Business
Proposed new Directors Remuneration Policy
Proposed new Directors Remuneration Policy.
About this update from Trifast Plc
[{"type":"text","content":"\n\n \n\n \nTuesday, 27 August 2024\n \n \n \nTrifast plc\n(Trifast or the Company)\n \n \nProposed new Directors' Remuneration Policy\n \nWithin the Annual report for the year ended 31 March 2024, the Company outlined details in relation to the proposed new Directors' Remuneration Policy (New Policy). A key component of the New Policy is the introduction of a new equity incentive, the Trifast Executive Turnaround Plan (the Turnaround Plan) which will closely align the interests of executive with those of shareholders. Full details of the New Policy and Turnaround Plan can be read in the 2024 Annual Report on pages 104 and 131-146 respectively. The New Policy and Turnaround Plan will be voted on by shareholders at the 2024 AGM. \n \nRecap of the Turnaround Plan\nThe Committee determined that the most appropriate approach to align the interests of executives to shareholders is to grant a special, one-off award in the form of market priced options with vesting based on hitting specific share price targets. The Committee intends to award a one-off grant of market priced options where the exercise price is set equal to Trifast's share price shortly before the date of grant. It is intended the options will be granted after the AGM approving the New Policy and Plan. The maximum award of a fixed number of market priced options is equivalent to 2.2% of issued share capital for the CEO and 1.3% of the issued share capital for each other Executive Director. The options will vest when share price hurdles have been met during the five-year performance period. Threshold vesting of 20% will be achieved for reaching a minimum share price hurdle and vesting then increases in 20% increments up to a maximum vesting at a share price of £1.40.\n \nSince the publication of the Annual Report, the Committee has met, and the share price targets including the minimum share price hurdle associated with the grant of the market priced options under the New Policy have been set. The Company is today announcing details of these targets via RNS to allow time for shareholders to assess the New Policy and Turnaround Plan with this additional information - these are detailed below:\n \n\n\n\n\nShare price target\n\n\nVesting level\n\n\n\n\n90p\...