Business
Grant of options
Grant of options.
About this update from Itaconix Plc
[{"type":"text","content":"\n \nRNS Number : 8894G Itaconix PLC 01 June 2017 \n\n1 June 2017\n \nItaconix plc (\"Itaconix\" or \"the Group\") \nAward under Long Term Incentive Plan\n \nItaconix (AIM: ITX) announces the grant of awards under the Itaconix plc Long Term Incentive Plan (\"LTIP\") to its executive directors Kevin Matthews and Robin Cridland.\n \nThe LTIP was adopted by the board of directors of Itaconix (the \"Board\") on 29 June 2012 and its Remuneration Committee has approved the following grants on 31 May 2017:\n· To the CEO Kevin Matthews a nil cost option over 1,402,340 ordinary shares\n· To the CFO Robin Cridland a nil cost option over 863,830 ordinary shares.\n \nThe vesting date of these awards is 31 May 2020, and they only become exercisable if the following share price performance conditions are met: 50% of the grant becomes exercisable if the weighted average ordinary share price in the 180 day period ending on the vesting date is £0.40 or above. Between weighted average ordinary share prices of £0.40 and £0.55, vesting shall be pro-rata and on a straight line basis between 50% and 100%. Below £0.40 the grants are not exercisable and lapse in full. LTIP awards with the same performance conditions were also granted to senior management over 1,412,329 ordinary shares.\n \nAlso on 31 May 2017, the executive directors Kevin Matthews and Robin Cridland surrendered the LTIP awards granted on 30 April 2015 over 567,568 and 349,550 ordinary shares respectively. \n \nThe notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail.\n \nEnds\n \nFor further information please contact:\n\n\n\n\nCompany\n\n\n+44 (0) 1244 283 500\n\n\n\n\nKevin Matthews / Rob Cridland\n\n\n\n\n\n\n\nN+1 Singer \n\n\n+44 (0) 207 496 3000\n\n\n\n\nRichard Lindley / Liz Yong (Corporate Finance)\nNick Owen (Corporate Broking)\n\n\n\n\n\n\n\nAbout Itaconix\nItaconix is an AIM quoted company whose objective is to be a leader in functional polymers that improve the safety, performance or sustainability of its customers' products in the delivery and controlled release of actives, surface modification and water quality improvement for the Homecare & Industrial and Personal Care & Consumer Healthcare m...