Business
Awards under Long-Term Incentive Plan
Awards under Long-Term Incentive Plan.
About this update from Active Energy Group Plc
[{"type":"text","content":"\n\n \n19 July 2023\nActive Energy Group Plc\n(\"Active Energy\" or the \"Company\")\n \nAwards under the Company's Long-Term Incentive Plan\n \nActive Energy (AIM: AEG, OTCQB: ATGVF) the international biomass based renewable energy business, announces awards under the Company's new long-term incentive plan (the \"LTIP\"). The LTIP, which was approved by the Company's shareholders at the annual general meeting held on 11 July 2023, has been designed to incentivise the Company's Directors and members of the Company's senior management team (together the \"Participants\").\n \nThe LTIP has been established to promote long-term value creation for Active Energy's shareholders and to align the interests of the Participants with shareholders. Awards under the LTIP take the form of premium priced options over the Company's ordinary shares of 0.35 pence each (the \"Ordinary Shares\"). Once exercised, the Participants are required to hold the Ordinary Shares issued to them for a minimum period of six months. The LTIP allows for up to 12% of the Company's issued share capital from time to time to be allocated to Participants.\n \nInitial LTIP awards\nThe Company has today granted options over 8,283,840 Ordinary Shares to certain Participants (the \"Options\") under the LTIP. The Options have been granted in three tranches, with each tranche having a different vesting period and exercise price, as follows:\n \n· 3,594,470 Options have an exercise price of 8.3 pence per Ordinary Share (which represents a circa 35% premium to the closing mid-market price of an Ordinary Share on 18 July 2023, the date prior to grant) and vest immediately (\"Tranche 1\");\n \n· 2,344,685 Options have an exercise price of 10 pence per Ordinary Share (which represents a circa 20% premium over the Tranche 1 exercise price) and vest on 18 July 2024 (\"Tranche 2\"); and \n \n· 2,344,685 Options have an exercise price of 12 pence per Ordinary share (which represents a circa 20% premium over the Tranche 2 exercise price) and vest on 18 July 2025 (\"Tranche 3\").\n \nAll of the Options expire ten years from the date of grant and are subject to additional performance related vesting ...