Grant under Long Term Incentive Plan
Forterra plc announced on June 11, 2026, that awards were granted under its Long Term Incentive Plan to the Chief Executive Officer and other persons discharging managerial responsibilities. A total of 288,331 ordinary shares were awarded as Restricted Share Awards and 576,662 as Performance Share Awards. These awards, with a nominal cost option exercise price of £0.01 per share, are based on a share price of £1.73 and are structured to vest on June 11, 2029, contingent upon the achievement of specific performance conditions related to adjusted EPS growth, total shareholder return, and carbon emissions intensity reduction.
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Forterra plc (the "Company") announces that on 11 June 2026 awards over ordinary shares of £0.01 each in the capital of the Company were granted to the Chief Executive Officer and persons discharging managerial responsibility ("PDMRs") under the Forterra plc LTIP as follows:
| Name of Director / PDMR | Number of Shares awarded pursuant to Restricted Share Award | Number of Shares awarded pursuant to Performance Share Award |
|---|---|---|
| Neil Ash (Chief Executive Officer) | 139,286 | 278,572 |
| Mark Davies (Chief Operations Officer) | 27,669 | 55,339 |
| Sarah Renton (Group People Director) | 20,123 | 40,246 |
| James Cornish (Commercial Director) | 22,359 | 44,718 |
| Nicola Chapman (Strategy and Marketing Director) | 15,651 | 31,303 |
| Frances Tock (Company Secretary) | 7,990 | 15,980 |
| Other management | 55,252 | 110,504 |
| Total awards granted | 288,331 | 576,662 |
The terms of the awards align to the new hybrid award policy set out in the Directors' Remuneration Policy approved on the 19th of May 2026 at the 2026 Annual General Meeting and as described in the Annual Report and Accounts 2025.
No consideration was paid for the grant of the awards which are structured as nominal cost options at an option exercise price of £0.01 per Ordinary Share. The number of Ordinary Shares granted under the award has been calculated using a share price of £1.73 being an average mid-market quotation as derived from the London Stock Exchange Daily Official List for the share price averaged over six months, as per the RNS of 12 May 2026, which was within the applicable policy and plan rules limit when calculated in accordance with the plan rules.
Subject to the LTIP rules, the awards will normally vest on 11 June 2029, subject to the achievement of the performance conditions or underpin conditions (as relevant) and the participant being a Director or employee of the Company at that time.
The vesting of Performance Share Awards is subject to the satisfaction of performance conditions which have been set by the Remuneration Committee of the Board of Directors of the Company and are set out below:
Plan conditions
| Performance condition | % of award subject to condition | Growth | % of PSP award which will vest |
|---|---|---|---|
| Adjusted EPS growth reported for the year ending 31 December 2028 | 45% | <5% | 0% |
| Equal to 5% | 25% | ||
| 10% or above | 100% | ||
| Company's total TSR against TSR of index members (FTSE 250 excluding investment trusts) - measured at 31 December 2028 | 45% | <Median | 0% |
| Median | 25% | ||
| Upper quartile or above | 100% | ||
| Reduction in Group's clay product carbon emissions intensity versus 2025 baseline measured at 31 December 2028 | 10% | <5% | 0% |
| 5% | 25% | ||
| 10% or above | 100% |
Vesting is measured on a straight-line basis between the above performance points
The above notification is intended to satisfy the Company's obligations under Article 19 of the Market Abuse Regulations and Listing Rule 9.3.2R.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.