Business
Changes to Management Incentive Plan
Changes to Management Incentive Plan.
About this update from Team Plc
[{"type":"text","content":"\n \n \n 12 May 2022\n \n \n TEAM PLC\n \n \n Changes to Management Incentive Plan\n \n \n \n \n \n TEAM plc\n (\"TEAM\"),\n the wealth, asset management and complementary financial services group, further to the announcement made earlier this morning regarding the proposed acquisition of Concentric and Subscription to raise £2.65 million before expenses, the Company announces that it has made changes to the Management Incentive Plan (\"MIP\") as set out in the admission document of the Company, dated 2 March 2021 (the \"Admission Document\").\n \n \n The Company set up the TEAM plc MIP in order to ensure employees of the Company are well motivated and identify closely with the success of the Group. The Company's remuneration committee (the \"Remuneration Committee\") committed to make decisions about participation, size and timing of awards following the IPO of the Company.\n \n \n Following consultation with major shareholders, the Remuneration Committee has agreed to proceed with grants under the MIP, but with amended participation, size and timing from that set out at the IPO. In summary the grants will be as follows:\n \n \n - The performance criteria under the MIP, as set out in the Admission Document, were based around the share price performance of the Company being at least 100 per cent. above the IPO price of the Company, being the base price. The Remuneration Committee have re-set the base price to the Subscription Price\n \n \n \n \n \n - \n The maximum dilution under the MIP has been reduced from 12.5 per cent to 8.5 per cent., as Mark Clubb, Executive Chairman, is no longer a participant of the MIP. Previously, it had been proposed Mark Clubb would be granted 4.0 per cent. of the proposed 12.5 per cent. set aside under the MIP\n \n \n \n \n \n - One-third of the MIP will be set with reference to the TEAM plc share price, with full pay out where the share price is twice the Subscription Price\n \n \n \n \n \n - Two-thirds of the scheme will be set with reference to the TEAM plc market capitalisation, with full pay out where the market capitalisation is equal to or exceeds £40m\n \n \n \n \n \n - \n A hold period of 12 months is required for any Ordinary Shares issued under the MIP. Previously, there were no hold periods under the MIP.\n \n \n \n \n \n \...