Business
Executive Incentive Plan awards
Executive Incentive Plan awards.
About this update from Restore Plc
[{"type":"text","content":"\n \nRNS Number : 9761T Restore PLC 26 November 2013 \n \n\n26 November 2013\nRestore plc \n(\"Restore\" or the \"Company\")\n Executive Incentive Plan awards\nOn 22 November 2013 the Board of Restore adopted the Restore plc Executive Incentive Plan (\"EIP\"). On 26 November 2013, the Board conditionally granted an award of performance units in the EIP to the directors of the Company listed below: \n\n\n\n\nName\n\n\nPosition\n\n\n% share of performance units available\n\n\nNumber of performance units\n\n\n\n\nCharles Skinner\n\n\nChief Executive \n\n\n66.67%\n\n\n66,667\n\n\n\n\nAdam Councell\n\n\nGroup Finance Director\n\n\n16.66%\n\n\n16,666\n\n\n\n\nThe remaining 16.67% share of performance units available will be allocated to new entrants to the scheme, where applicable. Where a new entrant joins part way through the plan, unallocated units will be allocated on a pro-rata basis to the entrant. The Chief Executive and Group Finance Director will share in the value of any unallocated units based on the proportions above. \nNo payment has been made for the grant of these awards and the EIP performance units have no value at grant.\nPerformance units will convert into a certain number of ordinary shares (in the form of nil-cost options) at the end of a three year performance period, provided that the value created for shareholders is in excess of a hurdle (\"Threshold Hurdle\") calculated by reference to 10% annualised growth in the Company's market capitalisation from the start of the performance period 26 November 2013. Providing the Threshold Hurdle has been achieved by the end of the performance period, participants will be entitled to receive in aggregate 10% of the value created for shareholders above the hurdle. 50% of the entitlement will vest at the end of the performance period with 25% at the end of each of the following two years.\nFor further information contact:\n \n\n\n\n\nRestore plc\n\n\n\n\n\n\n\nCharles Skinner, Chief Executive\n\n\n07966 234 075\n\n\n\n\nAdam Councell, Group Finance Director\n\n\n07860 402 434\n\n\n\n\n\n\n\n\n\n\n\n\nCenkos\n\n\n\n\n\n\n\nNicholas Wells\n\n\n020 7397 8900\n\n\n\n\nElizabeth Bowman\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFTI Consulting\n\n\n\n\n\n\n\nNick Hasell\n\n\n020 7269 7291\n\n\n\n\n\n\n\n\n\n\n\n\n \n\nThis information is provided ...