Business
EMPLOYEE SHARE OPTION PLAN
EMPLOYEE SHARE OPTION PLAN.
About this update from Narf Industries Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n11 September 2023\n \nNARF INDUSTRIES PLC \n \nEMPLOYEE SHARE OPTION PLAN\nNarf Industries plc (\"Narf\", the \"Company\", or the \"Group\"), (LSE: 'NARF')(OTCQB: NFIN.F), the cybersecurity group specialising in high-end threat intelligence and critical infrastructure security, announces the adoption of an employee share option plan (the \"Plan\") and the granting of employee share options, including to Directors of the Company.\nEmployee Share Option Plan\nThe Company has adopted an employee share option plan as part of the long-term incentives it is establishing for Group employees in line with the remuneration policy set out in the Company's consolidated annual financial statements. The aims of the Plan are threefold:\n1) To reward Group employees and the Board for progress made to date in setting the Group towards a path of strong growth;\n2) To incentivise Group employees to commit their medium to long term futures to the Group as it continues to grow; and\n3) To reward those Board members and key Group employees who will have the greatest impact on the Company's share price for achieving milestones that are expected to enhance shareholder value.\nGrant of options\nCurrently, no employees and only one of its three directors have options in the Company. The Board, on the recommendation of the Remuneration Committee, has granted a total of 391,214,900 employee share options under the Plan. The share options are exercisable at 1p per share, a 30% premium to the most recent closing share price. \nOf the total grant:\n● 91,825,000 share options are for past progress and, accordingly, vest immediately;\n● 77,107,450 will vest on the achievement of certain milestones; and\n● 222,282,450 will mainly vest quarterly over the 12 quarters starting 1 October 2023, with vesting starting at a later date for some recent...