Business
Amendment to Long-Term Incentive Plan
Amendment to Long-Term Incentive Plan.
About this update from Ekf Diagnostics Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 8066G EKF Diagnostics Holdings PLC 11 June 2013 \n \n\n \n \n \n11 June 2013\nEKF Diagnostics Holdings plc\n(\"EKF\" or the \"Company\" or the \"Group\")\n \nAmendment to EKF's Long-Term Incentive Plan\n \nEKF Diagnostics Holdings plc (AIM: EKF), the growing in-vitro diagnostics company, announces that it has amended one of the performance conditions for certain awards already made under the existing EKF Long-Term Incentive Plan (\"LTIP\") to better incentivise key executives. The Board of Directors recognises the importance of incentivising and rewarding the performance of its key executives, and securing greater alignment of shareholders' and management's interests with transparency over performance targets. \n \nThe Board, following the recommendation of the Remuneration Committee and after consulting its advisers, has today made the following amendment to the performance conditions attached to the awards made to each of David Evans, Executive Chairman, and Julian Baines, Chief Executive Officer, under the LTIP. The LTIP was adopted on 25 November 2009 and the awards made to Mr Evans and Mr Baines were detailed in an announcement made by the Company on 24 September 2010. \n \nThe Board believes that this amendment does not materially re-base the performance parameters of the original awards. In summary, the total number of options remains unchanged and the exercise price remains unchanged. The amendment allows for a defined percentage of the options to vest over a five year period, subject to defined performance conditions. The overall dilution effect of the exercise of these options remains unchanged. A summary of the amendment is provided below:\n \n· Options over 8,545,638 ordinary shares, representing 3.13 per cent. of the current issued share capital, divided equally between Mr Evans and Mr Baines, are now subject to the Company's share price reaching certain levels before 31 December 2016. Approximately one fifth of the options (i.e. options over approximately 1,709,128 shares) will vest if the Company's mid-market closing share price reaches the following levels for a period of 20 consecutive days (on which the London Stock Exchange is open for business) before 31 December 2016: 30p, 37.5p, 45p and 52.5p. Approximately o...