Business
Deferred Annual Bonus Award
Deferred Annual Bonus Award.
About this update from Xeros Technology Group Plc
[{"type":"text","content":"\n \nRNS Number : 5626M Xeros Technology Group plc 21 January 2016 \n\n21 January 2016\n \nXeros Technology Group plc\n \nDeferred Annual Bonus Award \nThe Company announces that on 20th January 2016 an award was made to Mark Nichols, Chief Executive Officer and Chris Hanson, Chief Financial Officer, pursuant to the terms of the Company's Deferred Annual Bonus Plan. \nUnder the terms of the Deferred Annual Bonus Plan, Mark Nichols waived his entitlement to receive 20% of his annual cash bonus in return for an option over 11,396 ordinary shares of 0.15p each in the Company and Chris Hanson waived his entitlement to receive 20% of his annual cash bonus in return for a nominal cost option over 5,128 ordinary shares of 0.15p each in the Company (the \"Deferred Allocation\"). The number of shares comprising the Deferred Allocation (i.e. subject to option) was calculated by dividing the amount of cash bonus waived by the closing market value of the ordinary shares of the Company on the dealing day immediately prior to the date of the award. The Deferred Allocation option is not capable of exercise until the vesting date has been reached, which is three years from the date of the award. By participating in the Deferred Annual Bonus Plan Mark Nichols and Chris Hanson are entitled to receive a matching award at no additional cost (the \"Matching Allocation\"), being a nominal cost option over 22,792 and 10,256 ordinary 0.15p shares in the Company respectively. The Matching Allocation is not capable of exercise until the vesting date has been reached, which is three years from the date of award. Additionally, the Matching Allocation is not capable of exercise until the Company's share price has reached the following target prices and remained at those prices for at least 30 consecutive days: \n \nPerformance criteria \n\n\n\n\n% Of Interest To Vest\n\n\nShare Price Criteria\n\n\n\n\n33.33%\n\n\n193p\n\n\n\n\n33.33%\n\n\n202p\n\n\n\n\n33.33%\n\n\n219p\n\n\n\n\n \nEnquiries:\nXeros Technology Group plc &n...