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LONDON - TT Electronics plc, a global provider of engineered electronics for performance-critical applications, has announced the conditional award of shares to its Acting Chief Executive Officer, Eric Lakin, under the company’s Long Term Incentive Plan (LTIP) 2024. The award, dated April 23, 2025, involves 1,092,425 ordinary shares and is subject to the achievement of specific performance conditions over a three-year period ending December 31, 2027.
The performance conditions tied to the award are based on various financial metrics. Fifty percent of the shares will vest depending on the company’s earnings per share (EPS) growth rate, with partial vesting at the threshold target and full vesting if stretch targets are met. The exact EPS targets are to be determined by the Remuneration Committee by the date of the 2025 Annual General Meeting, scheduled for June 30, 2025.
An additional twenty-five percent of the shares will vest based on the company’s total shareholder return relative to the FTSE SmallCap (excluding Investment Trusts) index, with full vesting at the upper quartile performance of the comparator group. The final twenty-five percent will vest based on average operating cash conversion targets, with full vesting at a cash conversion rate of 95 percent.
The award is subject to malus and clawback provisions, which allow the company to retract or recover the shares under certain conditions. It is also contingent on Lakin retaining his position as CEO; if he reverts to his previous role as CFO, the number of shares awarded will be adjusted accordingly.
This LTIP award is part of the company’s strategy to align the interests of its executives with those of its shareholders and to incentivize the achievement of key financial targets that drive long-term value. The grant is made in accordance with the requirements of UK Market Abuse Regulation (MAR) and does not involve any monetary transaction at the time of the award.
The information regarding the award is based on a press release statement from TT Electronics plc.
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