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LTIP Share Awards

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RNS Number : 4555Z
Paysafe Group PLC
26 May 2016
 

26 May 2016   

 

Paysafe Group plc

 

LTIP Share Awards

 

Paysafe Group plc (LSE: PAYS, the "Company") announces that its Executive Directors were yesterday granted the following share awards over ordinary shares of £0.0001 each in the Company ("Shares") under the Company's Long Term Incentive Plan ("LTIP"), The awards have been granted in accordance with the new remuneration policy adopted by the Company's shareholders at the Annual General Meeting held yesterday.

 

 

Director

Position

Number of Share Awards Granted

Joel Leonoff

President and Chief Executive Officer

427,413

Brian McArthur-Muscroft

Chief Financial Officer

191,599

 

These awards are subject to two performance conditions which will be determined in 2019, following the announcement of FY 2018 results, after which the awards may vest.  50% of the award shares are subject to a relative Total Shareholder Return ("TSR") performance condition, and the remaining 50% of the award shares are subject to an earnings per share ("EPS") performance condition.  Both the TSR and EPS performance conditions will be measured following the end of the Financial Year to 31 December 2018 and can be summarised as follows:

 

EPS - Financial Year 2018

% of one half of an award capable of vesting (i.e. expressed as a percentage of one-half of the total number of Shares originally subject to the Award)

 

48 cents or more

 

100%

 

Between 43 cents and 48 cents

 

Pro-rata on straight-line basis between 25% and 100%

 

43 cents

 

25%

 

Less than 43 cents

 

0%

 

Company's TSR ranking relative to constituents of the FTSE 250 index (excluding investment trusts) in the period of 3 years to 31 December 2018

% of one half of an award capable of vesting (i.e. expressed as a percentage of one-half of the total number of Shares originally subject to the Award)

 

Upper Quartile or more

 

100%

 

Between Median and Upper Quartile

 

Pro-rata on a straight line basis between 25% and 100%

 

Median

 

25%

 

Less than Median

 

0%

 

The TSR measurements will be based on the three month average TSRs before the start and at the end of the measurement period.  The EPS measure is based on adjusted fully diluted EPS (and assuming no material changes in the Company's effective corporate tax rate). 

 

For further information please contact:

 

Paysafe Group plc

Tony Hunter, Company Secretary

+44 (0) 20 7603 1515 / tony.hunter@paysafe.com


This information is provided by RNS
The company news service from the London Stock Exchange
 
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