market cap31 Jan 2013 13:36
From the Annual report 2012 page 24 :-
http://www.hardide.com/downloads/HARDIDE_ANNL_RPRT_2012-WEB.pdf
I don't know any ins and outs of the below but it looks to trigger if the average market capitalisation of the Company reaches £15 million. I think the market cap is now above that but for how long is anybody's guess. Perhaps someone can enlighten me? DYOR.
Best regards
RRJ
Incentive schemes for staff and directors
In the past year there has been a bonus
scheme in operation for executive directors and
members of staff employed by the Company on
or before 1st October 2011 and still employed
by the Company at the Company’s financial
year end. That bonus scheme was based on
the achievement of certain levels of gross profit
and cash, both being an improvement over
the previous year. The maximum bonus will be
paid to staff in respect of the year to the end of
September 2012.
With regard to share options, most employees
participate in a share option scheme after
completing their probation period: Except for
the Chief Executive, the vesting criteria in place
at the year end were that 30% of options granted
are time-based and vest progressively over 3
years; 50% of options granted vest if the average
market capitalisation of the Company reaches
£15 million; and the remaining options vest if the
average market capitalisation of the Company
reaches £30 million. The market capitalisation
vesting conditions, if achieved, override the
time-based vesting. The Chief Executive’s share
options vest 50% after 2 ½ years and 50%
after 5 years. The Chairman’s share options
have slightly accelerated time-based vesting
terms compared with others in the scheme.
This arrangement is in recognition of additional,
otherwise-unremunerated work performed in
fund raising during the course of 2009.
None of the non-executive directors participate
in the bonus scheme and Robert Goddard is the
only non-executive director to participate in the
share option scheme.
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