
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| Citigate Dewe Rogerson |
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| Kevin Smith/Lucy Gibbs | +44 (0)207 638 9571 |
