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23 Sep 2011 07:00
Telit Communications plc ("Telit")
Grant of Options
23 September 2011
The Remuneration Committee of the Board announces that, on 19 September 2011, options over 150,000 shares were granted to Yosi Fait, the Company's Finance Director, at an exercise price of 80p per share (approximately 10% higher than the closing price of the Company's shares on AIM on the trading day preceding the day of the grant). The options have a vesting schedule whereby one third will vest on each anniversary of the grant.
Following the grant to Mr. Fait of the options noted above, the Company has nearly reached the overall limit on the granting of options over newly issued shares contained in the rules of its unapproved option scheme. The Remuneration Committee has therefore resolved that, as the overall limit under the scheme increases, Mr. Fait will from time to time be formally granted additional options (either in one tranche or in a series of separate grants) at the same exercise price and on the same terms as the options set out above, subject to a maximum of 150,000 further options being granted within this framework.
Further, the Remuneration Committee has resolved that, should the Company successfully complete a public fundraising on a major stock exchange, then Mr. Fait will immediately thereafter be granted further options over a total of 600,000 shares at an exercise price of 80p per share, with all other terms being equal to the options mentioned above
Enquiries:
Telit Communications PLC +39 06 420 4601
Oozi Cats, CEO
Oozicats@telit.com
Investec +44 20 7597 4000
Andrew Pinder
Patrick Robb
Dominic Emery
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