Business
Grant of Options to Directors
Grant of Options to Directors.
About this update from Norman Broadbent Plc
[{"type":"text","content":"\n \n6 June 2016\n\nNorman Broadbent plc\n\n(\"Norman Broadbent\" or \"the Company\")\n\nGrant of Options to Directors\n\nNorman Broadbent (AIM: NBB), a leading provider of executive search, leadership consultancy and complementary recruitment services announces that on 3 June 2016 the Company’s Remuneration Committee agreed to grant a total of 4,290,548 options to the Company's Executive Directors and certain employees under the rules of the Company's Enterprise Management Incentive Share Option Scheme 2007 (the \"Scheme\"). These options are exercisable at 13.5p per ordinary share, being the mid-market price at 12.00 noon on 3 June 2016.\n\nThe options granted under the Scheme are subject to various conditions. There are two tranches of options granted under the Scheme which are subject to different tiered vesting criteria related to: (i) share price or corporate performance; and (ii) time duration. Once vested, the options can be exercised at any time up to the seventh anniversary of the date of grant, being 3 June 2023.\n\nFor each Executive Director, 50 per cent. of the options granted vest subject to certain average share prices being achieved prior to 31 July 2020 and the remaining 50 per cent. vest subject to certain audited EBITDA figures being achieved for a financial year prior to 31 December 2019. EBITDA in this context is defined as earnings before interest, tax, depreciation and amortisation, excluding any non-recurring exceptional items as determined reasonable by the Remuneration Committee. Both tranches of options vest equally over three years from the date of issue, with the first such vesting date on the first anniversary of issue being 3 June 2017 and are subject to the continued employment of the relevant Executive Director. Accordingly, if all the performance criteria were achieved in year one, the earliest that the entire option pool could be exercised would be 3 June 2019.\n\nThe tiered average three month share prices which must be achieved for the vesting of the first tranche range between 22p and 70p per ordinary share. In addition, the audited EBITDA which must be achieved for the second tranche of options to vest ranges between approximately £600,000 and approximately £2 million. In any year where the EBITDA number achieved is less than 100 per cent. but greater than 80 per cent. of the rel...