10396
RNS Number : 7320C
Trinity Mirror PLC
20 March 2014
 



Trinity Mirror plc

20th March 2014

 

Trinity Mirror plc (the "Company")

 

 

The independent trustee (the "Trustee") of the Trinity Mirror Employees' Benefit Trust based in Jersey (the "Trust") notified the Company that on 19th March 2014 it had granted Restricted Share Awards under the Trinity Mirror Restricted Share Plan ("RSP") to each of the executive directors of Trinity Mirror plc listed below. 

 

Under the terms of the Trinity Mirror executive directors' annual bonus scheme, 50% of any bonus is payable in cash and the remaining 50% is paid through the award of Restricted Shares. This award of the Restricted Shares follows the determination by the Remuneration Committee of the Board of the Company that, under the performance conditions of the 2013 scheme, a bonus at 30% of maximum (equivalent to 22.5% of base salary) was payable. An award of Restricted Shares equal in value to 15% of maximum (equivalent to 12.75% of base salary) was therefore recommended to the Trustees.

 

The executive director is the beneficial owner of the Restricted Shares but the shares are held in trust by the Trustee who remains the legal owner until the shares are released at the end of a three year holding period (the Restricted Period").

 

During the Restricted Period, the executive director may not sell or otherwise dispose of the Restricted Shares, cannot vote the restricted shares and will not receive any dividends on the Restricted Shares.

 

During the Restricted Period, the Restricted Shares will be subject to the malus provisions of the RSP rules (the "Rules") which would allow for forfeiture of all of the shares or a reduction in the number released in circumstances as set out in the Rules.

 

Executive Director

Number of Restricted Shares

 

Simon Fox

25,202

Mark Hollinshead

18,901

Vijay Vaghela  

21,673

Paul Vickers   

18,901

 

An additional award of Restricted Shares equal in value to any dividends paid during the Restricted Period may be made on the release of the Award.

 

The base price for calculating the level of Award was 223.2p, the average market closing price on between 14th and 18th March 2014.

                                                 

Further Information:

 

 

Paul Vickers

Secretary

Trinity Mirror plc

One Canada Square

London E14 5AP                                                        

 

                                                                       

                                                           

                                                           


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