Business
Grant of Options under Long-Term Incentive Plan
Grant of Options under Long-Term Incentive Plan.
About this update from Staffline Group Plc
[{"type":"text","content":"\n \n \n 17 May 2022\n \n \n \n Staffline Group plc\n \n \n \n \n (\"Staffline\", the \"Company\" or the \"Group\")\n \n \n \n \n \n \n \n Grant of Options under 2022 Long-Term Incentive Plan\n \n \n \n \n \n \n \n \n Staffline, the recruitment and training group, announces that, under the terms of the Company's 2022 long term incentive plan (the \"\n 2022 LTIP\n \"), the Board has approved the award of and granted nil cost options (the \"\n Options\n \") over\n 2,899,725\n ordinary shares of ten 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 \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 2024. 50% of the Options awarded are subject to achieving earnings per share hurdles and 50% are subject to achieving underlying operating profit hurdles. In addition, no Options will vest unless the average closing price of the Ordinary Shares for the last 30 business days of 2024 is above a minimum target. The Options will vest from 13 May 2025 (the \"\n Vesting Period\n \") and will be exercisable until 13 May 2032.\n \n \n \n \n \n The Board believes it is key that the Group incentivises Executive Directors and Senior Managers to drive the business forward, whilst aligning their interests with those of shareholders. The Options awarded to PDMRs are set out in the table below.\n \n \n \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 711,806\n \n \n \n \n \n \n Daniel Quint\n \n \n \n \n Chief Financial Officer\n \n \n \n \n 559,276\n \n \n \n \n \n \n Martina McKenzie\n \n \n \n \n MD Recruitment Ireland\n \n \n \n \n 223,710\n \n \n \n \n \n \n Frank Atkinson\n \n \n \n \n MD Recruitment GB\n \n \n \n \n 223,710\n \n \n \n \n \n \n Kenny Boyle\n \n \n \n \n MD PeoplePlus\n \n \n \n \n 183,532\n \n \n \n \n \n \n \n \n \n Following the grant, the total number of Options over Ordinary Shares under the 2022 LTIP is\n 2,899,725\n representing 1.74 per cent. of the Company's issued share capital.\n \n \...