12 July 2022
Persimmon Plc (the "Company")
Director/PDMR Shareholding
Jason Windsor commenced his role as Chief Financial Officer of the Company on 11 July 2022.
As reported in Persimmon's Directors' Remuneration Report for the year ended 31 December 2021, in line with usual practice the Remuneration Committee agreed that, in recognition of Jason's forfeiture of remuneration on leaving his former employer, he would be granted buy-out awards. As previously disclosed these have been calculated to match and not exceed the value forfeited. Information in relation to the principles applied in agreeing the buy-out awards is included in that Directors' Remuneration Report. In line with the vesting schedule of the forfeited awards, certain of the buy-out awards vested immediately. Half of Jason's forfeited annual bonus for 2021 was satisfied by the grant of a buy-out award as set out below. The remaining 50% of that forfeited bonus was paid in cash, but with half of that cash amount (net of income tax and national insurance) to be used to purchase 6,191 shares in Persimmon on 11 July 2022.
The buy-out awards granted in shares on 11 July 2022 are summarised below.
| Forfeited remuneration | Number of Persimmon shares subject to the buy-out award | Vesting date of buy-out award |
| Annual bonus for 2021 | 23,900 (reflecting 50% of the forfeited bonus) | March 2025 |
| 2019 Deferred Bonus | 2,530 | 11 July 2022 |
| 2020 Deferred Bonus | 18,569 | In respect of 9,285 Persimmon shares, 11 July 2022 In respect of 9,284 Persimmon shares, 23 March 2023 |
| 2021 Deferred Bonus | 23,829 | In respect of 7,943 Persimmon shares, 11 July 2022 In respect of 7,943 Persimmon shares, 25 March 2023 In respect of 7,943 Persimmon shares, 25 March 2024 |
| 2019 Restricted Stock | 17,296 | 11 July 2022 |
| 2020 LTIP | 96,449 | 23 March 2023 (followed by a two year holding period)* |
| 2021 LTIP | 26,808 | 25 March 2024 (followed by a two year holding period)* |
*The vesting of these awards is subject to the satisfaction of the performance conditions applying to the forfeited awards.
Further details of the buy-out awards granted, shares acquired pursuant to the vesting of those buy-out awards that vested immediately, shares sold to cover tax liabilities in connection with the vesting of the awards that vested immediately, and shares purchased with the net of income tax and national insurance bonus are set out below.
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||||||||||||||||||||
| a) | Name | Jason Windsor | ||||||||||||||||||||||||
| 2 | Reason for the notification | |||||||||||||||||||||||||
| a) | Position/status | Chief Financial Officer | ||||||||||||||||||||||||
| b) | Initial notification/ Amendment | Initial notification | ||||||||||||||||||||||||
| 3 | Details of the issuer | |||||||||||||||||||||||||
| a) | Name | Persimmon Plc | ||||||||||||||||||||||||
| b) | LEI code | 213800XI72Y57UWN6F31 | ||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||
|
| Transaction 1 - Grant of buy-out awards over Persimmon shares | |||||||||||||||||||||||||
| a) | Description of the financial instrument, type of instrument | Ordinary shares of 10p each | ||||||||||||||||||||||||
| | Identification code | GB0006825383 | ||||||||||||||||||||||||
| b) | Nature of the transaction | Grant of awards over Persimmon shares in respect of remuneration forfeited on leaving previous employer. | ||||||||||||||||||||||||
| c) | Price(s) and volume(s) |
| ||||||||||||||||||||||||
| d) | Aggregated information - Aggregated volume - Price |
209,381 Nil | ||||||||||||||||||||||||
| e) | Date of the transaction | 11 July 2022 | ||||||||||||||||||||||||
| f) | Place of the transaction | Outside a trading venue | ||||||||||||||||||||||||
| | Transaction 2 - acquisition of Persimmon shares pursuant to the partial vesting of buy-out awards | |||||
| a) | Description of the financial instrument, type of instrument | Ordinary shares of 10p each | ||||
| | Identification code | GB0006825383 | ||||
| b) | Nature of the transaction | Acquisition of Persimmon shares following the partial vesting of buy-out awards. | ||||
| c) | Price(s) and volume(s)
|
| ||||
| d) | Aggregated information - Aggregated volume - Price |
N/A Single transaction N/A Single transaction | ||||
| e) | Date of the transaction | 11 July 2022 | ||||
| f) | Place of the transaction | Outside a trading venue | ||||
| | Transaction 3 - Sale of Persimmon shares to settle tax liability | |||||
| a) | Description of the financial instrument, type of instrument | Ordinary shares of 10p each | ||||
| | Identification code | GB0006825383 | ||||
| b) | Nature of the transaction | Sale of shares to settle tax liability on vesting of awards. | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information - Aggregated volume - Price |
N/A Single transaction N/A Single transaction | ||||
| e) | Date of the transaction | 11 July 2022 | ||||
| f) | Place of the transaction | London Stock Exchange (XLON); Main Market | ||||
| | Transaction 4 - Acquisition of Persimmon shares | |||||
| a) | Description of the financial instrument, type of instrument | Ordinary shares of 10p each | ||||
| | Identification code | GB0006825383 | ||||
| b) | Nature of the transaction | Acquisition of Persimmon shares | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information - Aggregated volume - Price |
N/A Single transaction N/A Single transaction | ||||
| e) | Date of the transaction | 11 July 2022 | ||||
| f) | Place of the transaction | London Stock Exchange (XLON); Main Market | ||||
Tracy Davison
Company Secretary
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
