Business
Grant of Option
Grant of Option.
About this update from Property Franchise Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3936T\n Property Franchise Group PLC (The)\n 24 March 2021\n \n \n \n \n 24 March 2021\n \n \n THE PROPERTY FRANCHISE GROUP PLC\n \n \n (\"TPFG\", the \"Company\" or the \"Group\")\n \n \n \n \n \n Grant of Option\n \n \n PDMR Dealings\n \n \n \n \n \n CEO Bonus deferred to Share Award\n \n \n \n \n \n The Property Franchise Group PLC, the UK's largest property franchisor, today announces that it has deferred the majority of the bonus payable to its Chief Executive Officer, Gareth Samples, into an award of an option over 100,000 ordinary shares of 1p each in the Company.\n \n \n \n \n \n The deferral of two thirds of his annual bonus demonstrates Gareth's commitment to his growth plans for TPFG and to becoming fully aligned with the Company's shareholders by building a meaningful stake in the Company. \n \n \n \n \n \n The award of the nil cost is in substitution for two thirds of the total £150,000 performance-based cash bonus payable to Gareth for the last financial year to 31 December 2020, with a 100% uplift \n based on a 30-day VWAP\n applied to the deferred element, and will become exercisable in two years' time subject to continued employment, vesting criteria and malus conditions. Under the award, Gareth will not be able to dispose of any of the acquired shares for a further period of two years (save as required to pay tax due on exercise).\n \n \n \n \n \n Paul Latham, Chair of the TPFG Remuneration Committee commented:\n \n \n \n \n \n \"The deferral of two thirds of the annual bonus into an option represents a further step forward in Gareth's intention to build a meaningful stake in TPFG, as outlined on his appointment. Over the past twelve months Gareth has demonstrated outstanding leadership, delivering results across the whole of the business which in the depths of the Covid pandemic appeared highly unlikely. New management structures have been implemented, exciting new opportunities identified and, of course, Gareth has been instrumental in delivering the recently completed acquisition of Hunters.\"\n \n \n \n \n \n Gareth Samples, CEO of TPFG, further commented:\n \n \n \n \n \n \"I am delighted to accept the deferral of the majority of my bonus into an option. I hope that it...