30 Dec 2013 07:00
30 December 2013
Earthport plc
("Earthport" or "Company")
Issue of Share Options
The Board of Earthport plc (AIM:EPO), the cross-border payments service provider, announces the following remuneration plan for Mr. Hank Uberoi, Executive Director and CEO, of Earthport plc. for his expected continuing services and contributions to the Company in 2014 and 2015. The award consists of a combination of options and shares and represents the entirety of Mr.Uberoi's compensation over the proposed years. Mr. Uberoi did not receive any cash salary and bonus from the Company in 2010, 2011, 2012 and 2013; this policy will continue in 2014 and 2015.
The remuneration award is as follows:
Option Plan | Vesting | Exercise Price |
An award of 10 million options to acquire ordinary shares of Earthport with 5 million to be awarded for anticipated services in 2014 and 5 million to be awarded for anticipated services in 2015. | · 1/3 of options awarded will vest on a time criteria as follows:
1.7 million on 1 January 2014 1.7 million on 1 January 2015
· 2/3 of options awarded will vest on performance criteria as follows:
- 3.3 million options will vest when Earthport's Revenues exceeds GBP 15.0 million. - 3.3 million options will vest when Earthport's Free Cash Flow exceeds £5.0 million
| · Vested options will be exercised at 32.75p |
Share Plan | Vesting | Other |
An award of 2 million of newly issued Ordinary Shares in Earthport Plc. with 1 million to be awarded for anticipated services in 2014 and 1 million for anticipated services in 2015 | 1 million on 1 January 2015 1 million on 1 January 2016 |
The Options awarded under this plan amount to approximately 2.1% of the Company's fully diluted share capital.
Mr. Uberoi currently holds 29,000,000 options with a weighted average exercise price of 26p (one third vested and two thirds subject to performance conditions based on the Company achieving certain operating targets). Following this award, Mr. Uberoi will hold 41,000,000 options over ordinary shares representing approximately 8.2% of the Company's fully diluted share capital. The combined share and options holdings of Mr. Uberoi, will amount to approximately 8.6% of the Company's fully diluted share capital.
For further information, please contact:
Earthport plc Vinode Ramgopal /Phil Hickman
| 020 7220 9700 |
Charles Stanley Securities Mark Taylor
| 020 7149 6000 |
Panmure Gordon Fred Walsh / Grishma Patel
| 020 7886 2500 |
Newgate Threadneedle Fiona Conroy / Caroline Evans-Jones / Josh Royston | 020 7653 9850 |
About Earthport
Earthport plc, a regulated global financial services organisation, specialises in the provision of a white label cross-border payments service.
Through its innovative payments framework, specifically designed for high volumes of low value cross-border payments, Earthport provides a cost-effective and transparent service for secure international payments. Earthport's customers include banks, foreign exchange businesses, money transfer organisations, payment aggregators and e-commerce businesses. Through Earthport's well-established payments infrastructure, customers can clear and settle payments directly to banked beneficiaries in over 50 countries.
The company is headquartered in London and is listed on the Alternative Investment Market (AIM) on the London Stock Exchange. It operates globally with additional regional offices in Dubai and New York. Earthport plc is authorised and regulated by the Financial Services Authority under the Payment Service Regulations 2009 for the provision of payment services. To learn more, please visit www.earthport.com and follow us on Twitter @Earthport.