Business
Grant of options and adoption of LTCIP
Grant of options and adoption of LTCIP.
About this update from Newmark Security Plc
[{"type":"text","content":"\n\n11 September 2024\n \nNewmark Security plc\n(\"Newmark\", the \"Company\" or the \"Group\")\n \nGrant of options and adoption of LTCIP\n \nNewmark Security plc (AIM: NWT), a leading provider of electronic, software and physical security systems, announces an update to its management incentive structure in order to incentivise and retain key senior executives within the Company. The updated structure includes the introduction of a long term cash incentive plan (the \"LTCIP\") as well as grants of options over ordinary shares of 5p each (\"Ordinary Shares\") under the Company's existing option plans, further details of which are set out below. \n \nThe Company engaged independent remuneration advisory firm, MM&K, to advise on its updated management incentive structure which is linked to the delivery of Newmark's new five-year strategic business plan (the \"2029 Strategic Growth Plan\"), details of which were set out in the Company's annual report and accounts for the year ended 30 April 2024, which was published yesterday and is available on the Company's website, www.newmarksecurity.com. The 2029 Strategic Growth Plan sets out how Newmark's management expect to grow the business over the next five years and includes stretching internal targets for revenue and EBITDA growth, as well as lowering debt and increasing net assets. These metrics are key KPIs for the business and the updated management incentive structure has been designed to ensure that management are rewarded appropriately in the case of creating a far more valuable asset for shareholders.\n \nOptions\n \nCancellation of CEO options\nUnder her service agreement, Marie-Claire Dwek (CEO) is entitled to receive options over Ordinary Shares representing 20% of her annual salary, subject to the achievement of certain operational performance criteria in each financial period. Prior to the matters set out below, Marie-Claire Dwek held options over 746,514 Ordinary Shares, equivalent to approximately 8% of the Company's current issued share capital.\n \nIn order to increase headroom to grant options to other executives, the Company and Marie-Claire Dwek have agreed to cancel 454,570 options held by Marie-Claire Dwek which were exercisable at a price of 90p per share, subject only to time based vesting criteria and continued...