Business
Grant of Options and Changes to Option Terms
Grant of Options and Changes to Option Terms.
About this update from Everyman Media Group Plc
[{"type":"text","content":"\n\n18 August 2023\n \nEveryman Media Group PLC\n(\"Everyman\" the \"Company\" or the \"Group\")\n \nGrant of Options and Changes to Option Terms\nGrant of Options\nThe Company notifies that, on 18 August 2023, it granted a total of 266,667 options over ordinary shares of 10 pence each in the capital of the Company (\"Ordinary Shares\") to the following persons discharging managerial responsibilities:\n\n\n\n\nName\n\n\nPosition\n\n\nNumber of New Options Granted\n \n\n\nTotal Options Held\n\n\n\n\nAdam Kaye\n\n\nExecutive Director\n\n\n266,667\n\n\n1,066,667\n\n\n\n\n \nThe new options granted to Mr. Kaye have an exercise price of 60.0p and can be exercised on or after 18 August 2024, subject to certain performance conditions being met.\nChanges to Option Terms\nOn 8th April 2021, the Company announced that Alex Scrimgeour, Chief Executive Officer of Everyman, had been issued 2,000,000 A ordinary shares (\"Growth Shares\") in a subsidiary company, Everyman Media Holdings Ltd. The Growth Shares could be exchanged for new Ordinary Shares in the future, subject to meeting certain vesting conditions and share price performance criteria.\nSubsequent to this, on 23rd January 2023, the Remuneration Committee of the Company resolved that the share price performance condition attached to the Growth Shares was no longer appropriate. The Company announced that, subject to vesting conditions and financial performance targets being met, the Growth Shares would entitle Mr. Scrimgeour to receive an amount equivalent to the market value of an Ordinary Share in the Company less 86.0p, being the closing share price of the Company on 20th January 2023.\nThe Remuneration Committee of the Company has resolved that, due to current equity market conditions, the terms of the Growth Shares should be amended so that Mr. Scrimgeour will now receive an amount equivalent to the market value of an Ordinary Share less 60.0p, being the closing share price of the Company on 17 August 2023. All other terms and conditions relation the Growth Shares remain unchanged.\n---\nWill Worsdell, Finance Director of the Company, currently holds 297,948 options over Ordinary Shares. Of these options, 100,000 were issued on 5th May 2022 at an exercise price of 130p, and a further 100,000 were issued on 27th June 2022 at an exercise price of 111p. The ves...