Elementis PLC has announced that its Chief Executive Officer, Paul Waterman, and Chief Financial Officer, Ralph Hewins, have been granted conditional share awards under the Elementis plc 2018 Long Term Incentive Plan (LTIP). Waterman has been granted 1,107,011 shares, while Hewins has been granted 489,054 shares, both with a vesting date of 8 April 2027 at no cost per share. The awards are based on award multiples set at 200% and 175% of salary for the CEO and CFO, respectively.
The awards will vest and become exercisable from the third anniversary of the grant, subject to continued service and the satisfaction of performance conditions over the three financial years ending 31 December 2026. The shares that vest will also be subject to a two-year holding requirement. The performance conditions include earnings per share, relative total shareholder return, operating cash conversion, and operating profit margin, each with a 25% weighting.
Vesting based on the performance conditions will be subject to a return on capital employed underpin, allowing the Committee to consider the vesting result in light of the return on capital employed achieved during the period. The notifications made in accordance with Article 19 of the Market Abuse Regulation indicate the details of the transactions by the persons discharging managerial responsibilities and persons closely associated with them.
Paul Waterman and Ralph Hewins have been granted conditional share awards over 1,107,011 and 489,054 shares, respectively, under the Elementis plc 2018 Long Term Incentive Plan. The awards are subject to vesting conditions and a two-year holding requirement. The performance conditions include earnings per share, relative total shareholder return, operating cash conversion, and operating profit margin, each with a 25% weighting.