Business
Issue of Shares to Directors and Staff & TVR
Issue of Shares to Directors and Staff & TVR.
About this update from Seeing Machines Limited
[{"type":"text","content":"\n \nRNS Number : 3928V Seeing Machines Limited 02 November 2017 \n\nSeeing Machines Limited\n(\"Seeing Machines\" or the \"Company\")\n \nIssue of Shares to Directors and Staff\nand Total Voting Rights\n \n \n2 November 2017\n \nSeeing Machines (LSE: SEE), an industry leader in computer vision technologies which enable machines to see, understand and assist people, announces that the Board has issued ordinary shares of no par value in the Company (\"Ordinary Shares\") and granted options and performance rights to certain Directors and staff under the terms of the Company's Employee Benefits Plan (the \"Awards\"). In line with the Company's usual practice of conducting annual reviews of performance and remuneration, the Awards are based on performance for the 2017 financial year. Consistent with past practice, the Company is also issuing Ordinary Shares as part of the remuneration of Non-Executive Directors.\nThe Awards\nUnder the Employee Benefits Plan, the Company makes the following Awards:\n1. Long Term Incentive offer for Executives and key staff (Award 1)\nThis is an award of performance rights or options to executives and key staff as a long term incentive, with the number of rights or options determined by the individual's role, remuneration, and performance. \nThis does not involve the immediate issue of any new Ordinary Shares. \nInstead, the performance rights or options vest in tranches over a given period. The recipient can exercise the performance rights or options, and have new Ordinary Shares issued to them, provided they are still employed by the Company (subject to a limited number of exceptions) and that their personal performance meets certain minimum standards as assessed during each annual performance review.\nA total of 18 staff have been awarded performance rights (and one staff member awarded options) over 34,256,149 Ordinary Shares. The performance rights vest in equal tranches over three years, with one third vesting in 2018, one third in 2019 and one third in 2020. The options vest monthly over four years starting from October 2016, when the relevant employee joined the Company. \nIf staff exercise their performance rights they will receive new Ordinary Shares at nil cost. Consistent with prior years, the number of performance rights a...