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Share Price:21.40
Change: -0.20 (-0.93%)
Last checked at 14:10:09
Long Term Incentive Plan (LTIP)
Thu, 22nd Dec 2022 14:01
RNS Number : 6645K
Harland & Wolff Group Holdings PLC
22 December 2022
22 December 2022
Harland & Wolff Group Holdings plc
("Harland & Wolff" or the "Company")
Long Term Incentive Plan (LTIP) for Executive Board
Harland & Wolff Group Holdings plc (AIM: HARL), the UK quoted company focused on strategic infrastructure projects and physical asset lifecycle management, announces that the Remuneration Committee ("Remco") has agreed the key terms of a new Long Term Incentive Plan ("LTIP"), established to further align the interests of the Executive Directors with the Company's wider shareholder base. The formal grant of options pursuant to the LTIP is expected to take place over the coming weeks and a further announcement will be made in due course once documentation has been finalised.
Under the terms of the LTIP, John Wood and Arun Raman will be granted, in aggregate, options over a maximum number of new ordinary shares of 1p each in the Company ("Options") which equates to 10% of the current issued ordinary share capital, all current outstanding warrants in the Company and any additional warrants which the Company may issue prior to the formal implementation of the LTIP. There will be no further options granted under this LTIP and no further anti-dilution provisions.
Of the total Options granted under the LTIP, John Wood is expected to be allocated approximately 52.50% per cent. and Arun Raman, 47.50 per cent.
Following the formal grant, these Options will vest over a three-year period commencing 1 January 2023 and ending on 31 December 2025. Subject to the achievement of the requisite performance criteria (set out below), Options may be exercised into new ordinary shares at par value and any such new shares will have a holding period of three years from the date of vesting, during which time they may not be sold by the Executive Directors.
The Options will be split into three categories and the key terms and/or performance criteria are set out below:
· Restricted Shares will represent 30% of the total number of Options, earned on a straight-line basis over three years from 1 January 2023. If any Executive leaves during this three-year period as a "good leaver", such Executive will be entitled to ke
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