LTIP and Deferred Bonus Awards
26 May 2023
Aston Martin Lagonda Global Holdings plc
Notification of transactions by Directors, Persons Discharging Managerial Responsibilities ("PDMRs") and persons closely associated with them
Aston Martin Lagonda Global Holdings plc (the "Company") announces the following changes in the interests of Directors in the Ordinary Shares in the Company ("Shares"), which took place on 24 May 2023.
Long-term Incentive Plan awards
In accordance with the rules of the Aston Martin Lagonda Long-Term Incentive Plan 2018 ("LTIP"), the Director named below was granted nil-cost options over Shares as follows:
· Doug Lafferty (CFO) - 352,852 shares (200% of salary)
The LTIP award is the 2023 grant and is subject to the performance conditions, performance periods, vesting periods and malus and clawback provisions set out below, in-line with the Remuneration Policy approved in 2022, and as disclosed in the 2022 Directors' Remuneration Report.
2023 LTIP performance measures and targets
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2023 LTIP targets |
Vesting* |
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Adjusted EBITDA (80% of award) |
Threshold |
400 |
20% |
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Stretch |
475 |
80% |
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|
Maximum |
550 |
100% |
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|
Relative TSR** (vs. luxury peers) |
Threshold |
Rank 6th (median) |
20% |
|
Maximum |
Rank 3rd or above |
100% |
* Vesting will be on a straight-line basis between each of threshold and stretch, and stretch and maximum for the EBITDA
element and threshold and maximum for the TSR element.
**TSR performance will be measured on a ranked basis against the following luxury companies: Burberry, Capri Holdings, Compagnie Financiere Richemont, Ferrari, Hermes International, Kering, LVMH, Moncler, Prada and Ralph Lauren.
· The Remuneration Committee retains discretion to adjust the vesting levels to ensure they reflect underlying business performance and any other relevant factors to ensure that the value at vesting is fully reflective of the performance delivered and executives do not receive unjustified windfall gains.
Performance period
Performance for both measures will be measured over three financial years to 31 December 2025. Subject to performance, awards will vest 3 years from grant, following the announcement of results for 2025 but subject to a further 2-year holding period post vest (net of tax).
The CFO will be required to hold at least 75% of any shares that vest (net of tax) until he has met his shareholding guidelines under the shareholding policy.
Deferred Share Bonus Plan awards
In accordance with the rules of the Aston Martin Lagonda Deferred Share Bonus Plan 2018 ("DBSP"), the Directors named below were granted nil-cost options over Shares as follows:
· Amedeo Felisa (CEO) - 5,820 shares
· Doug Lafferty (CFO) - 12,221 shares
The DBSP awards are in relation to the 2022 annual bonus which, as disclosed in the 2022 Directors' Remuneration Report, was to be delivered 50% in cash and 50% in deferred shares. The number of shares granted reflects the net bonus amount (post tax and NI). Shares under the DBSP awards are deferred for a period of 3 years from grant and will be released, subject to continued employment, on 24 May 2026.
Malus and Clawback:
· Malus and clawback provisions will be operated at the discretion of the Remuneration Committee in respect of awards granted under the LTIP and DBSP where it considers that there are exceptional circumstances. Such exceptional circumstances may include serious reputational damage, a failure of risk management, an error in available financial information, which led to the award being greater than it would otherwise have been or personal misconduct.
· Clawback may be applied for a period of up to three years for any LTIP and DBSP awards.
Enquiries
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Investors and Analysts |
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Sherief Bakr |
Director of Investor Relations |
+44 (0)7789 177547
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Holly Grainger |
Deputy Head, Investor Relations |
+44 (0)7442 989551
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Media |
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Kevin Watters |
Director of Communications |
+44 (0)7764 386683
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Paul Garbett |
Head of Corporate and Brand Communications
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+44 (0)7501 380799 |
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Teneo |
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Harry Cameron |
+44 (0)20 7353 4200 |
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Notification of transactions by Directors, Persons Discharging Managerial Responsibilities ("PDMRs") and persons closely associated with them
|
1 |
Details of the person discharging managerial responsibilities/person closely associated |
|||||
|
a) |
Name |
Doug Lafferty |
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2 |
Reason for the notification |
|||||
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a) |
Position/status |
Chief Financial Officer |
||||
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b) |
Initial notification/Amendment |
Initial Notification |
||||
|
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
|
a) |
Name |
Aston Martin Lagonda Global Holdings plc |
||||
|
b) |
LEI |
213800167WOVOK5ZC776 |
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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 |
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|
a) |
Description of the financial instrument, type of instrument |
Ordinary Shares
|
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b) |
Nature of the transaction |
Grant of 2023 LTIP awards |
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c) |
Price(s) and volume(s) |
|
||||
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d) |
Aggregated information - Price |
nil |
||||
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e) |
Date of the transaction |
24 May 2023 |
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f) |
Place of the transaction |
Outside a trading venue |
||||
Notification of transactions by Directors, Persons Discharging Managerial Responsibilities ("PDMRs") and persons closely associated with them
|
1 |
Details of the person discharging managerial responsibilities/person closely associated |
|||||
|
a) |
Name |
Amedeo Felisa |
||||
|
2 |
Reason for the notification |
|||||
|
a) |
Position/status |
Chief Executive Officer |
||||
|
b) |
Initial notification/Amendment |
Initial Notification |
||||
|
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
|
a) |
Name |
Aston Martin Lagonda Global Holdings plc |
||||
|
b) |
LEI |
213800167WOVOK5ZC776 |
||||
|
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 |
Ordinary Shares
|
||||
|
b) |
Nature of the transaction |
Grant of 2023 DBSP awards |
||||
|
c) |
Price(s) and volume(s) |
|
||||
|
d) |
Aggregated information - Price |
nil |
||||
|
e) |
Date of the transaction |
24 May 2023 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||
Notification of transactions by Directors, Persons Discharging Managerial Responsibilities ("PDMRs") and persons closely associated with them
|
1 |
Details of the person discharging managerial responsibilities/person closely associated |
|||||
|
a) |
Name |
Doug Lafferty |
||||
|
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 |
Aston Martin Lagonda Global Holdings plc |
||||
|
b) |
LEI |
213800167WOVOK5ZC776 |
||||
|
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 |
Ordinary Shares
ISIN: GB00BN7CG237 |
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|
b) |
Nature of the transaction |
Grant of 2023 DBSP awards |
||||
|
c) |
Price(s) and volume(s) |
|
||||
|
d) |
Aggregated information - Price |
nil |
||||
|
e) |
Date of the transaction |
24 May 2023 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
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