Business
Long Term Incentive Plan
Long Term Incentive Plan.
About this update from Caffyns Plc
[{"type":"text","content":"\n RNS Number : 1136X Caffyns PLC 07 August 2009 \n \nCaffyns plc ('the Company')\n\n7 August 2009\n\nFollowing approval at the Company's Annual General Meeting held on 30 July 2009 of the Caffyns plc Long Term Incentive Plan ('LTIP'), the performance awards under the LTIP were granted on 6 August 2009 to the executive directors listed below:\n \n\n\n\n\n\n \n\n\nNo of ordinary shares\n\n\n\n\n \n\n\n \n\n\n\n\nMr S G M Caffyn\n\n\n25,225\n\n\n\n\nMr M S Harrison\n\n\n17,246\n\n\n\n\nMiss S J Caffyn\n\n\n8,217\n\n\n\n\n\n\nThe vesting of the performance awards under the LTIP is subject to the satisfaction of performance conditions based on growth in earnings per share over a three year period to 31 March 2012. No award is made if the average adjusted earnings per share for the three years are 45.0p or less. The maximum award is based upon the average adjusted earnings per share for the three years of 55.0p and is based on 35% of each director's annual salary at the date of grant of the award. The calculation of percentages will be on a straight line basis between the earnings per share levels. Adjusted earnings per share are the earnings per share before non-recurring items as set out in the Company's audited financial statements.\n\nIf the performance conditions are satisfied the awards are exercisable at nominal value within the period of three years to ten years after the grant of the awards. There was no price paid for the grant of the awards.\n\nFollowing the grant of these awards, the number of ordinary shares shown above represents the total number of options over ordinary shares held by each of the directors.\n\nThis announcement is intended to satisfy obligations under the Disclosure and Transparency Rules 3.1.4R (1).\n\nS J Caffyn\nCompany Secretary\n\n\n\nThis information is provided by RNSThe company news service from the London Stock Exchange END RDSZDLFBKVBEBBQ \n ","length":6680,"tagName":"div"}]