Business
LTIP Adoption, Grant of Awards and PDMR Dealing
LTIP Adoption, Grant of Awards and PDMR Dealing.
About this update from Devolver Digital, Inc.
[{"type":"text","content":"\n \n \n 16th December 2022\n \n \n \n Devolver Digital, Inc.\n \n \n \n \n (\"Devolver Digital\", \"Devolver\" or the \"Company\", and the Company together with all of its subsidiary undertakings \"the Group\")\n \n \n \n \n LTIP Adoption, Grant of Awards and PDMR Dealing\n \n \n \n Devolver Digital, an award-winning digital publisher and developer of independent (\"indie\") video games,\n is pleased to announce the terms of a long-term incentive plan for its senior leadership and group employees charged with delivering on the Group's strategic objectives for the three years to end 2024 (the \"2022 LTIP\"). This follows the outcome of a Special Meeting held on December 12, 2022 where shareholders voted in favour of the two resolutions within the Shareholder Circular, which was distributed to all shareholders of record. The resolutions approved the adoption of the LTIP plan and rules, as well as grants to be made in 2022 under the plan.\n \n \n The 2022 LTIP is designed to reward employees at all levels of the Company for performance that delivers value for shareholders, through the award of long-term incentive shares (\"LTIP Shares\"). The Remuneration Committee, made up entirely of Independent Non-Executive Directors, worked with independent consultants Alvarez and Marsal throughout the development of the LTIP.\n \n \n All LTIP Shares awarded to management are subject to a three-year cliff vesting period from the date of award, with a two-year cliff vesting period for all other employees. The LTIP Shares are made up of Performance Stock Units (\"PSUs\"), award of which are, amongst other things, subject to achieving ambitious financial targets, and Restricted Stock Units (\"RSUs\"), award of which are, amongst other things, subject to certain performance criteria for management and senior employees. In addition to the above, a grant of shares was recommended for the CEO and CFO, and a grant of RSUs was recommended to a small employee cohort who have joined the company since IPO.\n \n \n The Remuneration Committee recommended the following 2022 grants to the Board, laid out in the tables below. These initial 2022 awards granted under the 2022 LTIP plan will amount to, in aggregate, 7,913,563 shares (on the assumption that all vest), representing 1.8 per cent. of the issued and outstanding share capital. Total dilution from the ...