Business
Grant of share incentive awards
Grant of share incentive awards.
About this update from Cambridge Nutritional Sciences Plc
[{"type":"text","content":"\n \n \n \n OMEGA DIAGNOSTICS GROUP PLC\n \n \n \n \n \n \n \n \n \n (\"Omega\" or the \"Company\" or the \"Group\")\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Grant of share incentive awards to Directors and senior managers\n \n \n \n \n \n \n \n \n \n 1. Establishment and operation of the Company's new Long Term Incentive Plan\n \n \n \n \n \n \n Omega (AIM: ODX), the specialist medical diagnostics company focused on industry-leading Health & Nutrition and Global Health products, announces that, on 8 June 2022, it granted awards (\"Awards\") over ordinary shares of 4 pence each in the capital of the Company (\"Ordinary Shares\") to Executive Directors pursuant to the terms of its newly established Long Term Incentive Plan (the \"LTIP\"), details of which are set out below:\n \n \n \n \n \n \n \n \n \n \n Director\n \n \n \n \n \n \n Board Position\n \n \n \n \n \n \n Number of Ordinary Shares over which \"Performance Awards\" granted\n \n \n \n \n \n \n Number of Ordinary Shares over which \"Retention Awards\" granted\n \n \n \n \n \n \n Total number of Ordinary Shares over which Awards granted\n \n \n \n \n \n \n \n Jag Grewal\n \n \n \n \n CEO\n \n \n \n \n 4,700,715\n \n \n \n \n 1,200,000\n \n \n \n \n 5,900,715\n \n \n \n \n \n \n Chris Lea\n \n \n \n \n CFO\n \n \n \n \n 4,339,121\n \n \n \n \n 1,000,000\n \n \n \n \n 5,339,121\n \n \n \n \n \n \n \n \n \n The LTIP has been established in order to incentivise Executive Directors and certain senior managers to deliver long term value for shareholders, align their interests with the various stakeholders and retain these key individuals within the business. No consideration was paid for the grant of the Awards, which have been structured as \"nil cost\" options.\n \n \n \n \n \n The Performance Awards detailed in the above table will normally vest on the third anniversary of grant but only if, at that time, the Company's share price (averaged over a 90day period) is equal to or greater than 12 pence per Ordinary Share. Vesting will normally be dependent on the continued employment of the participant within the Group.\n \n \n \n \n \n The vesting of the Retention Awards is dependent solely on continued employment over the period of three years from grant (or, in the case of Chris Lea, the period of three ...