Convatec Group PLC Announces Director/PDMR Shareholdings and Grant Awards

Convatec Group PLC disclosed a series of key transactions on March 12th, 2024, involving significant shareholdings and grant awards to its top executives under the company’s incentive plans. The company granted Performance Share Units (PSUs) and Restricted Stock Units (RSUs) to CEO Karim Bitar and CFO Jonny Mason under the Long Term Incentive Plan (LTIP) and the Deferred Bonus Plan (DBP), respectively.

On March 11th, 2024, Karim Bitar received 1,025,891 PSUs and 226,266 RSUs, while Jonny Mason was granted 464,221 PSUs and 122,863 RSUs. The grants are linked to performance criteria and are set to vest on the third anniversary of the grant date. The awards were based on a three-day average share price of £2.76 as of March 8th, 2024. Additionally, previous awards under both plans vested for Karim Bitar, with a significant number of shares acquired post-vesting.

These transactions are part of Convatec's strategic efforts to align executive compensation with the company's long-term performance goals, aiming to incentivize and retain key management personnel. The vesting of these awards is contingent upon meeting specific performance conditions outlined in the company’s 2023 Annual Report.