GKN PLC: Director/PDMR Shareholding
NOTIFICATION OF TRANSACTIONS OF DIRECTORS/PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND CONNECTED PERSONS
In accordance with DTR 3.1.4R (1), GKN plc (the "Company") announces that on 4 March 2013 the Executive Directors and other PDMRs listed below received awards under the GKN Sustainable Earnings Plan 2012:
Director/PDMR Number of Number of Total number Total number
shares shares of shares of share comprised in comprised in awarded awards held Core Award Sustainability under SEP Award
Nigel Stein 401,774 80,354 482,128 1,104,271
Marcus Bryson 249,693 49,938 299,631 686,278
Andrew Reynolds 249,693 49,938 299,631 686,278 Smith
William Seeger 234,592 46,918 281,510 644,775
Judith Felton 64,715 12,943 77,658 173,446
Douglas McIldowie 77,964 15,592 93,556 210,766
The extent to which a Core Award and a Sustainability Award will vest is based on the Company's performance over a five year period in total. The whole award (i.e. both the Core Award and the Sustainability Award) is subject to the achievement of stretching EPS growth targets over an initial three year performance period. 50% of shares earned under the Core Award will be released at this time, with the remaining 50% of the Core Award and the Sustainability Award being released after a further two year period. Release of the Sustainability Award is subject to a further condition that the highest EPS attained in the initial three year performance period is sustained during this two year deferral period. The vesting of Core Awards and Sustainability Awards (together the "Awards") is also subject to an additional test based on the Remuneration Committee's assessment of the quality of earnings.
The vesting of the Awards may entitle a participant to a benefit equivalent to the dividends that would have been paid from the award date to the release of the shares.
No consideration was paid for the grant of the Awards and no payment is due on the release of the Awards.
The following is a correction to the shareholding for Douglas McIldowie as disclosed in the Notification of Transactions of PDMRs announcement dated 28 February 2013:
PDMR No.of shares % of issued share
Douglas McIldowie 102,151 0.006
4 March 2013
-0- Mar/04/2013 16:54 GMT