22 Nov 2017 09:00
22 November 2017
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 the previously announced 2016 Long Term Incentive and Retention Plan (the "Plan") to the members of the executive management team (excluding the CEO) were made on 21 November 2017.
The initial purpose of the Plan was to facilitate a series of three awards to key executives. The first award was granted on 11 May 2016 (see RNS Number: 9983X released on 12 May 2016). This is the second award under the first tranche of the series. Additional awards under tranche one of the Plan have been made as follows:
Executive Member | No. of Ordinary Shares |
Simon Adamiyatt | 650,000 |
Andrew Brown | 450,000 |
Mike Steinharter | 300,000 |
Vesting: 40% of the allocation will vest in July 2018 and the remaining 60% in July 2019
A summary of the terms of second and third tranche of the awards is set out below:
i. Tranche two (the current award): 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 31 December 2018 and 31 December 2019.
ii. 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 31 December 2019 and 31 December 2020.
Earthport has allocated the awards under Tranche two of the Plan to the following executive members:
Executive Member | No. of Ordinary Shares |
Simon Adamiyatt | 1,250,000 |
Andrew Brown | 1,000,000 |
Mike Steinharter | 750,000 |
Unvested awards lapse on cessation of employment for any reason (or on giving notice, if earlier).
For further information, please contact:
Earthport plc 020 7220 9700
Hank Uberoi, Chief Executive Officer
Phil Hickman, Non-Executive Chairman
N+1 Singer (Nominated Adviser and Joint Broker) 020 7496 3000
Mark Taylor/James White
Shore Capital (Joint Broker) 020 7408 4090
Toby Gibbs/Stephane Auton
Newgate Communications 020 7653 9848
Bob Huxford / James Ash
About Earthport:
Earthport provides cross-border payment services to banks and businesses. Through a single relationship with Earthport, clients can seamlessly manage payments to almost any bank account in the world, reducing costs and complexity to meet their customers' evolving expectations of price, speed and transparency.
Earthport offers clients access to global payment capability in 190+ countries and territories, with local ACH options in 65+ countries and an evolving suite of currencies and settlement options. Earthport continues to invest in the establishment of in-country bank partnerships across the world, bringing together its deep market and regulatory expertise in order to maintain compliant and commercially competitive services.
The result - a global payments network accessed via a single relationship, delivering significant cost and operating efficiencies for banks and businesses servicing high volumes of lower value payments.
Headquartered in London with regional offices in New York, Dubai, Miami and Singapore, Earthport is a public company traded on the London Stock Exchange (AIM: EPO).
Please visit www.earthport.com for more information.