Business
Replacement: New Long-Term Incentive Plan
Replacement: New Long-Term Incentive Plan.
About this update from Gear4music (holdings) Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2255P\n Gear4music (Holdings) PLC\n 15 October 2021\n \n \n \n \n This announcement replaces the announcement released at 8.30am on 15 October 2021 (RNS Number 2247P). The vesting dates refer to a month rather than a specific date. All other details remain unchanged.\n \n \n \n \n \n 15 October 2021 \n \n \n Gear4music (Holdings) plc\n \n \n \n \n \n (\"Gear4music\", \"the Company\" or \"the Group\")\n \n \n \n \n \n New Long-Term Incentive Plan\n \n \n \n \n \n The board of Gear4music (AIM: G4M), the largest UK based retailer of musical instruments and music equipment, announces a new long-term management incentive plan ('Plan') to incentivise senior employees in a manner that aligns with the interests of the Company's shareholders.\n \n \n \n \n \n The Plan involves the issue of 377,100 'D' Ordinary shares ('D Shares') in Gear4music Limited, a subsidiary of the Company. The D Shares are capable of vesting between 2023 and 2027 and can be exchanged on a one-for-one basis for new ordinary shares of ten pence each in the capital of the Company ('Ordinary Shares'), subject to achieving minimum specified fully diluted earnings per share ('eps') targets as set out below.\n \n \n \n \n \n \n \n \n Financial year ending\n \n \n \n \n Vesting date\n \n \n \n \n Fully diluted eps target\n \n \n \n \n No. D Shares vesting\n \n \n \n \n \n \n 31 March 2023\n \n \n \n \n July 2023\n \n \n \n \n 46p\n \n \n \n \n 75,420\n \n \n \n \n \n \n 31 March 2024\n \n \n \n \n July 2024\n \n \n \n \n 53p\n \n \n \n \n 75,420\n \n \n \n \n \n \n 31 March 2025\n \n \n \n \n July 2025\n \n \n \n \n 61p\n \n \n \n \n 75,420\n \n \n \n \n \n \n 31 March 2026\n \n \n \n \n July 2026\n \n \n \n \n 68p\n \n \n \n \n 75,420\n \n \n \n \n \n \n 31 March 2027\n \n \n \n \n July 2027\n \n \n \n \n 76p\n \n \n \n \n 75,420\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 377,100\n \n \n \n \n \n \n \n \n Certain of the Company's directors (also considered Persons Discharging Managerial Responsibilities) are participating in the Plan as detailed below, along with members of the Group's senior management team:\n \n \n \n \n \n \n \n \n Name\n \n \n \n \n Position\n \n \n \n \n No. D Shares issued\n \n \n \n \n \n \n Gareth Bevan\n \n \n \n \n Chief...