Source - LSE Regulatory
RNS Number : 9546X
Pearson PLC
07 May 2021
 

Pearson plc - (the "Company")

 

Notification of Directors' Interests

 

 

2021 Long-Term Incentive Plan (LTIP) Awards

 

On 4 May 2021, the Company made a grant of performance-related restricted shares under the 2021 LTIP, including to the Chief Executive and Chief Financial Officer, under the 2020 LTIP rules. This represents the company's annual grant of long-term incentives for 2021.

 

The award will vest on 1 May 2024 subject to the following performance conditions and targets for Executive Directors:

 

1/3 Earnings Per Share (EPS)


1/3 Net Return On Invested Capital (ROIC)


1/3 relative Total Shareholder Return (TSR)

Vesting schedule

(% max)

Adjusted EPS for FY23


Vesting schedule

(% max)

Adjusted net ROIC for FY23


Vesting schedule

(% max)

Ranked position vs FTSE 100

15%

46.5p


15%

5.5%


25%

Median

65%

53.5p


65%

6.5%


-

-

100%

61.0p


100%

7.5%


100%

Upper quartile

Note: straight line vesting between points shown, with no vesting for performance below threshold

 

Any shares which vest on 1 May 2024 will be subject to an additional two-year holding period to 1 May 2026.

 

The award is consistent with the remuneration policy approved by shareholders and was made on the following basis:

 

Name

 

Title

Restricted shares awarded

% of Salary

Share price used to calculate award (GBP)

 

Andy Bird

Chief Executive

332,316

300%

826.7p

Sally Johnson

Chief Financial Officer

154,915

245%

826.7p

 

The value of the award was determined using the five-trading day average mid-market closing share price preceding 4 May 2021, which is the share price used to determine award values for LTIP awards to the wider employee population.

 

The Committee reserves the right to adjust payouts up or down before they are released if it believes that the vesting outcome does not reflect underlying financial or non-financial performance or if such other exceptional factors warrant doing so. In making such adjustments, the Committee is guided by the principle of aligning shareholder and management interests.

 

The notification below is made in accordance with the requirements of the UK Market Abuse Regulation.

 

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

 

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Andy Bird

2

Reason for the notification

a)

Position/status

Chief Executive

b)

Initial notification /Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Pearson plc

b)

LEI

2138004JBXWWJKIURC57

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 25 pence each in Pearson plc

 

 

ISIN: GB0006776081

b)

Nature of the transaction

Award of performance-related restricted shares under the Long-Term Incentive Plan

c)

Price(s) and volume(s)

Price(s)

Volume(s)

n/a

332,316

d)

Aggregated information

- Aggregated volume

- Price

Aggregated price: N/A

 

Aggregated volume: see 4 (c) above

e)

Date of the transaction

4 May 2021

f)

Place of the transaction

n/a

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Sally Johnson

2

Reason for the notification

a)

Position/status

Chief Financial Officer

b)

Initial notification /Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Pearson plc

b)

LEI

2138004JBXWWJKIURC57

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 25 pence each in Pearson plc

 

 

ISIN: GB0006776081

b)

Nature of the transaction

Award of performance-related restricted shares under the Long-Term Incentive Plan

c)

Price(s) and volume(s)

Price(s)

Volume(s)

n/a

154,915

d)

Aggregated information

- Aggregated volume

- Price

Aggregated price: N/A

 

Aggregated volume: see 4 (c) above

e)

Date of the transaction

4 May 2021

f)

Place of the transaction

n/a

 

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