Business
Statement re award of options
Statement re award of options.
About this update from Tern Plc
[{"type":"text","content":"\n Statement re award of options22 May 2017 Tern Plc (AIM: TERN) New Employee Share Option Plan and Grant of Options Tern PLC (LSE:TERN), (\"Tern\" or the \"Company\"), the investing company focused on the Internet of Things (IoT), announces that upon the recommendation of the Company's Remuneration Committee, a new employee share option plan was adopted on 19 May 2017 (the \"Share Option Plan\"). This option plan replaces all previous share option schemes and all existing executive directors share options are replaced by the new scheme.The implementation of this Share Option Plan is intended to align the interests of the Company's executive directors and eligible employees with shareholders, and to help attract talent in the future. The key terms of the Share Option Plan are summarised below:The Share Option Plan will be used to grant options over the Company's ordinary shares of 0.02p each (\"Ordinary Shares\") to Tern's employees and directors;Under the Share Option Plan, up to 10% of the Company's issued share capital at any time may be issued to satisfy rights, measured over a rolling ten year period. This limit takes account of Ordinary Shares or treasury shares already issued or used to satisfy option exercises in the preceding ten years and Ordinary Shares or treasury shares that could be issued or used to satisfy existing options;The Company's Remuneration Committee may impose performance conditions over the grant of options and these conditions may be varied, substituted or waived as deemed appropriate by the Remuneration Committee;Options will be granted with an exercise price equal to the market value of the Company's shares at the date of grant, i.e. the closing mid-market price from the preceding business day;The options will be capable of exercise in normal circumstances, provided the option holder remains employed at that time, on the third anniversary of the grant date (the \"Normal Vesting Date\"), according to the increase in the Share price on the Normal Vesting Date as set out below:Normal Vesting DatePercentage increase in Share price relative to the Exercise PricePercentage of Shares to Vest 36 months after the Date of Grant 0% 0% 36 months after the Date of Grant 100% 100% Between the two points illustrated in the table above, the EMI Option shall vest on a ...