Business
Grant of Share Awards under LTIP
Grant of Share Awards under LTIP.
About this update from Trufin Plc
[{"type":"text","content":"\n\n28 July 2023\n\nTruFin plc\n(\"TruFin\" or the \"Company\")\nGrant of share awards under Long Term Incentive Plan\n\nAs referred to in TruFin's announcement on 22 June 2023, the Company announces that it has now adopted a new Long Term Incentive plan (the \"LTIP\"). The LTIP has been implemented to appropriately incentivise key individuals over the long term, driving retention and performance.\n \nThe Company's intention is to operate the LTIP as a four-year programme of awards, with awards vesting in four tranches from 31 December 2023 and each anniversary of that date until 31 December 2026.\n \nTherefore, on 27 July 2023, the Company awarded the first three tranches of awards under the LTIP. These are in the form of options over a total of 3,116,667 Ordinary Shares (the \"Options\") to the Chief Executive Officer and other senior employees.\n \nThe Options will vest in three tranches from 31 December 2023 and the anniversaries of that date up to and including 31 December 2025. Save for the first tranche of Options that vest on 31 December 2023, vesting of the Options granted to James van den Bergh (CEO) and James Hussey (CFO) are subject to performance criteria set by the Remuneration Committee of the Company based on a share price performance metric. In addition to this metric, Options granted to subsidiary company CEOs are subject to subsidiary company financial performance metrics. The Options expire 10 years post grant date.\n \nThe Company's intention is to grant the fourth tranche of options in early 2024, following the announcement of the Company's results for the 2023 financial year, subject to the same performance metrics as the second and third tranches of the Options but with a vesting date of 31 December 2026 (the \"Tranche 4 Options\").\n \nDetails of the grants of Options and the proposed grant of Tranche 4 Options to PDMRs are set out below:\n \n\n\n\nName\n\n\nPosition\n\n\nOptions granted\n\n\nTranche 4 Options (not yet granted)\n\n\n\n\nTranche 1\n\n\nTranche 2\n\n\nTranche 3\n\n\nTranche 4\n\n\n\n\nJames van den Bergh\n\n\nChief Executive Officer\n\n\n300,000\n\n\n300,000\n\n\n300,000\n\n\n300,000\n\n\n\n\nJames Hussey\n\n\nChief Financial Officer\n\n\n225,000\n\n\n225,000\n\n\n225,000\n\n\n225,000\n\n\n\n \nThese awards are intended to align the incentives of the CEO,...