Last checked at 6 May 2020 14:36
SPIRENT COMMUNICATIONS PLC (the "Company")
06 May 2020
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 first tranche of the awards, in the amount of 225,681 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 / amendment
| Initial notification | |||||||||
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 Code
| 213800HKCUNWP1916L38 | |||||||||
4. | Details of the transaction(s) | ||||||||||
a) | Description of the financial instrument
Identification code
| Ordinary shares of 3&1/3 pence each
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) |
| |||||||||
d) | Aggregated information
- Aggregated volume
- price
|
n/a
n/a
| |||||||||
e) | Date of the transaction
| 05 May 2020 | |||||||||
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 interest in shares | Total number of shares over which options held |
Eric Updyke | 116,349 | 1,054,543 |
Enquiries
Michelle Balch Spirent Communications plc +44 (0)1293 767676
Deputy Company Secretary