Business
Grant of Options under 2023 LTIP
Grant of Options under 2023 LTIP.
About this update from Staffline Group Plc
[{"type":"text","content":"\n \n \n \n 17 February 2023\n \n \n \n \n Staffline Group plc\n \n \n \n (\"Staffline\", the \"Company\" or the \"Group\")\n \n \n \n Grant of Options under 2023 Long-Term Incentive Plan\n \n \n \n Staffline, the recruitment and training group, announces that, under the terms of the Company's 2023 long term incentive plan (the \"\n 2023 LTIP\n \"), the Board has approved the award of and granted nil cost options (the \"\n Options\n \") over\n 4,709,040\n ordinary shares of 10 pence each in the Company (\"\n Ordinary\n Shares\n \") to certain employees, including persons discharging managerial responsibilities (\"\n PDMRs\n \"), as set out below.\n \n \n The Board believes it is key that the Group\n retains and\n incentivises Executive Directors and senior employees to drive the business forward, whilst aligning their interests with those of shareholders. The Group intends to continue to fully satisfy the exercise of options through purchases of Ordinary Shares by the\n Employee Benefits Trust in order to limit the level of dilution experienced by existing shareholders.\n \n \n The vesting of the Options is subject to the satisfaction of the Company achieving certain financial performance criteria for the financial year ending 31 December 2025. For the Executive Directors and relevant central Group senior employees the financial performance criteria are based on the Group as a whole, with 50% of the Options awarded subject to achieving earnings per share hurdles and 50% subject to achieving underlying operating profit hurdles. For senior employees operating within the divisions of the Group, their performance criteria are based 20% on the Group performance criteria, as above, and 80% on underlying operating profit hurdles relating to their own division.\n \n \n The Options will vest from 14 February 2026 (the \"\n Vesting Period\n \") and will be exercisable until 14 February 2033.\n \n \n The Options awarded to PDMRs are set out in the table below.\n \n \n \n \n \n \n \n Director/ PDMR\n \n \n \n \n \n \n Position\n \n \n \n \n \n \n Options granted\n \n \n \n \n \n \n \n Albert Ellis\n \n \n \n \n Chief Executive Officer\n \n \n \n \n 1,043,485\n \n \n \n \n \n \n Daniel Quint\n \n \n \n \n Chief Financial Officer\n \n \n \n \n 819,881\n \n \n \n \n \n \n Martina McKenzie\n \n \n \n \n MD Recruitment Ireland\n \n \n \n \...