Business
Grant of Share Options and deferred bonus award
Grant of Share Options and deferred bonus award.
About this update from Manolete Partners Plc
[{"type":"text","content":"\n \n \n 1 August 2022\n \n \n \n \n \n \n \n \n Manolete Partners plc\n \n \n \n \n (\"Manolete\" or the \"Company\")\n \n \n \n \n \n \n \n \n \n \n \n \n Grant of Share Options and deferred bonus award\n \n \n \n \n \n \n \n \n Manolete, a leading UK insolvency litigation financing company announces that on 29 July 2022, it granted nominal cost share options over ordinary shares of 0.4p each in the Company to its executive directors as set out in the table below.\n \n \n \n \n \n \n \n \n \n \n Director\n \n \n \n \n \n \n Award type\n \n \n \n \n \n \n Number of shares subject to option\n \n \n \n \n \n \n \n Steven Cooklin\n \n \n \n \n Performance share award\n \n \n \n \n 163,797\n \n \n \n \n \n \n Mark Tavener\n \n \n \n \n Performance share award\n \n \n \n \n 64,234\n \n \n \n \n \n \n Mark Tavener\n \n \n \n \n Deferred bonus award\n \n \n \n \n 16,058\n \n \n \n \n \n \n Philomena Halton\n \n \n \n \n Performance share award\n \n \n \n \n 120,269\n \n \n \n \n \n \n \n \n \n The options were granted under the Company's share option plan.\n \n \n \n \n \n The performance share awards will ordinarily vest on the third anniversary of their grant subject to the grantee's continued service and the satisfaction of performance conditions based on (with equal weighting) (i) earnings per share for the Company's financial year ending 31 March 2025; (ii) average share price over the three months preceding the third anniversary of the grant of the options; and (iii) the group's strategic objectives for the period of three financial years ending 31 March 2025. Sliding scale performance targets apply in respect of the earnings per share and average share price elements, with 25% of the relevant portion of each option vesting for threshold performance, rising on a straight-line basis for full vesting of the relevant portion of each option for stretch performance or better. The extent of vesting of the strategic element will be dependent on the remuneration committee of the Board's assessment of related performance.\n \n \n \n \n \n The deferred bonus award will ordinarily vest on the first anniversary of its grant subject to the grantee's continued service. The deferred bonus award relates to a deferred bonus awarded in shares for the Company's financial year ended 31 March 2022 and ...