Long Term Incentive Plan
Electrocomponents PLC
5 July 2001
ELECTROCOMPONENTS PLC (' Electrocomponents')
1. Long Term Incentive Plan (the ' Plan') - 2001 Awards
Electrocomponents announces the following:
On 4 July 2001 the Remuneration Committee recommended conditional awards of
Electrocomponents 10p ordinary shares ('Shares') be made to Mr R. A Lawson
(Group Chief Executive), Mr J. L Hewitt. (Deputy Chairman and Group Finance
Director), Mr I. Mason (Chief Operating Officer) and Mr R.B.Butler (Chief
Process Officer) under the Rules of the Plan in respect of the period 30 June
2001 to 30 June 2004, whereupon these directors will have an interest in the
Electrocomponents Employee Benefits Trust (the Trust).
Director Maximum Number of Shares Notional Share Value
R. A. Lawson 80,837 544.3p
J.L. Hewitt 60,628 544.3p
I Mason 58,791 544.3p
R.B.Butler 47,767 544.3p
The awards include performance measures which will determine the proportion of
shares which will eventually vest for the benefit of participants, which can
vary between 0% and 100% depending upon how total shareholder return for
Electrocomponents over three years compares with the other companies ranked
76th to 125th listed on the London Stock Exchange by reference to market
capitalisation at the beginning of the period. In addition, if growth in
earnings per share fails to exceed the rate of inflation over the same period,
then none of the shares will be transferred to the participants.
Each of the executive directors, like any other participant, is a potential
beneficiary under the terms of the Trust and therefore potentially has an
interest in the shares held.
2. Long Term Incentive Plan (the ' Plan') - 1998 Awards
Electrocomponents announces the following:
In July 1998, the Remuneration Committee recommended to the Trustee that
conditional awards of Electrocomponents 10p ordinary shares ('Shares') be made
to Mr R. A Lawson (Group Chief Executive), Mr J. L Hewitt. (Deputy Chairman
and Group Finance Director), Mr I Mason (Chief Operating Officer) and Mr
R.B.Butler (Chief Process Officer).
On 4 July 2001, the Remuneration Committee confirmed that in accordance with
the terms of the Performance Target set for the Awards granted in July 1998,
they have recommended to the Trustee that:
52,644 of the original Award of 71,821 Electrocomponents Shares should be
transferred to Mr. Lawson. 33,090 of the original Award of 45,144
Electrocomponents Shares should be transferred to Mr. Hewitt. 18,049 of the
original Award of 24,624 Electrocomponents Shares should be transferred to Mr.
Mason. 23,313 of the original Award of 31,806 Electrocomponents Shares should
be transferred to Mr. Butler.
The transfers to be made for nil consideration.
The Trustees accepted the recommendation on 5 July 2001 and subsequently sold
21,057 Electrocomponents Shares at a price of 525.0 pence per share on behalf
of Mr. Lawson, sold 13,236 Electrocomponents Shares at a price of 525.0 pence
per share on behalf of Mr. Hewitt, sold 7,219 Electrocomponents Shares at a
price of 525.0 pence per share on behalf of Mr. Mason, sold 9,325
Electrocomponents Shares at a price of 525.0 pence per share on behalf of Mr.
Butler.
On settlement, the proceeds from these sales will be forwarded to the Inland
Revenue to cover the income tax charges which the Company must account for
under the PAYE regulations.
Following these transactions, Mr Lawson holds 338,447 shares Mr Hewitt holds
39,780 shares. Mr Mason holds 17,987 shares and Mr Butler holds 15,125 shares.
3. Electrocomponents Savings-Related Share Option Scheme (the ' Scheme')
Electrocomponents announces the following:
On 4 July 2001, the Remuneration Committee approved the grant of options over
1,146 Electrocomponents 10p ordinary shares under the Scheme at an option
price of 507p to Mr R.B.Butler (Chief Process Officer). The options are due to
mature on 1st September 2004.
The closing mid market value of 10p ordinary shares in Electrocomponents plc
on 4 July 2001 was 541.0p.
CARMELINA CARFORA
GROUP COMPANY SECRETARY
(Tel : 01865 204000)
5 July 2001
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