Business
Grant of Awards under IPO Long-Term Incentive Plan
Grant of Awards under IPO Long-Term Incentive Plan.
About this update from Ashtead Technology Holdings Plc
[{"type":"text","content":"\n \n \n 7 September 2022\n \n \n Ashtead Technology Holdings plc\n \n \n (\"Ashtead Technology\" or the \"Group\")\n \n \n \n \n \n \n Grant of Awards under IPO Long-Term Incentive Plan\n \n \n \n \n \n \n \n \n Ashtead Technology, the international subsea rental equipment and solutions specialist\n , announces that, following the Company's IPO in November 2021, and under the terms of the Company's long term incentive plan (the \"\n \n IPO LTIP\n \n \"), the Board has approved the award of and granted nil cost options (the \"\n \n Options\n \n \") over\n 1,097,751\n ordinary shares of\n 5\n pence each in the Company (\"\n \n Ordinary\n \n \n Shares\n \n \") to certain employees, including persons discharging managerial responsibilities (\"\n \n PDMRs\n \n \") detailed below.\n \n \n \n \n \n As set out in the Admission Document and the Group's annual accounts for the year ended 31 December 2021 the Options will become exercisable in equal instalments over three years and, in each year, in proportion to the attainment of an Adjusted Earnings per Share hurdle for that year. If the Company does not attain an Adjusted Earnings per Share in excess of a 25% hurdle (as detailed below), no Options will vest and this proportion of the Options will not be carried forward to the following year. Where the Company attains the Adjusted Earnings per Share hurdle for 25% vesting (\"25% Hurdle\"), 25% of the Options for that year will vest. Where the Company attains the Adjusted Earnings per Share hurdle for full vesting (\"100% Hurdle\"), all of the Options due to vest that year will vest. If Adjusted Earnings per share is higher than the 25% Hurdle, but lower than the 100% Hurdle, the percentage of Options vesting will be linearly interpolated. Adjusted Earnings per Share hurdles for each year are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Year ending 31 December 2022\n \n \n \n \n \n \n Year ending 31 December 2023\n \n \n \n \n \n \n Year ending 31 December 2024\n \n \n \n \n \n \n \n Adjusted EPS needed for full vesting\n \n \n \n \n 18.30p\n \n \n \n \n 20.61p\n \n \n \n \n 23.59p\n \n \n \n \n \n \n Adjusted EPS needed for 25% hurdle vesting\n \n \n \n \n 15.96p\n \n \n \n \n 17.17p\n \n \n \n \n 19.15p\n \n \n \n \n \n \n \n \n \n \n \n \...