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LONDON - TT Electronics plc, a global provider of engineered electronics for performance-critical applications, has disclosed the grant of a conditional award to Acting Chief Executive Officer Eric Lakin under its Long Term Incentive Plan 2024. The award, involving 1,092,425 ordinary shares, was mistakenly reported earlier and has been corrected to show the transaction date as Tuesday.
The incentive plan, which is designed to align executive compensation with shareholder interests, will vest based on the company’s performance over the next three years, ending December 31, 2027. The performance conditions include earnings per share growth, total shareholder return relative to the FTSE SmallCap index, and operating cash conversion targets.
The shares awarded to Lakin are subject to performance metrics that will be finalized by the company’s Remuneration Committee by the 2025 Annual General Meeting scheduled for June 30. The targets will be set to encourage growth and efficiency within TT Electronics, with the EPS performance targets calculated on a constant currency basis.
The incentive plan also incorporates malus and clawback provisions, which allow the company to retract the award under certain circumstances. This ensures that the incentives are not only performance-based but also subject to adjustment in the event of any financial restatements or misconduct.
The announcement clarifies that the number of shares awarded to Lakin is contingent upon him retaining the CEO position. If he returns to his previous role as CFO, the award will be adjusted accordingly.
This grant comes as part of TT Electronics’ efforts to incentivize its top executives through performance-based awards, reflecting a common practice among public companies to drive business success and enhance shareholder value.
The information regarding the incentive award was made public in accordance with UK Market Abuse Regulation and is based on a press release statement issued by TT Electronics plc.
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