Business
New Company Share Option Scheme & Grant of Options
New Company Share Option Scheme & Grant of Options.
About this update from Northamber Plc
[{"type":"text","content":"\n\nNorthamber PLC\n(\"Northamber\" or the \"Company\")\n \nNew Company Share Option Plan\nGrant of Share Options\n \n27 July 2023\n \nNorthamber (AIM:NAR), announces that it has adopted a Company Share Option Plan (\"CSOP\"), under which all of the Company's eligible employees will be able to participate.\n \nOptions under the CSOP (\"CSOP Options\") to acquire a total of 131,250 ordinary shares of £0.01 each in the capital of the Company (\"Ordinary Shares\"), have been granted to 3 directors, which represent 0.48 per cent. of the existing issued share capital of the Company, as detailed below.\n \nIn addition, the Company intends to grant additional CSOP Options to acquire up to 1,266,240 Ordinary Shares to senior management and other employees, which would represent up to 4.65 per cent. of the existing issued share capital of the Company.\n \nThe exercise price of all the CSOP Options is equal to the mid-market closing price of an Ordinary Share as derived from the AIM Appendix to the Daily Official List on the dealing day immediately prior to the date of grant of the CSOP Options, being 25 July 2023.\n \nDetail of CSOP Option grants to Directors\n \n\n\n\nName\n\n\nNumber of Ordinary Shares over which CSOP Options have been granted\n\n\nExercise Price\n\n\nNumber of Ordinary Shares under CSOP Option as a % of share capital\n\n\n\n\nPeter Dosanjh\n\n\n43,750\n\n\n42.5p\n\n\n0.16%\n\n\n\n\nTony Lee\n\n\n43,750\n\n\n42.5p\n\n\n0.16%\n\n\n\n\nJohn Henry\n\n\n43,750\n\n\n42.5p\n\n\n0.16%\n\n\n\n \nCSOP Options will vest and become exercisable on the later of:\n \n• the third anniversary of the date of grant; and\n· the date on which the board of directors determines that the volume-weighted average mid-market closing price of an Ordinary Share as derived from the AIM Appendix to the Daily Official List (\"VWAP\") over a period of 30 dealing days, is equal to or greater than £0.90 (\"VWAP Target\").\n \nExcept in the event of a change of control of the Company and in certain 'good leaver' scenarios, CSOP Options may only be exercised after the third anniversary of the date of grant and to the extent that the VWAP Target is met. The CSOP Options granted by the Company to date are not subject to any holding period.\n \...