Business
Long Term Incentive Plan
Long Term Incentive Plan.
About this update from Accsys Technologies Plc
[{"type":"text","content":"\n \nRNS Number : 5676O Accsys Technologies PLC 20 September 2013 \n \n\n \n \nAIM: AXS\nNYSE Euronext Amsterdam: AXS\n20 September 2013\n \nACCSYS TECHNOLOGIES PLC(\"Accsys\" or \"the Company\")\n \nAward of Options under Long Term Incentive Plan \n \nAccsys, the environmental science and technology company whose primary focus is on the production and technology licensing of Accoya® wood and Tricoya® wood elements, previously announced on 27 August 2013, in its Notice of 2013 Annual General Meeting (the 'Notice'), the proposal to establish the Accsys Technologies PLC 2013 Long Term Incentive Plan ('LTIP').\n \nDetails concerning the background to and summary of the LTIP were set out in the Notice, however are also summarised below, together with awards which have been made to the executive directors as a result of the resolution to approve the LTIP having been approved by shareholders at the Annual General Meeting held on 19 September 2013.\n \nBackground\n \nAs a result of the achievements of the current management team to turn around the Company since 2009, Accsys is now at a stage where it is geared for future growth and its next phase of development. \n \nTo support this development, the Company recognised the importance of putting in place a remuneration structure for the management team to retain, motivate and align their interests to the future growth of the organisation. \n \nThe remuneration committee (the 'Committee') of the Company, the members of which are non-executive directors, have therefore undertaken a comprehensive review of the existing remuneration structure in place. Following the review of the respective components of the management team's remuneration package (base salary, annual bonus, long-term incentive), the Committee identified that a new long-term incentive plan was critical in providing market competitive levels of total remuneration to executives, aligning their interests to the business strategy and future development of the Company. \n \nThe new LTIP has been developed having taken into account the key issues of retention and motivation, alignment of interests with those of shareholders and the provision of competitive levels of awards to participants. \n \nCancellation of outstanding options\n \nIn developing the proposals ...