Business
Management Incentive Plan
Management Incentive Plan.
About this update from Eenergy Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 3702S\n eEnergy Group PLC\n 08 July 2020\n \n \n \n \n 8 July 2020\n \n \n eEnergy Group plc\n \n \n (\"eEnergy\" or \"the Company\")\n \n \n \n \n \n Management Incentive Plan\n \n \n \n \n \n The Board of eEnergy Group plc (AIM: EAAS), a leading \"Energy Efficiency-as-a-Service\" (EEaaS) business, today announces the implementation of a management incentive plan (\"MIP\") \n to retain and incentivise key management personnel. \n \n \n \n \n \n The rationale and detail of the MIP were outlined at the time of the Group's admission to AIM. The Group's Remuneration Committee (\"Remco\") has ensured that incentives are granted on terms which incentivise sustainable long-term growth and align Directors' and employees' interests with the interests of shareholders.\n \n \n \n \n \n Structure of MIP\n \n \n The MIP is linked to the growth in the value of the Company. The forms of incentive award to be implemented as part of the MIP comprise:\n \n \n \n \n \n (a) \"Growth Share Awards\": awards granted in the form of an immediate beneficial interest to be held by participants in a discrete and bespoke class of ordinary shares (\"Growth Shares\") in eEnergy Holdings Limited, a wholly owned subsidiary of the Company. After a minimum period of three years, the Growth Shares may be exchanged for new ordinary shares of 0.3 pence each in the Company (\"Ordinary Shares\"), subject to meeting performance conditions.\n \n \n \n \n \n (b) \"Share Options\": awards granted in the form of a share option with an exercise price equal to the market value of an Ordinary Share at the date of Grant. These are structured to qualify for the tax advantaged Enterprise Management Incentive (\"EMI Share Options\").\n \n \n Under the MIP, the aggregate value of EMI Share Options and the Growth Shares is capped at 12.5% of the Company's market capitalisation on conversion of the Growth Shares.\n \n \n Malus, clawback and leaver provisions apply to the MIP as outlined in the Admission Document.\n \n \n \n \n \n Growth Shares\n \n \n The following Directors (\"Participants\") have agreed to subscribe for Growth Shares in eEnergy Holdings Limited for their tax market value as set out in the table below. This value was determined by the Company's independent adv...