12 May 2016 07:00
12 May 2016
Earthport plc
("Earthport", the "Company" or the "Group")
Issue of Awards under the 2016 Long Term Incentive Plan
Earthport (AIM: EPO.L), the leading cross-border payment network, announces that the following nil-cost share awards under 2016 Long Term Incentive and Retention Plan (the "Plan") to the members of the executive management team (excluding the CEO) were made on 11 May 2016.
The initial purpose of the Plan is to facilitate a series of three awards to key executives. This is the first award of the series. A summary of the terms of each of the three awards is set out below:
i. Tranche one (the current award): up to a maximum total of 5 million ordinary shares of 10p each in the capital of the Company ("Ordinary Shares"), vesting 40% in June 2017 and 60% in June 2018.
ii. Tranche two (planned award date June 2017): up to a maximum total of 5 million Ordinary Shares. The allocation of the award to be subject to share price targets ranging between 45p and 75p over a three month period with vesting on the later of price targets being achieved and December 2018 and December 2019.
iii. Tranche three (planned award date June 2018): up to a maximum total of 5 million Ordinary Shares. The allocation of the award to be subject to share price targets ranging between 75p and 100p over a three month period with vesting on the later of price targets being achieved and December 2019 and December 2020.
Unvested awards lapse on cessation of employment for any reason (or on giving notice, if earlier).
Earthport has allocated the awards under Tranche one to the following executive members:
Executive Member | No. of Ordinary Shares |
Simon Adamiyatt | 800,000 |
Sajeev Viswanathan | 800,000 |
Daniel Marovitz | 800,000 |
Andrew Brown | 800,000 |
Jonathan Lear | 800,000 |
For further information, please contact:
Earthport plc 020 7220 9700
Hank Uberoi, Chief Executive Officer
Simon Adamiyatt, Chief Financial Officer
Panmure Gordon (Nomad and Joint Broker) 020 7886 2500
Fred Walsh / Charles Leigh-Pemberton / Duncan Monteith
N+1 Singer (Joint Broker) 020 7496 3000
Shaun Dobson / James White
Shore Capital (Joint Broker) 020 7408 4090
Bidhi Bhoma / Toby Gibbs
Newgate Communications 020 7653 9848
Bob Huxford / Helena Bogle
About Earthport:
Earthport plc is a financial services organisation providing cross-border payments services to banks, e-commerce providers, money transfer companies and payment administrators. Earthport is headquartered in London with regional offices in New York, Miami, Dubai and Singapore.
One of the FinTech50 2015 - judged to be the game-changers transforming the future of finance - Earthport is also the winner of the Grant Thornton Quoted Company Awards 2015 Technology company of the year award and FStech/Retail Systems' B2B Payments Innovation of the Year (2014).
Earthport provides the industry with access to a global payment network through a single contract, a single technical integration, and a single service relationship. Worldwide, more than 50 banks are connected into Earthport's network for the efficient clearing of low value payments. Through a single relationship, clients benefit from sophisticated validation, message transformation and compliance services, efficiently serving their customers with more innovative payment products.
Earthport is listed on the Alternative Investment Market (AIM) on the London Stock Exchange.
Earthport plc is authorised and regulated by the Financial Conduct Authority under the Payment Service Regulations 2009 for the provision of payment services.
Find out more at www.earthport.com
and on Twitter @Earthport, LinkedIn, Youtube, Slideshare and Google+.