Business
Restructuring of executive share incentives
Sosandar plc has restructured its executive share incentives, resulting in a net increase of 4,880,000 share options, representing 1.97% of the company's total shares. New options totalling 6,860,000 ordinary shares with an exercise price of 7.25 pence have been granted to the Senior Management Team, including 1,800,000 to the CFO, while cancelling existing options. The Co-CEOs have had their unvested options cancelled and replaced with an equal number of new options at 7.25 pence, with revised performance criteria set at share prices of 20, 25, and 30 pence for vesting. The company will use treasury shares to mitigate dilution, and total outstanding options now stand at 32,640,897. Disclaimer*
About this update from Sosandar Plc
[{"type":"text","content":"\n\n \nSosandar plc\n \n(\"Sosandar\" or the \"Company\")\n \nRestructuring of executive share incentives\n \nSosandar, the women's fashion brand, creating quality, trend-led products for women of all ages, announces that it has restructured an element of its share incentive scheme. Working in conjunction with h2g Remuneration Advisory, the changes have been designed to maintain appropriate incentives for the Senior Management Team (\"SMT\") and Co-CEOs. \n \nThe changes involve the issuing of new options to the SMT, maintaining the number of awards held by the Co-CEOs, and revising the performance criteria of unvested options to better reflect current market conditions. The total net increase in the number of share options is 4,880,000, representing 1.97% of the Company's total shares in issue.\n \nSenior Management Team\n \nIn order to incentivise and retain members of the SMT, the Company has awarded new options (\"New Options\") totalling 6,860,000 ordinary shares of 0.1 pence each in the Company (\"Ordinary Shares\") with an exercise value of 7.25 pence. This includes granting 1,800,000 New Options to Stephen Dilks, Chief Financial Officer.\n \nAs part of these arrangements, the Company has also cancelled existing options (\"Existing Options\") granted over, in aggregate, 1,980,000 Ordinary Shares, including 720,000 Existing Options held by Stephen Dilks. Of these (i) 1,642,812 have an exercise price of £nil, with vesting conditional upon the Company's share price reaching 60 pence per Ordinary Share; and (ii) 337,188 have fully vested with an exercise price of £nil.\n \nAs a result of these changes, the total number of options increases by 4,880,000, with revised Performance Criteria structured to better reflect current market conditions and the changes in the macro-economic environment since the Existing Options were granted in 2021.\n \nCo-CEOs\n \nThe number of options held by each Co-CEO has been maintained, with the Performance Criteria of unvested options being revised to better reflect current market conditions.\n \nThe Company has cancelled 5,655,629 Existing Options each held by the Company's Co-CEOs Alison Hall and Julie Lavington. Of these (i) 4,000,000 have an exercise price of £nil and a vesting price of 60 pence per Ordinar...