5 Jun 2013 15:19
HYDROGEN GROUP PLC
("Hydrogen" or "the Company")
Grant of Options to Directors
under the Hydrogen Executive Long-Term Incentive Plan 2013
Hydrogen Group plc is pleased to announce that, following consultation with significant shareholders, it has established the Hydrogen Executive Long-Term Incentive Plan 2013 (the "2013 LTIP"). The purpose of the 2013 LTIP is to align long term incentives for senior executives and Directors (excluding the Chairman and Non-Executive Directors) with Hydrogen's 2016 strategy and to reward financial performance.
On 5 June 2013 the following Directors of the Company were granted options to acquire ordinary shares of 1p each in the Company at a future date ("Awards" or "Options"), under the terms of the 2013 LTIP.
Director | Number of shares covered by the Award | Option Price |
Tim Smeaton, CEO | 300,000 | 1p per share |
John Glover, Finance Director | 250,000 | 1p per share |
The earliest vesting date for up to 50% of the Awards, subject to achievement of targets, is the date following announcement of the Group's audited results for the year ended 31 December 2016, with any balance vesting one year later. Vested Options will then be exercisable up to the day before the 10th anniversary of the date of grant.
Participants in the 2013 LTIP Plan are set targets by the Remuneration Committee which are linked directly to key performance indicators for the Group, including profit before tax and net fee income. Vesting of the Awards is dependent on the achievement of these targets.
An increased award may be made for substantial outperformance, bringing the total number of shares up to a maximum potential award of 500,000 shares for Tim Smeaton and 300,000 shares for John Glover, with performance between levels being calculated on a straight line basis.
The Awards made on 5 June 2013 are deemed to include nil-cost options previously granted to Tim Smeaton and John Glover under the Hydrogen Group Unapproved Share Option scheme for 2010 and 2011, over 276,000 and 76,000 shares respectively.
The Awards have been granted by the Remuneration Committee, as part of the Directors' remuneration package. No consideration was paid for grant of the Awards.
For further information, please contact:
Hydrogen Group plc 020 7090 7737
Helen Perkins, Interim Company Secretary
Oriel Securities Limited (Nominated Adviser) 020 7710 7600
Nick How
Tunga Chigovanyika
Date: 5 June 2013