Director/PDMR Shareholding

Spirent Communications PLC

11 May 2023

 

SPIRENT COMMUNICATIONS PLC (the "Company")

11 May 2023

DIRECTOR / PDMR SHAREHOLDING

Vesting and Exercise of Performance Share Awards under Spirent Long-Term Incentive Plan

The Company confirms that on 6 May 2023 the performance conditions attached to Performance Shares awarded to Eric Updyke and Paula Bell on 6 May 2020 were tested, with the following results:

50% of award subject to EPS performance condition           100% vest

50% of award subject to TSR performance condition           0% vest

As a result, the following shares vested and became exercisable:

Eric Updyke    181,238 shares

Paula Bell        91,134 shares

Awards of Performance Shares under the Spirent Long-Term Incentive Plan are not tax approved and income tax and social security deductions become payable by the individual on vesting; both Mr Updyke and Ms Bell sold sufficient vested shares to settle these liabilities.

Details of both the vesting and the sale to cover tax liabilities are set out below.

Under the Company's Directors' Remuneration Policy in place at the time of the original award, both Mr Updyke and Ms Bell are required to retain the balance of the vested shares for a period of two years.  These shares will remain subject to clawback during the post-vesting holding period.

1.	Details of PDMR / person closely associated
	Name	Eric Updyke
2.	Reason for the notification
a)	Position / status	CEO
b)	Initial notification / amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Full name of the entity	Spirent Communications plc
b)	Legal Entity Identifier Code	213800HKCUNWP1916L38
4.	Details of the transaction(s)
a)	Description of the financial instrument Identification code	Ordinary shares of 3 1/3 pence each GB0004726096
b)	Nature of the transaction	(i)   Exercise of shares arising from Spirent Long-Term Incentive Plan at nil-cost (ii)  Sale of shares in market to cover tax and social security liabilities
c)	Price(s) and volume(s)	Price(s) Volume(s) (i) GBP0.00 181,238 (ii) GBP1.745502 71,547
d)	Aggregated information -     Aggregated volume -     price	n/a n/a
e)	Date of the transaction	(i) 6 May 2023 (ii) 10 May 2023
f)	Place of the transaction	(i)         Outside a trading venue (ii)        London

1.	Details of PDMR / person closely associated
	Name	Paula Bell
2.	Reason for the notification
a)	Position / status	CFO
b)	Initial notification / amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Full name of the entity	Spirent Communications plc
b)	Legal Entity Identifier Code	213800HKCUNWP1916L38
4.	Details of the transaction(s)
a)	Description of the financial instrument Identification code	Ordinary shares of 3 1/3 pence each GB0004726096
b)	Nature of the transaction	(i)   Exercise of shares arising from Spirent Long-Term Incentive Plan at nil-cost (ii)  Sale of shares in market to cover tax and national insurance liabilities
c)	Price(s) and volume(s)	Price(s) Volume(s) (i) GBP0.00 91,134 (ii) GBP1.745502 42,984
d)	Aggregated information -     Aggregated volume -     price	n/a n/a
e)	Date of the transaction	(i) 6 May 2023 (ii) 10 May 2023
f)	Place of the transaction	(i)        Outside a trading venue (ii)       London

Following these transactions, these individuals held the following total beneficial interests in shares and outstanding awards:

Director / PDMR	Total beneficial interest in shares	Total number of shares over which options held
Eric Updyke	833,928	2,105,376
Paula Bell	591,981	1,116,400

Enquiries

Michelle Balch                                    Spirent Communications plc              [phone]

Deputy Company Secretary

 

END