Business
Awards under Long-Term Incentive Plan
Awards under Long-Term Incentive Plan.
About this update from Flowtech Fluidpower Plc
[{"type":"text","content":"\n\n\n\n\nNEWS RELEASE\nIssued on behalf of Flowtech Fluidpower plc\n \nImmediate Release\nMonday, 5 June 2023\n\n\n\n\n\n\n \n \n \nFLOWTECH FLUIDPOWER PLC\n(\"Flowtech\" or the \"Company\")\nSpecialist full-service supplier of technical fluid power products and services\n \nAwards under Long-Term Incentive Plan\n \n \nFlowtech Fluidpower plc, the UK's leading specialist supplier of technical fluid power products, announces that the Board's Remuneration Committee has approved the grant of nil cost options over ordinary shares of 50 pence each (the \"2023 Options\") under the Company's new Long-Term Incentive Plan (\"LTIP\"). The LTIP is designed to incentivise the executive directors to deliver value creation for shareholders and ensure alignment with shareholder interests.\n \nOn 2 June 2023, 2,345,588 2023 Options, in aggregate, were granted under the LTIP to the executive directors as set out below:\n \n\n\n\nDirector\n\n\nNumber of 2023 Options awarded\n\n\n2023 Options as % of current issued share capital\n\n\nTotal options as % of current issued share capital\n\n\n\n\nMike England, CEO\n\n\n1,583,333\n\n\n2.6%\n\n\n2.6%\n\n\n\n\nRussell Cash, CFO\n\n\n762,255\n\n\n1.2%\n\n\n1.7%\n\n\n\n \nThe vesting of the 2023 Options is subject to Flowtech's share price performance. The awards are in three tranches, which each have different share price hurdles in order to vest in full, being £2.00 for the first tranche (comprising 1,638,970 2023 Options), £2.50 for the second (comprising 423,971 2023 Options) and £3.00 for the third (comprising 282,647 2023 Options). The second tranche of 2023 Options will vest on a straight line basis between a share price of £2.00 and £2.50, with the third tranche vesting on a straight line basis between a share price of £2.50 and £3.00. A third of each tranche will be tested after each of the third, fourth and fifth anniversaries of the commencement of the LTIP scheme and vesting is subject to the discretion of the Remuneration Committee. Ordinary shares from the vesting of the LTIP are subject to a minimum hold period until the fifth anniversary of the commencement of the LTIP and are subject to customary malus and clawback provisions. The above awards to Russell Cash replace LTIP awards previously made to him in 2021 ...