Cobham PLC Director/PDMR Shareholding (1546G)

TIDMCOB

RNS Number : 1546G

Cobham PLC

24 May 2017

24 May 2017

Cobham plc 2017 Long Term Incentive Plan

2017 Long Term Incentive Plan ("LTIP") Awards

As set out in the Cobham announcement made on 4 April 2017 and in the Remuneration Report in its Annual Report and Accounts, Cobham has now granted David Lockwood, Chief Executive Officer (CEO) and David Mellors Chief Financial Officer (CFO) 2017 Long Term Incentive Plan (LTIP) awards of 200% and 150% of salary respectively. These awards are performance related and were granted on the 24 May as follows:

2017 LTIP Awards vesting on 13 March 2020:

 
      Name         Maximum number of nil-cost options 
----------------  ----------------------------------- 
 David Lockwood                 982,206 
----------------  ----------------------------------- 
 David Mellors                  555,160 
----------------  ----------------------------------- 
 

The 2017 LTIP is measured against relative Total Shareholder Return ("TSR") and underlying Earnings per Share ("EPS"), each with an equal weighting. Relative TSR is measured from the date of grant to 31 December 2019. The EPS targets are set as pence targets for the year ending 31 December 2019. Awards are subject to an additional two year holding period following the vesting date.

CEO Buy-out Award

In addition, the Group also announced on 4 April that a buy-out award equivalent to 200% of the CEO's annual salary at his previous employer would be made in respect and reflective of his 2016 long-term incentive award forfeited as part of joining Cobham from Laird. This was also granted on the 24 May as follows:

CEO Buy-out Award vesting on the 8 March 2019:

 
      Name         Maximum Number of nil-cost options 
----------------  ----------------------------------- 
 David Lockwood                 782,918 
----------------  ----------------------------------- 
 

The Buy-out award is measured against underlying EPS pence targets for Cobham's year ending 31 December 2018. The CEO Buy-out award will be subject to an additional two year holding period following the vesting date.

CFO Buy-out Awards

With regard to CFO Buy-out awards, details of which were provided in the 2016 Annual Report on Remuneration, in respect and reflective of his 2014 and 2015 LTIP long-term incentive award forfeited as part of joining Cobham from QinetiQ, an award of restricted shares was granted on 24 May as follows:

 
      Name        Number of restricted shares 
---------------  ---------------------------- 
 David Mellors              278,571 
---------------  ---------------------------- 
 

The remaining Buy-out award in respect and reflective of his forfeited 2016/17 QinetiQ Annual Bonus is dependent on QinetiQ performance being disclosed. This will be announced when the award is made and following the publication of QinetiQ's performance in their Annual Reports and Accounts on the 13 June 2017.

Performance targets

Details of the performance targets will be disclosed in the 2017 Remuneration Report within the Annual Report and Accounts.

Enquiries:

Cobham plc [phone]

Julian Wais, Director of Investor Relations

   MHP Communications                                                          [phone] 

Reg Hoare/Tim Rowntree

This information is provided by RNS

The company news service from the London Stock Exchange

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May 24, 2017 11:35 ET (15:35 GMT)