25 March 2021
Rotork plc
("Company")
Notification of transactions by Persons Discharging Managerial Responsibilities ("PDMRs")
The Company provides notification of the following transactions undertaken outside of a market venue relating to the below named PDMRs and their respective interests in the ordinary shares of nominal value 0.5p each in the capital of the Company ("Shares") (ISIN: GB00BVFNZH21).
The transactions arise from an award made to each of the PDMRs by the Remuneration Committee on the 24 March 2021 of a three-year performance conditioned nil cost option ("NCO") over, or conditional award ("CA") of, certain Shares under the Company's Long Term Incentive Plan ("2021 LTIP Awards" or "Awards").
Individual PDMR details are set out in the table below:
| Name and position of PDMR | Number of Shares¹ and type of award granted on 24 March 2021
|
| Kevin Hostetler Chief Executive | 336,951 CA |
| Jonathan Davis Group Finance Director | 169,899 NCO |
| Paul Burke Chief Information Officer | 50,555 NCO |
| Kathy Callaghan Group HR Director | 43,326 NCO |
| Kiet Huynh MD - Chemical, Process & Industrial | 43,681 NCO |
| Neil Manning MD - Oil & Gas | 43,626 CA |
| Vijay Rao Strategy and Mergers & Acquisitons Director | 41,113 CA |
| Oliver Wiese MD - Water & Power | 40,307 CA |
| Grant Wood Operations Director | 43,986 NCO |
¹ The number of shares in relation to which the Awards were made was based off the avergage MMQ share price for the five business days immediately preceding the date of grant (ie 17-19 and 22-23 March 2021 inclusive). When multiplied through, this represents a value level for Messrs. Hostetler and Davis of 200% and 175% of base salary respectively, in line with the Company's current Directors' Remuneration Policy.
The 2021 LTIP awards will normally vest on the third anniversary of grant (i.e. on 24 March 2024) subject to continued employment and the Company's achievement against various stretching performance targets measured over the three-year financial period ending 31 December 2023. The performance conditions set by the Remuneration Committee relate to Earnings Per Share, Total Shareholder Return and Economic Profit, with each condition weighted as to one-third of each Award. Further details of the performance conditions and targets, together with the compulsory two-year holding period attaching to any net of tax vested Shares and the Company's Share Ownership Guidelines (both of which apply to the Executive Directors only), are set out in the Directors' Remuneration Report to the Company's 2020 Annual Report which will be available from 31 March 2021 (see www.rotork.com).
All Awards are subject to malus and clawback and, with the exception of those made to the Executive Directors, attract an accrued dividend equivalent entitlement arising during the vesting period on any vested Shares, with such entitlements to be settled in the form of additional Shares.
The Company can confirm that each of the above named PDMRs have complied with their respective obligation to notify the Financial Conduct Authority of the above transactions as required under MAR.
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Rotork contact and telephone number for enquiries:
Joy Baldry, Deputy Company Secretary
+44 (0)7789 920457
Notes:
Legal Entity Identifier: 213800AH5RZIHGWRJ718
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