10561
RNS Number : 5456H
Trinity Mirror PLC
16 March 2015
 



Trinity Mirror plc

16 March 2015

 

Trinity Mirror plc (the "Company")

 

 

The independent trustee (the "Trustee") of the Trinity Mirror Employees' Benefit Trust based in Jersey (the "Trust") notified the Company that on 13 March 2015 it had granted Restricted Share Awards under the Trinity Mirror Restricted Share Plan ("RSP"), to executive directors Simon Fox and Vijay Vaghela, in the amounts set out below.

 

Under the terms of the Trinity Mirror executive directors' annual bonus scheme, 50% of any bonus is payable in cash and the remaining 50% is paid through the award of Restricted Shares. This award of the Restricted Shares follows the determination by the Remuneration Committee of the Board of the Company that, under the performance conditions of the 2014 scheme, a bonus at 45.8% of maximum (equivalent to 34.4% of base salary) was payable. An award of Restricted Shares equal in value to 22.9% of maximum (equivalent to 17.2% of base salary) was therefore recommended to the Trustees.

 

The executive director is the beneficial owner of the Restricted Shares but the shares are held in trust by the Trustee who remains the legal owner until the shares are released at the end of a three year holding period (the Restricted Period").

 

During the Restricted Period, the executive director may not sell or otherwise dispose of the Restricted Shares, cannot vote the restricted shares and will not receive any dividends on the Restricted Shares.

 

During the Restricted Period, the Restricted Shares will be subject to the malus provisions of the RSP rules (the "Rules") which would allow for forfeiture of all of the shares or a reduction in the number released in circumstances as set out in the Rules.

 

Executive Director

Number of Restricted Shares

 

Simon Fox

45,317

Vijay Vaghela  

38,973

 

An additional award of Restricted Shares equal in value to any dividends paid during the Restricted Period may be made on the release of the Award.

 

The base price for calculating the level of Award was 1.895p, the average market closing price on between 10 and 12 March 2015.

                                                 

Further Information:

 

 

Jeremy Rhodes

Company Secretary

Trinity Mirror plc

One Canada Square

London E14 5AP                                                        

 

                                                                       


This information is provided by RNS
The company news service from the London Stock Exchange
 
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