Business
LTIP Awards
LTIP Awards.
About this update from Creo Medical Group Plc
[{"type":"text","content":"\n\n\n\n\n11 March 2024\nCreo Medical Group plc\n(\"Creo\" the \"Company\" or the \"Group\")\n \nLTIP Awards\n \nCreo Medical Group plc (AIM: CREO), the medical device company focused on the emerging field of minimally invasive surgical endoscopy for pre-cancer and cancer patients, announces that, pursuant to the Company's Long Term Incentive Plan (\"LTIP\"), the Directors set out below (\"Participants\") were granted an interest over an aggregate of 6,633,898 ordinary shares (\"LTIP Shares\") of 0.1 pence each in the capital of the Company (\"Ordinary Shares\"). The grant comprises 3,091,525 LTIP Shares in respect of each Participant's 2022 performance (the \"2022 LTIP grant\") and 3,542,373 LTIP Shares based on future performance conditions, measured over a three-year period commencing on 1 January 2023 (the \"2023 LTIP grant\").\n \nBackground\n \nAs detailed in the Remuneration Report in the Company's 2022 annual report and accounts, LTIP awards have been historically based on pre-grant performance conditions on the same basis as the annual bonus. In the same report, the Remuneration Committee set out its intention to incorporate, in addition to continued service, forward-looking performance targets as conditions for vesting. This change reflects feedback received from shareholders and represents a natural evolution of the LTIP plan as the Company enters a full commercial phase. 2023 represents a transition year in the implementation of the new LTIP criteria. As such, the 2022 LTIP grant is being made in respect of the Participant's performance against objectives in 2022 and represents 95% of salary. The 2023 LTIP is a forward-looking award equivalent to 100% of salary in line with the Company's policy, which will vest subject to performance conditions from threshold target levels to stretch target levels in respect of revenue, cashflow and TSR measured over a three-year period commencing 1 January 2023. \n \nOrdinary shares held by the trustee (\"Trustee\") of the Company's Employee Benefit Trust (\"EBT\") will be used to satisfy the exercise of these LTIP Shares.\n \n\n\n\n\nDirector\n\n\nPosition\n\n\nAggregate LTIP Shares\n\n\n\n\nCraig Gulliford\n\n\nChief Executive Officer\n\n\n2,020,339\n\n\n\n\nChris Hancock\n\n\nChief Technology Officer\n\n\n1,426,949\n\n\n\n\nRichard Rees\nD...