WPP PLC Executive Performance Share Awards (7667G)

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RNS Number : 7667G

WPP PLC

27 November 2020

   FOR IMMEDIATE RELEASE                                                           27 November 2020 

WPP plc ("WPP")

Executive Performance Share Awards

The Executive Performance Share Plan (EPSP) is WPP's long term incentive scheme approved by shareholders at the 2013 Annual General Meeting. On 24 November 2020, awards were made to the 2020 participants which comprise WPP's two Executive Directors, as set out in the table below, and other select senior executives within the Group's operating companies.

 
 Executive Director    Number of shares awarded 
 Mark Read             460,464 
                      ------------------------- 
 John Rogers           299,554 
                      ------------------------- 
 

Awards take the form of nil-cost options, which are exercisable over WPP shares or ADRs and the amounts stated represent the maximum possible opportunity.

The extent to which awards become exercisable in 2023 will depend on WPP's performance over the three-year performance period from 1 January 2020 to 31 December 2022.

Awards are subject to three equally weighted performance conditions: three-year average Return on Invested Capital (ROIC), cumulative Adjusted Free Cash Flow (AFCF), and relative Total Shareholder Return (TSR). Achieving the threshold performance requirement will result in a vesting opportunity of 20% for that element. The vesting opportunity will increase on a straight-line basis to 100% of the award for maximum performance.

In approving these awards and performance conditions, the WPP Compensation Committee considered a broad range of factors taking into account feedback collected through consultation with shareholders.

Notes

1) Consultation was undertaken with shareholders in November 2020 following an undertaking given in our 2019 Compensation Committee Report

2) These awards were made in accordance with the terms of the 2020 Directors' Compensation Policy as approved by shareholders on 10 June 2020

3) To the extent that each element of a conditional award does not vest at the end of the three- year performance period it will lapse

   4)   Additional shares will be awarded at vesting in lieu of dividends on the shares that vest 

5) Awards to Executive Directors are subject to an additional two-year post-vesting holding period

Contact:

Chris Wade, WPP

[phone]

Richard Oldworth, Buchanan Communications

[phone]

 
 1.   Details of PDMR/person closely associated with them ('PCA') 
 a)   Name                        Mark Read 
     --------------------------  --------------------------------------------- 
 b)   Position/status             Chief Executive Officer 
     --------------------------  --------------------------------------------- 
 c)   Initial notification/       Initial notification 
       amendment 
     --------------------------  --------------------------------------------- 
 2.   Details of the issuer 
     ------------------------------------------------------------------------- 
 a)   Full name of the            WPP plc 
       entity 
     --------------------------  --------------------------------------------- 
 b)   Legal Entity Identifier     549300LSGBXPYHXGDT93 
       code 
     --------------------------  --------------------------------------------- 
 3.   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          Ordinary shares of 10 pence each ('Ordinary 
       financial instrument        Shares') 
                                   ISIN: JE00B8KF9B49 
     --------------------------  --------------------------------------------- 
 b)   Nature of the transaction   Grant of conditional awards over WPP plc 
                                   ordinary shares under the WPP plc Executive 
                                   Performance Share Plan 
     --------------------------  --------------------------------------------- 
 c)   Price(s) and volume(s)       Price(s)           Volume(s) 
       (Number of WPP ordinary      Nil cost option    460,464 
       shares or WPP ADRs                             ---------- 
       sold or purchased 
       and price per share/ADR) 
     --------------------------  --------------------------------------------- 
 d)   Aggregated information      N/A (single transaction) 
        *    Aggregated number 
 
 
        *    Aggregated Price 
 
 
        *    Total 
     --------------------------  --------------------------------------------- 
 e)   Date of the transaction     24 November 2020 
     --------------------------  --------------------------------------------- 
 f)   Place of the transaction    London Stock Exchange (XLON) 
     --------------------------  --------------------------------------------- 
 
 
 1.   Details of PDMR/person closely associated with them ('PCA') 
 a)   Name                        John Rogers 
     --------------------------  --------------------------------------------- 
 b)   Position/status             Chief Financial Officer 
     --------------------------  --------------------------------------------- 
 c)   Initial notification/       Initial notification 
       amendment 
     --------------------------  --------------------------------------------- 
 2.   Details of the issuer 
     ------------------------------------------------------------------------- 
 a)   Full name of the            WPP plc 
       entity 
     --------------------------  --------------------------------------------- 
 b)   Legal Entity Identifier     549300LSGBXPYHXGDT93 
       code 
     --------------------------  --------------------------------------------- 
 3.   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          Ordinary shares of 10 pence each ('Ordinary 
       financial instrument        Shares') 
                                   ISIN: JE00B8KF9B49 
     --------------------------  --------------------------------------------- 
 b)   Nature of the transaction   Grant of conditional awards over WPP plc 
                                   ordinary shares under the WPP plc Executive 
                                   Performance Share Plan 
     --------------------------  --------------------------------------------- 
 c)   Price(s) and volume(s)       Price(s)           Volume(s) 
       (Number of WPP ordinary      Nil cost option    299,554 
       shares or WPP ADRs                             ---------- 
       sold or purchased 
       and price per share/ADR) 
     --------------------------  --------------------------------------------- 
 d)   Aggregated information      N/A (single transaction) 
        *    Aggregated number 
 
 
        *    Aggregated Price 
 
 
        *    Total 
     --------------------------  --------------------------------------------- 
 e)   Date of the transaction     24 November 2020 
     --------------------------  --------------------------------------------- 
 f)   Place of the transaction    London Stock Exchange (XLON) 
     --------------------------  --------------------------------------------- 
 

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November 27, 2020 05:16 ET (10:16 GMT)