Grant of share options (0950Z)
07 Janeiro 2011 - 8:46AM
UK Regulatory
TIDMJSG
RNS Number : 0950Z
Johnson Service Group PLC
07 January 2011
7 January 2011
Johnson Service Group PLC
Grant of share options
Johnson Service Group PLC ("the Company") announces the
following changes to its incentive programmes for its executive
directors and senior management.
The grants have been made under the Company's Long Term
Incentive Plan ("LTIP"), and replace all existing outstanding
share-based awards. The new awards have been designed to ensure
alignment between the incentivisation of the Executive Directors
and senior management of the Company and the interests of its
shareholders.
Under the LTIP the following nil cost options were granted on 6
January 2011:
Name Position Number of LTIP options
John Talbot Executive Chairman 7,500,000
Yvonne Monaghan Finance Director 2,500,000
Managing Director,
Chris Sandler Textile Rental Division 2,000,000
Managing Director,
Paul Ogle Drycleaning Division 1,850,000
Managing Director,
Facilities Management
Kevin Elliot Division 1,850,000
In addition, a further 651,000 nil cost options have been
granted to members of the Company's senior management. Where senior
management members held previously granted options these have also
been forfeited.
The performance condition for the awards made under the LTIP
will be linked to the Company's Total Shareholder Return ("TSR"),
which represents the Company's share price plus any dividends paid
on or after 16 November 2009 and any other capital distributions
over the vesting period. The performance period runs from the date
of the grant until the 30 day period following the announcement of
the Company's preliminary results for the year ending 31 December
2013.
Under the performance conditions one third of the award will
vest immediately if at any time during the vesting period, for a
period of 30 days, the average TSR is equal to or exceeds 40
pence.
The remaining two thirds of the award will vest by reference to
the Company's average TSR for the 30 day period following
announcement of the Company's preliminary results for the year
ending 31 December 2013. None of the remaining two thirds of the
award will vest if the average TSR is equal to or less than 40
pence. The whole of the remaining two thirds of the award will vest
if the average TSR is equal to or greater than 60 pence. Vesting of
the award will be on a straight line basis between these
points.
In addition, in line with their previous LTIP arrangements, the
remaining two thirds of the award for John Talbot and Yvonne
Monaghan will be subject to an additional performance testing on
the same basis as above, including the 40p and 60p vesting
benchmarks, for the 30 day period following release of the
Company's interim results for 2011.
On 7 January linked awards were granted under the LTIP Approved
Section ("Approved Section") to the Directors listed below at an
exercise price of 30.75p. In addition a further 1,365,840 Approved
Section options at an exercise price of 30.75p have been granted to
members of the Company's senior management team. The award under
the Approved Section has been granted to allow, where possible, the
participant to receive part of the gain which may have been
received on the LTIP award tax efficiently and for the Company to
make national insurance contribution savings. The participant will
receive the same gross gain he would have received had he only been
granted the LTIP award and not been granted the LTIP award and the
Approved Section award. At the time of exercise, to the extent that
there is a gain on the Approved Section award, the options granted
under the LTIP award will be forfeited to the same value.
Number of Approved
Name Position Section options
Yvonne Monaghan Finance Director 97,560
Managing Director,
Chris Sandler Textile Rental Division 97,560
Managing Director,
Paul Ogle Drycleaning Division 97,560
Managing Director,
Facilities Management
Kevin Elliot Division 97,560
Enquiries:
Johnson Service Group PLC
John Talbot, Executive Chairman Yvonne Monaghan, Finance Director
Tel: 01928 704600 Tel: 01928 704600
Investec Investment Banking
Michael Lacey-Solymar Martin Smith
Tel: 020 7597 4000 Tel: 020 7597 4000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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