Business
Further Amendments To Long Term Retention Plan
Further Amendments To Long Term Retention Plan.
About this update from Atlantic Lithium Limited.
[{"type":"text","content":"\n \nRNS Number : 9916P Allocate Software PLC 26 August 2014 \n \n\n26 August 2014\n \nALLOCATE SOFTWARE PLC\n(\"Allocate\" or \"the Company\")\n \n \nFurther amendments to Long Term Retention Plan (\"LTRP\")\n \nFollowing the announcement on 21 July 2014, and subsequent discussions with the Company's major shareholders and Numis, the Board has decided to make a further amendment to the performance conditions of the LTRP awarded to Ian Bowles in December 2011.\n \nBackground\nUnder the terms of the LTRP, Ian Bowles was awarded in December 2011, 1,000,000 nil-price options over ordinary shares in the Company which would vest between September 2014 and September 2016 subject to (a) the Company's earnings per share increasing at or above a 15% annual compound growth rate; and (b) a demanding absolute total shareholder return (\"TSR\") against which options would vest on a sliding scale. 20% of the options will vest at a 15% annual compound TSR and the options would vest in full at or above a 25% annual compound TSR.\nOn 21 July 2014, the Company announced that three principal changes had been made to the LTRP. Firstly, the targets for TSR were changed from a range of 15% - 25% to a range of 7.5% - 15%. Secondly, instead of 20% of the shares vesting at the minimum level of TSR achievement, the proportion that would vest at this level would change to 70%. Finally the earnings per share target were changed to an annual compound growth rate of 5%.\n \nFurther amendments\n \nFollowing consultation with the Company's major shareholders and Numis, the Board has decided to make the amendments set out below.\n \n400,000 ordinary shares will remain subject to the amendments announced in July 2014, and will vest immediately.\n \n300,000 ordinary shares will vest in September 2015 (the \"2015 Options\") and a further 300,000 ordinary shares in September 2016 (the \"2016 Options\"). The 2015 Options and the 2016 Options are subject to the following performance conditions:\n \n(a) EPS condition\n \nThe first 50% of the shares under option will be subject to the EPS condition which will be based on a minimum of 7.5% annual compound growth and a maximum of 15% annual compound growth.\n \nIf the minimum of 7.5% EPS growth is achieved then 33% of the first 50% of the shares will...