Share options23 Feb 2022 13:20
I am not sure what the following paragraph means from a previous RNS. Can someone with any knowledge of these matters please enlighten. Is the share price at which these options vest set on a particular date or period?
In addition, the Remuneration Committee has approved a transitional award (the "Transitional Award") to Adam Bond and Jim Gibson in recognition, inter alia, that no new option awards have been made to them in recent years. The Transitional Award is being made on the bases that would have prevailed had the award been made in March 2020. Pursuant to the Transitional Award, Adam Bond and Jim Gibson are receiving 2,250,000 and 984,375 nil cost options respectively. These options have a benchmark price of 16 pence. Below a threshold price of 27.6p no options will vest. At this threshold price, 25% of the maximum award will vest and this will increase linearly up to a fully vesting price of 59.7 pence per share. Providing the thresholds have been achieved, the options will vest in two equal tranches in March 2022 and March 2023 so that each executive will now have LTIP incentivisation awards tested and vesting annually over the next three years.