Business
Replacement Implementation of LTIP & initial grant
Replacement Implementation of LTIP & initial grant.
About this update from Sysgroup Plc
[{"type":"text","content":"\n \nRNS Number : 2748T SysGroup PLC 02 July 2018 \n\nCorrection: Implementation of Long Term Incentive Plan and initial grant\n \nThe following amendment has been made to the ' Implementation of Long Term Incentive Plan and initial grant' announcement released on 29 June 2018 at 7am under RNS No 9672S.\n \nAmendment: Subject 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 2022.\n \nAll other details remain unchanged. The full amended text is shown below.\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 2022.\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 E...