Business
Implementation of LTIP and Grant of Options
Implementation of LTIP and Grant of Options.
About this update from Flowtech Fluidpower Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4117A\n Flowtech Fluidpower PLC\n 01 June 2021\n \n \n \n \n Tuesday, 1 June 2021\n \n \n Flowtech Fluidpower plc\n \n (\"Flowtech\", the \"Group\" or the \"Company\")\n \n \n Implementation of Long-Term Incentive Plan, Grant of Options and PDMR dealings\n \n Flowtech Fluidpower plc, the UK's leading specialist supplier of technical fluid power products, announces the implementation of a new Long Term Incentive Plan (\"LTIP\") together with an initial grant under the LTIP to the executive directors.\n \n The LTIP has been established to incentivise management to deliver long-term value creation for shareholders and ensure alignment with shareholder interests.\n \n Existing Management Incentive Plan and new Long Term Incentive Plan\n The existing Management Incentive Plan (\"MIP\") which has been in place since IPO, in May 2014, was implemented around the Company's then growth strategy, with awards that were designed to match management's business objectives. The only other grant of options made under the MIP was in June 2016. No further awards will be made under the MIP.\n \n The new LTIP will be based on market standard annual awards to incentivise the executive directors to drive shareholder returns.\n \n As the grants made under the MIP in June 2016 can vest up to June 2023, there will be a period where the two incentive schemes will run concurrently. As such, the Remuneration Committee have agreed for Bryce Brooks, that there will be up to a £1 for £1 offset of any value accrued for the same period of performance. \n \n The awards made under the LTIP will be made by the granting of nil-cost options established in accordance with the rules of the LTIP and vesting is subject to both share price and EPS performance criteria measured on the results for the three year financial period to 31 December 2023.\n \n The Remuneration Committee has discretion to amend these terms to take account of, for example, corporate activities such as acquisitions to ensure that the performance targets remain appropriate. Malus and clawback provisions are also in place to reduce or recover any awards for criteria such as a material misstatement of the financial statements or a serious breach of the Company's code of ethics.\n \n On 28 M...