Business
Amendment to Performance Share Plan
Amendment to Performance Share Plan.
About this update from Synectics Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n RNS\n \n \n \n \n \n \n \n 11 May 2022\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Synectics plc\n \n \n \n \n (the \"Company\")\n \n \n \n \n \n \n \n \n \n Amendment to performance criteria of Performance Share Plan\n \n \n \n \n \n \n Synectics plc (AIM: SNX), a leader in the design, integration and support of advanced security and surveillance systems,\n announces that on 10 May 2022 it altered the performance criteria of the previous awards of options made to the executive Directors of the Company in August 2020 (\"Options\") over, in aggregate, 486,000 ordinary shares of 20p each in the Company (\"Ordinary Shares\") details of which are set out below (\"Revised Performance Criteria\").\n \n \n \n \n \n The variation of the performance criteria was considered by the Remuneration Committee of the Board to be essential following the serious and prolonged impact of the COVID-19 pandemic on a substantial part of the Company's customer base, and consequently on the Company's results. This impact has made the achievement of the original performance criteria highly unrealistic, and therefore undermined the objectives behind the grant of the Options. The changes now implemented will, in the Remuneration Committee's view, restore the function of the Options both in aiding retention of the Company's executive Directors and incentivising them to achieve stretching financial targets in the interests of all Synectics' shareholders.\n \n \n \n \n \n The following awards were made to the executive Directors of the Company under its existing Performance Share Plan (\"PSP\") on 7 August 2020 (\"Date of Grant\"):\n \n \n \n \n \n Options\n \n \n \n \n \n \n \n \n \n \n Name\n \n \n \n \n \n \n Position\n \n \n \n \n \n \n Number of Options\n \n \n \n \n \n \n \n Paul Webb\n \n \n \n \n Chief Executive Officer\n \n \n \n \n 300,000\n \n \n \n \n \n \n David Bedford\n \n \n \n \n Group Finance Director\n \n \n \n \n 186,000\n \n \n \n \n \n \n \n \n \n The vesting period of the Options remains over an approximate five-and-a-half year period from the Date of Grant up to the announcement of the Company's audited final results for the financial year ending 30 November 2025 and continues to be divided into three equal tranches,...