Spirent Communications PLC Director/PDMR Shareholding (8068X)

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RNS Number : 8068X

Spirent Communications PLC

06 May 2021

SPIRENT COMMUNICATIONS PLC (the "Company")

06 May 2021

DIRECTOR / PDMR SHAREHOLDING: Vesting and Exercise of Restricted Stock Awards under Spirent Long-Term Incentive Plan

The Company confirms that its Remuneration Committee (the "Committee") has considered the following performance conditions attached to Restricted Stock Awards awarded on 1 April 2019 to Eric Updyke:

- Mr Updyke's continuing to be employed with the Spirent Communications plc Group at the date of vesting;

   -     Acceptable personal performance up to the date of vesting as determined by the Committee. 

Following consideration of these performance conditions, the Committee has agreed that the second tranche of the awards, in the amount of 219,044 Restricted Stock Units, should vest at 100%.

Awards of Restricted Stock 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.

As a result of the vesting of this award, the following transactions have taken place:

 
 1.   Details of PDMR / person closely associated 
      Name                            Eric Updyke 
     ------------------------------  --------------------------------------------- 
 2.   Reason for the notification 
     ----------------------------------------------------------------------------- 
 a)   Position / status               CEO 
     ------------------------------  --------------------------------------------- 
 b)   Initial notification            Initial notification 
       / amendment 
     ------------------------------  --------------------------------------------- 
 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         213800HKCUNWP1916L38 
       Code 
     ------------------------------  --------------------------------------------- 
 4.   Details of the transaction(s) 
     ----------------------------------------------------------------------------- 
 a)   Description of the financial    Ordinary shares of 3&1/3 pence each 
       instrument 
 
       Identification code             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)     GBP0.0000    219,044 
                                               -----------  ---------- 
                                        (ii)    GBP2.5064    111,119 
                                               -----------  ---------- 
     ------------------------------  --------------------------------------------- 
 d)        Aggregated information 
 
             *    Aggregated volume     n/a 
 
                                        n/a 
 
             *    price 
     ------------------------------  --------------------------------------------- 
 e)   Date of the transaction         05 May 2021 
     ------------------------------  --------------------------------------------- 
 f)   Place of the transaction        (i) Outside a trading venue 
                                       (ii) London 
     ------------------------------  --------------------------------------------- 
 

Following this notification, the individuals listed above hold options over the following total number of shares:

 
 Director / PDMR    Total beneficial     Total number of shares 
                         interest in    over which options held 
                              shares 
 Eric Updyke                 224,274                  1,728,122 
                   -----------------  ------------------------- 
 

Enquiries

Michelle Balch Spirent Communications plc [phone]

Deputy Company Secretary

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May 06, 2021 06:42 ET (10:42 GMT)