M&C Saatchi has granted share awards to four of its executive directors under its long-term incentive plan (L-tip), which vested on 31 December 2012.
The awards reflect the achievement of targets for both share price performance and total shareholder return conditions.
When the L-tip was adopted, each of the participants paid £97,250 to participate in the scheme. This was not refundable in the event the vesting conditions were not met.
As a result of the vesting, a total of 3,546,932 ordinary shares of one pence each in the firm will be awarded to the four directors. Each executive director will be granted 886,733 ordinary shares. All four directors have confirmed that they have no intention of selling these new shares.
Lloyd Dorfman, non-executive director and chairman of the remuneration committee, said: “Three years ago, in conjunction with our major shareholders, a remuneration scheme was devised that ensured the alignment of the interests of the management team and shareholders.
“These awards reflect the strong operational performance of the M&C Saatchi businesses, which has led to the group’s outstanding performance compared to its peer group in terms of total shareholder return.”
