Nice iincentive17 Dec 2018 09:17
("Dods", the "Company" or the "Group")
Long Term Incentive Plan & Director Dealing
In accordance with the terms of his contract upon joining the board, Dods announces that it has granted a conditional award ("Award") to Simon Presswell, Chief Executive Officer, under a new long-term incentive plan (the "Dods Group PLC 2018 LTIP" or the "Plan").
The Award is subject to the achievement of performance conditions related to share price. The Award entitles Simon to a percentage of the incremental increase in Dods' future market capitalisation above a base value of approximately £55.0001 million*, which equates to a share price of 16.1087p, measured after three years following grant. The Company's current equivalent market capitalisation is approximately £36.7 million.
Additional value will be realised if the Company achieves a share price of 50.6p after the fourth year following grant, representing a market capitalisation of approximately £173.0 million*. The value of the Award may be adjusted downward, based on a free cash flow formula.
The first £250,000 of the Award will vest in equity payable through the issue of new ordinary shares in Dods at an exercise price of 16.1087p per share, pursuant to the terms of an EMI Option Scheme. The remaining value of the Award shall be payable in either cash or equity and the maximum dilution of this Award shall be less than 1.12% if fully vested in equity.