Last checked at 21 Jul 2009 15:39
SOFTWARE RADIO TECHNOLOGY PLC GRANT OF OPTIONS
Software Radio Technology plc ("SRT" or the "Company") announces that on 20 July 2009 Neil Peniket, a Director of SRT, was granted options over 2,000,000 ordinary shares of 0.1p each in SRT at a price of 2.5 pence per share. The options are divided into four tranches and vest over a period of four years provided that certain profitability and share price targets are met, as set out below. The options become exercisable six months from the date of vesting and replace 700,000 options previously granted to Mr. Peniket which have been cancelled.
Tranche No. of options Vesting Criteria at 2.5 pence per share 1 300,000 a) both of the following conditions are met independently of each other: i) the mid-market closing share price has reached at least 8p for either of 10 consecutive trading days or 15 trading days in any 20 consecutive days and ii) the annual profits before tax of the Company exceed 1 or b) the mid-market closing share price has reached at least 15p for either of 10 consecutive trading days or 15 trading days in any 20 consecutive days. 2 400,000 a) the mid-market closing share price on AIM has reached 15p for either of 10 consecutive trading days or 15 trading days in any 20 consecutive days or b) if the annual profits before tax exceed 500,000, the Remuneration Committee may in its absolute discretion allow this tranche to vest. 3 500,000 i) when the mid-market closing share price has reached 25p for either of 10 consecutive trading days or 15 trading days in any 20 consecutive days and ii) a minimum of 2 years from the date of grant. 4 800,000 i) when the mid-market closing share price has reached 25p for either of 10 consecutive trading days or 15 trading days in any 20 consecutive days and ii) a minimum of 3 years from the date of grant. Enquiries: Software Radio Technology plc +44 (0)1761 409500 Simon Tucker simon.tucker@softwarerad.com Group Managing Director Hanson Westhouse Limited +44 (0) 20 7601 6100 Tim Feather Matthew Johnson
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