Business
Implementation of LTIP and initial grant
Implementation of LTIP and initial grant.
About this update from Sysgroup Plc
[{"type":"text","content":"\n \nRNS Number : 9672S SysGroup PLC 29 June 2018 \n\nSysGroup plc\n(\"SysGroup\" or the \"Group\")\nImplementation of Long Term Incentive Plan and initial grant\n \n \nSysGroup plc (AIM: SYS), the Managed IT Services and Cloud Hosting provider, announces the implementation of a new Long Term Incentive Plan (\"LTIP\"), together with an initial grant under the LTIP to Adam Binks, Chief Executive Officer.\n \nThe LTIP has been established to incentivise management to deliver long-term value creation for shareholders and ensure alignment with shareholder interests. The remuneration committee has granted Adam Binks 750,000 performance shares with an exercise price of £0.01 (the \"Award\").\n \nSubject to achievement of the performance conditions measured over three years and set out below, up to 50 per cent. of the Award will vest following the announcement of the Company's results for the financial year ending 31 March 2021 (the \"Period\") with the balancing 50 per cent. vesting following the announcement of the Company's results for the financial year ending 31 March 2021.\n \nThe principal performance condition to which the award is subject is Total Shareholder Return (\"TSR\"). 25 per cent. of the Award will vest if the Company achieves 10 per cent. compound annual TSR during the Period with full vesting at 25 per cent. compound annual growth with straight line vesting for performance between 10 and 25 per cent. \n \nThe Award is also subject to an adjusted earnings per share underpin whereby the award will normally lapse unless adjusted EPS growth over the Period is at least 10 per cent. CAGR from an initial Adjusted EPS of 4.18p (the \"EPS threshold\").\n \nThe Award represents 3.25% of the current issued share capital of the Company.\n \nThe Award is also subject to continued employment, malus and clawback provisions and will vest in full on a takeover of the Company.\n \n\n\n\nFor further information please contact: \n\nSysGroup plc \nAdam Binks, CEO \n \n\n\n \n \nTel: 0151 559 1777 \n \n\n\n\n\nShore Capital (Nomad and Broker)\nEdward Mansfield / Anita Ghanekar\n \n\n\nTel: 020 7408 4090 \n\n\n\n\nAlma PR (Financial PR)\nJosh Royston / Helena Bogle\n \n\n\nTel: 020 8004 4218\n\n\n\nAbout SysGroup\nSysGroup is a leading provider of Manage...